2017 Q1 tax calendar: Key deadlines for businesses and other employers

2017 calendar

Here are some of the key tax-related deadlines affecting businesses and other employers during the first quarter of 2017. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. Contact us to ensure you’re meeting all applicable deadlines and to learn more about the filing requirements. January […]

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A quick look at the President-elect’s tax plan for businesses

Proposed Tax Changes

The election of Donald Trump as President of the United States could result in major tax law changes in 2017. Proposed changes spelled out in Trump’s tax reform plan released earlier this year that would affect businesses include: Reducing the top corporate income tax rate from 35% to 15%, Abolishing the corporate alternative minimum tax, […]

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Happy Labor Day

labor day copy

All of us at BMC would like to wish everyone a happy Labor Day.  Thank you to all of you who put in a hard days work and keep our economy running, its what makes our nation great. God bless everyone – have a safe and restful weekend.

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Streamline your sales staff’s workflow

Cork, Ireland

Do you know how much time your salespeople spend actually selling? In many cases, sales reps spend too much time doing reporting, administrative tasks and other nonsales responsibilities assigned to them. If you can streamline your sales staff’s workflow to keep them better focused on selling, your profitability may benefit. Emphasize strengths To get started, […]

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Unexpected retirement plan disqualification can trigger serious tax problems

401k

It’s not unusual for the IRS to conduct audits of qualified employee benefit plans, including 401(k)s. Plan sponsors are expected to stay in compliance with numerous, frequently changing federal laws and regulations. For example, have you identified all employees eligible for your 401(k) plan and given them the opportunity to make deferral elections? Are employee […]

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Choosing a funding method for your buy-sell agreement

Buy Sell Agreement

Anyone who owns a closely held business with at least one other partner needs to take certain steps to guard against business disruption. If one partner departs suddenly, or becomes disabled or dies, serious confusion and conflicts can ensue. Among the most important steps is to create a buy-sell agreement, which stipulates precisely how ownership […]

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QSB stock offers 2 valuable tax benefits

QSB Stock

By investing in qualified small business (QSB) stock, you can diversify your portfolio and enjoy two valuable tax benefits: 1. Tax-free gain rollovers. If within 60 days of selling QSB stock you buy other QSB stock with the proceeds, you can defer the tax on your gain until you dispose of the new stock. The […]

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Entrepreneurs: What can you deduct and when?

Entrepreneurs

Starting a new business is an exciting time. But before you even open the doors, you generally have to spend a lot of money. You may have to train workers and pay for rent, utilities, marketing and more. Entrepreneurs are often unaware that many expenses incurred by start-ups can’t be deducted right away. How expenses […]

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Extension means businesses can take bonus depreciation on their 2015 returns – but should they?

Depreciation concept on green blackboard with businessman hand holding paper plane

Bonus depreciation allows businesses to recover the costs of depreciable property more quickly by claiming additional first-year depreciation for qualified assets. The Protecting Americans from Tax Hikes Act of 2015 (the PATH Act) extended 50% bonus depreciation through 2017. The break had expired December 31, 2014, for most assets. So the PATH Act may give […]

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