Business Tax

Starting a business and not sure if it’s worth consulting with a professional?

It’s worth it!

Bregante + Company LLP is solidly grounded in the fundamentals of traditional tax and accounting services. However, we believe that our clients especially value our service partnership approach to advising them, and in particular our creative approach to helping protect their interests during certain critical transactions that call for our expertise.

At B+Co, we are able to consult with our clients during the entire life cycle of their businesses; from entity selection and formation (LLC, Corp, Non-Profit), to retirement and business succession planning, and everything in between. Whether a client has one small business or multiple entities involved in diverse business operations, we find that helping our clients focus on long-term considerations and goals results in the […]

By |June 8th, 2021|Categories: BCo Community News, Business Operations, Business Tax|Comments Off on

Further Explanation on 100% of Business Meals Deductibility in 2021 & 2022

On Thursday April 8th, the IRS issued Notice 2021-25 providing further guidance on when the temporary 100% deduction for meals applies and when the 50% limitation continues to apply.  In addition, the IRS explains the term ”restaurant” means a business that prepares and sells food or beverages to retail customers for immediate consumption, regardless of whether the food or beverages are consumed on the business’s premises.

Additional detail is available here:

By |April 19th, 2021|Categories: Business Operations, Business Tax, IRS|Comments Off on Further Explanation on 100% of Business Meals Deductibility in 2021 & 2022

Partnership tax returns (Form 1065) and S Corporation tax returns (Form 1120S) are due March 15, 2021.

By |March 1st, 2021|Categories: Business Tax|Comments Off on

2018 – 2019 Tax Planning Guide

With the end of the year rapidly approaching, we are once again reaching out to share our annual Tax Planning Guide with you. The 2018/2019 Tax Planning Guide is available here

The Tax Cuts and Jobs Act (TCJA), passed in December 2017, included sweeping tax law changes that will impact individuals and businesses including:

  • Small decreases in most individual income tax rates, elimination of personal exemptions but increased standard deductions depending on filing status, higher exemptions for alternative minimum tax (AMT) which should significantly decrease the number of individuals subject to AMT, increase in the child tax credit and special federal tax breaks for income individuals receive from pass-through entities such as partnerships, limited liability companies and S corporations.
  • Elimination of or limitations to several personal tax breaks […]
By |December 6th, 2018|Categories: Announcements, Business Tax, Individual Tax, Nonprofit Organizations, Real Estate|Comments Off on 2018 – 2019 Tax Planning Guide

IRS Clarifies Rules Regarding When Rental Property Activity Should be Reported as a Schedule Business

According to the IRS, not all rental property activity should be reported on Schedule E.   If the property owner provides “substantial services” to short-term renters, the IRS says that the rental activity should be reported on Schedule C, and that the property owner must pay self-employment taxes on the income.   If there is a loss, it can be fully deducted without regard for the passive loss limitation rules.   Substantial services are defined by the IRS as:   regular cleaning, changing linens, or maid services…furnishing of utilities or cleaning of public areas do not count as substantial services.  For example, if you rent out a room in your house on Airbnb to short-term renters, the “substantial service” requirement can be satisfied if you are cleaning and changing linens after each short-term […]

By |September 15th, 2018|Categories: Business Tax, Individual Tax, IRS, Real Estate|Comments Off on IRS Clarifies Rules Regarding When Rental Property Activity Should be Reported as a Schedule Business
Go to Top