Recent News & Blog / Business Tax
Businesses: The Form W-2 and 1099-NEC deadline is coming up fast
The deadline is here for businesses to submit certain information returns to the government and furnish them to workers. By Jan. 31, 2025, employers must file Forms W-2 that show the wages paid and taxes withheld for 2024 for each employee. Employers must also file Form W-3 to transmit Copy A of Form W-2 to the SSA. The Jan. 31 deadline also applies to Form 1099-NEC. Contact the business tax advisors at SEK with questions.
The standard business mileage rate increased in 2025
The optional standard mileage rate used to calculate the tax-deductible cost of operating a business vehicle increased in 2025. The standard mileage rate is adjusted annually and calculated based on driving costs, including the price of gas. Contact the tax advisors at SEK with questions about tax-deductions.
Small business strategy: A heavy vehicle plus a home office equals tax savings
Your small business may be eligible for big first-year Section 179 depreciation tax deductions for new and used heavy SUVs, pickups and vans placed in service in 2025. You must use the vehicle more than 50% for business. The write-off will reduce your federal income tax and self-employment tax bill, if applicable. Contact the business tax advisors at SEK with your tax deduction questions.
New annual report requirement for Pennsylvania businesses in 2025
Starting in 2025, Pennsylvania businesses will need to comply with a new annual report requirement introduced by the Pennsylvania Department of State.
How Section 1231 gains and losses affect business asset sales
When selling business assets, understanding the tax implications is crucial. One area to focus on is Section 1231 of the tax code, which governs the treatment of gains and losses. Gains and losses from selling Sec. 1231 assets receive favorable federal income tax treatment. Contact the business advisors at SEK to help you plan the timing of gains and losses for optimal tax results.
Choosing a business entity? Here are the pros and cons of a C corporation
When deciding on the best business structure, one option is a C corporation. There are pros and cons to doing business this way. Here’s a detailed look at the pros and cons of operating as a C corporation. Contact the business advisors at SEK with questions.
2025 Payroll Tax Bulletin
The IRS recently released the 2025 payroll tax rates, which we have summarized in a bulletin for your convenience and quick reference.
2025 Rates & Dates
The IRS recently released the 2025 rates and dates, which includes individual tax rate schedules, roth retirement contributions, social security taxes, payroll tax deposit due dates for businesses, and more.
Valuing intangible assets
Intangible assets, such as patents, trademarks and goodwill, play a key role in businesses. The tax implications of intangibles can be complex, but businesses should understand them and the exceptions. Contact the CPAs and business advisors at SEK with questions about intangibles.
The latest on the Corporate Transparency Act BOI injunction
Important Update As of December 26, 2024, the U.S. Court of Appeals for the Fifth Circuit reinstated a nationwide preliminary injunction against the Corporate Transparency Act (CTA).