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Year-End Tax Strategies for Businesses

Withum

Expansion of small businesses that are able to use the cash (as opposed to accrual) method of tax accounting. An exception from the limitation on the business interest deductions is also provided for floor plan financing (i.e., To qualify as a small business, a taxpayer must, among other things, satisfy a gross receipts test.

Tax 105
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2022 Year-End Tax Planning Checklist

Withum

Expansion of small businesses that are able to use the cash (as opposed to accrual) method of tax accounting. An exception from the limitation on the business interest deductions is also provided for floor plan financing (i.e., To qualify as a small business, a taxpayer must, among other things, satisfy a gross receipts test.