The administration has extended IRS Sec 179 deduction for 2020 tax year with a cap of $5,000,000. This means you can expense new and used limousine purchases and equipment up to 100% of the purchase price to a cap of $5,000,000 this year. Develop a new business plan, update your financials along with your 2019 IRS return and financing will be … [Read more...]
IRS and Voluntary Classification Settlement Program
The IRS is gunning for you if you still use Independent contractors. The number of audits are increasing and they go back 6 years. You're twice as likely to get the audit if you have had over $100,000 in revenue. Unfortunately, almost all limo companies can not meet the 20 point criteria in the IRS CODE. The Department of Labor has hooked up with … [Read more...]
