Tangible Property Regulations – Reminders on a Few Key Provisions

As a store owner, you are well-aware that capital improvements and repairs and maintenance are a necessary cost to keep your store and its assets in peak shape. 

Deducting Legal Fees

We live in a litigious society and unfortunately that includes store owners like you.  Lawyers and legal services of all kinds are a necessary cost of doing business.  But are they all deductible?  That is the topic of this week’s Tax Update. 

A Primer on S Corporations

Whether you are just starting out as a grocer, or your store is on the mature end of the business life cycle, it is always wise to consider and reconsider the best legal form to operate the business through. One of the more popular structures is the S Corporation.

Update on Loyalty Discount Programs

A large operator of supermarkets, pharmacies, and gas stations that issues loyalty discounts to its customers had its day in court against the IRS – and won!  However, this ruling provides little comfort to other taxpayers with similar circumstances.  That’s because the IRS has announced its nonacquiescence with the U.S.

New EPA Regulations and Tax Depreciation

“How can the EPA affect tax planning for my store?” you ask.  Here is a bit of background and the subject of this week’s tax update. 

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