Businesses may receive notices about information returns that don’t match IRS records
May 28, 2022
The IRS has begun mailing notices to businesses, financial institutions and other payers that filed certain returns with information that…
Business TaxesBusinessIncome Tax
Want to turn a hobby into a business? Watch out for the tax rules
May 23, 2022
Like many people, you may have dreamed of turning a hobby into a regular business. You won’t have any tax headaches if your new business is…
No parking: Unused compensation reductions can’t go to health FSA
May 14, 2022
Among the many lasting effects of the pandemic is that some businesses are allowing employees to continue working from home — even now that…
Offering summer job opportunities? Double-check child labor laws
May 3, 2022
Spring has sprung — and summer isn’t far off. If your business typically hires minors for summer jobs, now’s a good time to brush up on…
Once you file your tax return, consider these 3 issues
April 29, 2022
The federal government is helping to pick up the tab for certain business meals. Under a provision that’s part of one of the COVID-19…
Fully deduct business meals this year
April 26, 2022
The federal government is helping to pick up the tab for certain business meals. Under a provision that’s part of one of the COVID-19…
AI for small to midsize businesses isn’t going away
April 22, 2022
Artificial intelligence (AI) has made great inroads into certain sectors of the U.S. economy. However, it hasn’t reached many small to…
Tax considerations when adding a new partner at your business
April 19, 2022
Adding a new partner in a partnership has several financial and legal implications. Let’s say you and your partners are planning to admit a…
Establish a tax-favored retirement plan
March 31, 2022
If your business doesn’t already have a retirement plan, now might be a good time to take the plunge. Current retirement plan rules allow…
Impact on TaxesIncome TaxCapital GainsIndividual Tax
When inheriting money, be aware of “income in respect of a decedent” issues
March 29, 2022
Once a relatively obscure concept, “income in respect of a decedent” (IRD) may create a surprising tax bill for those who inherit certain…
Affordable Care ActBusiness TaxesFinancial PlanningBusiness
Are you ready for the 2021 gift tax return deadline?
March 24, 2022
If you made large gifts to your children, grandchildren or other heirs last year, it’s important to determine whether you’re required to…
Affordable Care ActBusiness TaxesFinancial PlanningBusiness
There still may be time to cut your tax bill with an IRA
March 22, 2022
If you’re getting ready to file your 2021 tax return, and your tax bill is more than you’d like, there might still be a way to lower it. If…
Business owners, lean into sales staff retention
March 18, 2022
Although there have been some positive signs for the U.S. economy thus far in 2022, many businesses are still reeling from last year’s…
Affordable Care ActTax AdviceBusiness
Married couples filing separate tax returns: Why would they do it?
March 16, 2022
If you’re married, you may wonder whether you should file joint or separate tax returns. The answer depends on your individual tax…
Affordable Care ActBusiness TaxesBusiness
Prudent technology upgrades call for some soul searching
March 14, 2022
By now, most business owners view technology upgrades as inevitable. Whether hardware or software, the tech your company relies on to…
Affordable Care ActBusiness TaxesBusiness
Let your financial statements guide you to optimal business decisions
March 10, 2022
Now that 2022 is up and running, business owners can expect to face a few challenges and tough choices as the year rolls along. No matter…
Affordable Care ActBusinessRetirement
The Ins and Outs of IRAs
March 8, 2022
Traditional IRAs and Roth IRAs have been around for decades and the rules surrounding them have changed many times. What hasn’t changed is…
Affordable Care ActBusiness TaxesBusiness
2022 deadlines for reporting health care coverage information
March 3, 2022
Ever since the Affordable Care Act was signed into law, business owners have had to keep a close eye on how many employees they’ve had on…
Important tax aspects of operating your business as a sole proprietor
March 1, 2022
If you’re in business for yourself as a sole proprietor, or you’re planning to start a business, you need to know about the tax aspects of…
Did you give to charity in 2021? Make sure you have substantiation
February 21, 2022
If you donated to charity last year, letters from the charities may have appeared in your mailbox recently acknowledging the donations. But…
Numerous tax limits affecting businesses have increased for 2022
February 4, 2022
Many tax limits that affect businesses are annually indexed for inflation, and a number of them have increased for 2022. Here’s a rundown…
Help safeguard your personal information by filing your 2021 tax return early
February 2, 2022
The IRS announced it is opening the 2021 individual income tax return filing season on January 24. (Business returns are already being…
How will revised tax limits affect your 2022 taxes?
January 31, 2022
While Congress didn’t pass the Build Back Better Act in 2021, there are still tax changes that may affect your tax situation for this year.…
Businesses with employees who receive tips may be eligible for a tax credit
January 28, 2022
If you’re an employer with a business where tipping is customary for providing food and beverages, you may qualify for a federal tax credit…