New COVID-19 relief law extends employee retention credit

Many businesses have retained employees during the COVID-19 pandemic and enjoyed tax relief with the help of the employee retention credit…

The latest on COVID-related deadline extensions for health care benefits

The U.S. Department of Labor (DOL) recently issued EBSA Disaster Relief Notice 2021-01, which is of interest to employers. It clarifies the…

Launching a small business? Here are some tax considerations

While many businesses have been forced to close due to the COVID-19 pandemic, some entrepreneurs have started new small businesses. Many of…

PPP loans have reopened: Let’s review the tax consequences

The Small Business Administration (SBA) announced that the Paycheck Protection Program (PPP) reopened the week of January 11. If you’re…

One reason to file your 2020 tax return early

The IRS announced it is opening the 2020 individual income tax return filing season on February 12. (This is later than in past years…

Getting more for your marketing dollars in 2021

A new year has arrived and, with it, a fresh 12 months of opportunities to communicate with customers and prospects. Like every year, 2021…

The new Form 1099-NEC and the revised 1099-MISC are due to recipients soon

There’s a new IRS form for business taxpayers that pay or receive certain types of nonemployee compensation and it must be furnished to…

Don’t forget to take required minimum distributions this year

If you have a traditional IRA or tax-deferred retirement plan account, you probably know that you must take required minimum distributions…

PPP Second Draw – Program Analysis, Eligibility, and Instructions

Summary: On December 27, 2020, President Trump signed the Consolidated Appropriations Act, 2021 (CAA, 2021) into law. The CAA includes…

The Balanced Scorecard approach to strategic planning

In the early 1990s, the Balanced Scorecard approach to strategic planning was developed to enable business owners to better organize and…

The right entity choice: Should you convert from a C to an S corporation?

The best choice of entity can affect your business in several ways, including the amount of your tax bill. In some cases, businesses decide…

Need another PPP loan for your small business? Here are the new rules.

Need another PPP loan for your small business? Here are the new rules. Congress recently passed, and President Trump signed, a new law…

What’s better than PPP? PPP + ERC! – Expansion of the employer retention credit under new law        

What’s better than PPP? PPP + ERC! – Expansion of the employer retention credit under new law The CARES Act supports certain employers that…

Prevent and detect insider cyberattacks

In one recent cybercrime scheme, a mortgage company employee accessed his employer’s records without authorization, then used stolen…

Your taxpayer filing status: You may be eligible to use more than one

When it comes to taxes, December 31 is more than just New Year’s Eve. That date will affect the filing status box that will be checked on…

2020 Tax Planning

Now, as year-end approaches, is a good time to think about planning moves that may help lower your tax bill for this year and possibly…

Putting the finishing touches on next year’s budget

By now, some businesses have completed their 2021 budgets while others are still crunching numbers and scrutinizing line items. As you put…

Taking distributions from a traditional IRA

Although planning is needed to help build the biggest possible nest egg in your traditional IRA (including a SEP-IRA and SIMPLE-IRA),……

Health Savings Accounts for your small business

Small business owners are well aware of the increasing cost of employee health care benefits. As a result, your business may be interested…

How Series EE savings bonds are taxed

Many people have Series EE savings bonds that were purchased many years ago. Perhaps they were given to your children as gifts or maybe…

Do you want to withdraw cash from your closely held corporation at a low tax cost?

Owners of closely held corporations are often interested in easily withdrawing money from their businesses at the lowest possible tax…

Should you go phishing with your employees?

Every business owner is aware of the threat posed by cybercriminals. If a hacker were to gain access to the sensitive data about your…

Disability income: How is it taxed?

Many Americans receive disability income. You may wonder if — and how — it’s taxed. As is often the case with tax questions, the answer is…

Tax responsibilities if your business is closing amid the pandemic

Unfortunately, the COVID-19 pandemic has forced many businesses to shut down. If this is your situation, we’re here to assist you in any…