Article Highlights: Benefits Eligible Taxpayers Rules for Students, Dependents of Others and Individuals Under the Age of 18 Due Date for Contributions Low- and moderate-income workers can take steps to save for retirement and earn a special tax credit. The saver’s credit, also called the retirement savings credit, helps offset part of the first $2,000 […]
As a small business owner, the word ‘audit’ can be a source of anxiety. However, understanding the common triggers for an IRS audit and taking proactive steps can significantly reduce the likelihood of facing one. This article explores the factors that could lead to an IRS audit for small and medium-sized businesses (SMBs) and provides […]
Article Highlights: Combating Dubious Employee Retention Credit (ERC) Claims New Voluntary Disclosure Program Employer Benefits Applying for the New Voluntary Disclosure Program When the 80% is Due Installment Payment Plan Other Ongoing ERC Initiatives Claim Withdrawal Still Available The IRS has introduced a New Voluntary Disclosure Program that allows employers who received questionable Employee Retention […]
Successfully steering a small business involves adeptly managing its financial intricacies. Amid the myriad responsibilities, tax and accounting often prove to be a potential minefield for entrepreneurs, with common mistakes capable of significantly impacting a business’s fiscal health. We will delve into each of the eight common tax and accounting mistakes, providing insights into why […]
January 2024 Individual Due Dates January 2 – Time to Call For Your Tax Appointment – January is the beginning of tax season. If you have not made an appointment to have your taxes prepared, we encourage you to do so before the calendar becomes too crowded. January 10 – Report Tips to Employer – […]
Some politicians’ dreams of imposing a wealth tax on the richest Americans face a critical juncture as the United States Supreme Court prepares to weigh in on a seemingly minor tax dispute involving a $14,729 tax liability. The case, known as Moore v. United States, challenges a provision of President Donald Trump’s 2017 tax package […]
As you approach retirement age, the thought of returning to work might be on your mind. Whether you’re considering part-time roles or fully immersing yourself back into the workforce, this article is designed to provide insights into the financial aspects of such a decision. We understand that your return to work is a unique journey, […]
Article Highlights: Reason for Form 8300 E-File Mandate Waiver Exemptions Late Returns Late Filing Penalties Record Keeping E-File Starting Jan. 1, 2024, businesses are required to electronically file (e-file) Form 8300, Report of Cash Payments Over $10,000, instead of filing a paper return. This new requirement follows final regulations amending e-filing rules for information returns, including Forms […]
Just about everyone has an opinion on the healthcare system in the United States. What may Americans don’t realize, however, is that there’s another tangential battle going on when it comes to healthcare facilities themselves. Property tax breaks – specifically for non-profit hospitals and clinics – are common. In recent months and years, though, many […]
Article Highlights Corporate Transparency Act (CTA) Financial Crimes Enforcement Network (FinCEN) Companies Required to Report Beneficial Ownership Information Who is a Beneficial Owner Filing Due Dates Penalties Updates Small Entity Compliance Guide How Does a Company File a BOI Report In the ever-evolving landscape of business regulations, the Corporate Transparency Act (CTA), passed as part […]