In the wake of the COVID-19 pandemic, the Employee Retention Credit (ERC) emerged as a vital financial lifeline for businesses. However, as the IRS intensifies its scrutiny of ERC claims, it has unveiled five new warning signs that businesses must heed to avoid costly mistakes. Understanding these red flags is crucial for maintaining compliance and […]
As Baby Boomer business owners approach retirement, planning for the future of their businesses becomes crucial. Succession planning is not just about finding a successor; it’s about ensuring the continuity and success of the business you’ve built. Here’s how you can prepare for a seamless transition. Start Succession Planning Early Initiating the succession planning process […]
As the vibrant colors of fall give way to the chill of winter, many businesses brace for the inevitable seasonal slowdown. Whether it’s the changing weather or the uncertainty of election cycles, these periods can pose significant challenges to maintaining a healthy cash flow. However, with strategic planning and proactive measures, businesses can navigate these […]
Article Highlights: Equitable Ownership Who Qualifies as an Equitable Owner? Tax Implications of Being an Equitable Owner Mortgage Interest Deduction Property Tax Deduction Examples of Equitable Ownership Examples Where Taxpayers Were Not Equitable Owners Equitable ownership refers to the situation where an individual possesses the benefits and burdens of ownership of a property, even though […]
Article Highlights: The Fundamental Differences The Perils of Misclassification Section 530 Relief The Role of Form SS-8 States Impact on Classification Navigating Misclassification In the evolving landscape of the modern workforce, the distinction between independent contractors and employees has become increasingly significant. This differentiation not only affects the way workers are managed and compensated but […]
Article Highlights Credit Percentage Specific Qualified Items and Per Item Annual Limits Components Subject To $1,200 Aggregate Credit Limit Components Subject To $2,000 Aggregate Credit Limit Annual Credit Limits, $1,200 vs. $2,000 Home Energy Audits Qualifying Homes 5-Year Requirement Basis Adjustment Manufacturer’s Certification Qualified Product ID Number Differences Between Sec 25C Credit and Rebates Installation […]
Looking to stretch your dollars further before the end of the year? Tax-free weekends offer a fantastic opportunity to save on essential purchases. From school supplies and clothing to technology and holiday gifts, these special state-sponsored events allow you to shop without the burden of sales tax. Whether you’re gearing up for the school year […]
Article Highlights: Severance Pay Unemployment Compensation Health Insurance COBRA Marketplace Employer Retirement Plans Repaying Retirement Plan Loans Moving and Home Sale Navigating the Financial Consequences Losing a job is a significant life event that not only affects your immediate emotional well-being but also has profound tax and financial implications. From severance pay to unemployment benefits, […]
In 2021, QuickBooks introduced a set of reminder options designed to tackle one of the most pressing challenges for many businesses: getting customers to pay on time. If you haven’t fully utilized these features yet, it’s time to revisit them and streamline your collections process. Here’s an updated guide on how to use QuickBooks’ payment […]
Article Highlights: Understanding Traditional and Roth IRAs The Conversion Process Benefits of Converting Tax-Free Withdrawals No Required Minimum Distributions Estate Planning Advantages Pros and Cons of Converting Age Considerations Other Tax-Related Issues Non-Deductible Traditional IRAs Conversion Income Net Investment Income Surtax Paying the Tax on a Conversion Tax Strategy Taxpayers are limited in the annual […]