When tax season rolls around, small and medium businesses often feel like they’re juggling flaming torches—one wrong move and everything could come crashing down. Balancing operating expenses with looming tax obligations isn’t just a challenge; it’s an opportunity to optimize your cash flow strategy and safeguard your business’s future. The Tightrope Act of Tax Payments […]
April 2025 Individual Due Dates April 10 – Report Tips to Employer If you are an employee who works for tips and received more than $20 in tips during March, you are required to report them to your employer on IRS Form 4070 no later than April 10. Your employer is required to withhold FICA […]
Article Highlights: If You Can’t Pay Automatic Extension in Federally Declared Disaster Areas Family Loans Home Equity Loans and HELOCs Credit Card Short-term Payment Plan IRS Installment Agreement Tap a Retirement Account Offer-in-Compromise Filing Extensions If the Taxes Cannot Be Paid Timely About 3 out of 4 American taxpayers receive a refund each year when […]
You’re not like the rest—you’re a millennial, and you’re rewriting the rules of financial planning. As tax and accounting experts, we know that your unique lifestyle demands a fresh approach. With digital tools at your fingertips and a mindset geared toward innovation, it’s time to take control and build a future that’s uniquely yours. Why […]
Article Highlights: Tax Credit for Employer Contributions to New Retirement Plans Retirement Plan Qualifications Employer Qualifying Contributions Employer Eligibility Phase-Out Based on Number of Employees Employee Qualifications Phase-Out of Credit Over Five Years Part of the General Business Credit Effective Years Encouraging Employers Without a Pension Plan In today’s competitive business environment, offering a retirement […]
March 2025 Individual Due Dates March 10 – Report Tips to Employer If you are an employee who works for tips and received more than $20 in tips during February, you are required to report them to your employer on IRS Form 4070 no later than March 10. See Pub. 531 for more information on […]
Article Highlights: Understanding Qualified Disaster Losses Claiming a Qualified Disaster Loss Election to Claim Loss on Prior Year Amended Return Net Operating Loss Deduction Insurance Coverage and Reimbursement Taxation of FEMA Assistance Payments When Disaster Losses Might Result in a Gain Involuntary Conversions Debris Removal and Demolition Expenses Filing Extensions Using Retirement Funds for Recovery […]
Article Highlights: Custodial Parent Joint Custody Issues Conflicts Between Family Court and the Tax Code Tiebreaker Rules Impact on Dependent Care Credit Child Tax Credit Impact on Earned Income Tax Credit (EITC) Education Credits Form 8332: Impact and Revocation Claiming Medical Expenses Head of Household Filing Status When parents go through a separation or divorce, […]
Article Highlights: The Basics of Section 1031 Exchanges Key Requirements Limitations Imposed by the Tax Cuts and Jobs Act State Considerations The Role of a Qualified Intermediary Types of 1031 Exchanges Boot in 1031 Exchanges Time Limits and Identification Rules When 1031 Exchanges Are Appropriate When 1031 Exchanges Are Not Appropriate Blog: Section 1031 of […]
Article Highlights: Corporate Transparency Act Beneficial Ownership Information Events Leaving Beneficial Ownership Information Reporting in Doubt History of Events Current Status Back in 2021 Congress passed the Corporate Transparency Act (CTA) which included the Beneficial Ownership Information (BOI) reporting requirements for certain companies beginning in 2024. Companies in business before 2024 had a reporting deadline […]