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2022 Social Security Wage Base

2021 – 09/07 The Social Security (SS) wage base for 2022 is projected to rise to at least $146,700. That’s according to the SS Administration Office of the Chief Actuary, which issues three forecasts. The highest projection is $147,300. The wage base is the point at which annual wages are no longer subject to SS…

5 questions to ask about your marketing efforts

2021 – 09/01 For many small to midsize businesses, spending money on marketing calls for a leap of faith that the benefits will outweigh the costs. Much of the planning process tends to focus on the initial expenses incurred rather than how to measure return on investment. Here are five questions to ask yourself and…

Expanding succession planning beyond ownership

2021 – 8/25 Business owners are regularly urged to create and update their succession plans. And rightfully so — in the event of an ownership change, a solid succession plan can help prevent conflicts and preserve the legacy you’ve spent years or decades building. But if you want to take your succession plan to the…

IRS: Bankruptcy and Taxes

2021 – 08/19 The IRS has updated a page on its website that discusses what an individual taxpayer needs to know about taxes and bankruptcy. For example, the IRS tells individuals that before filing a bankruptcy petition under Chapter 13 they should file all required tax returns for tax periods ending within four years before…

IRS Letters

2021 – 08/18 Getting mail from the IRS may make a taxpayer go weak in the knees. But not all IRS letters are scary. For example, you may receive a notice of a change to your account, a request for more information or a notification that a payment is due. Here are some tips for…

IRS additional guidance addresses COBRA assistance under ARPA

2021 – 08/18 In Notice 2021-46, the IRS recently issued additional guidance on the COBRA premium assistance provisions of the American Rescue Plan Act (ARPA). Under the ARPA, a 100% COBRA premium subsidy and additional COBRA enrollment rights are available to certain assistance eligible individuals (AEIs) during the period beginning on April 1, 2021, and…

Estimated Tax Payments

2021 – 08/16 The deadline for the third 2021 estimated tax payment is rolling up on Sept. 15. Changes in the economy brought by COVID-19 include a new crop of self-employed persons, such as gig-economy workers. Like most people with income that isn’t subject to withholding, these workers may need to make estimated tax payments…

IRS: Natural Disasters & Personal Records

2021 – 08/12 Protect your financial well-being in case of a natural disaster, warns the IRS. When disaster strikes, quick access to your personal records is crucial. While there’s time, follow these tips. Review and update your emergency plan annually. Create electronic copies of documents, such as bank statements, tax returns and insurance policies, and…

ERC Safe Harbor

2021 – 08/11 The IRS has provided a safe harbor for employers claiming the Employee Retention Credit (ERC). The safe harbor allows employers to exclude certain amounts from their gross receipts when determining their eligibility for the ERC. Specifically, Rev. Proc. 2021-33 allows employers to exclude the following amounts from gross receipts: the amount of…

Is your business underusing its accounting software?

2021 – 08/11 Someone might have once told you that human beings use only 10% of our brains. The implication is that we have vast, untapped stores of cerebral power waiting to be discovered. In truth, this is a myth widely debunked by neurologists. What you may be underusing, as a business owner, is your…

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