2021 – 08/09 The IRS has issued slightly higher depreciation deduction limits for passenger automobiles placed in service in calendar year 2021. Taxpayers with qualified property (including automobiles) may generally claim an additional first-year depreciation deduction equal to 100% for qualified property acquired after Sept. 27, 2017, and before Jan. 1, 2023. The 2021 depreciation…
2021 – 08/09 The IRS has announced that 2021 family leave credits are available for employees who’ve helped others receive COVID-19 vaccinations. Wages paid for leave taken to accompany an individual who’s obtaining a COVID-19 vaccination (or to care for an individual who’s recovering from a vaccination) may be considered qualified family leave wages for…
2021 – 08/09 The next time you call the IRS, you’ll be asked to provide specific information to verify your identification. To that end, the IRS has set out the identity information a caller should have ready. Among other requirements, the caller must provide a Social Security number (SSN) and birth date, an Individual Taxpayer…
2021 – 08/09 If your business receives large amounts of cash or cash equivalents, you may be required to report these transactions to the IRS. What are the requirements? Each person who, in the course of operating a trade or business, receives more than $10,000 in cash in one transaction (or two or more related…
2021 – 08/06 Tax-related identity theft can happen if someone steals your personal information to commit tax fraud. As part of its “Boost Security Immunity” campaign, the IRS is promoting tighter security using effective tools such as multi-factor authentication. This allows a taxpayer to add another layer of protection. It can involve a security code…
2021 – 08/04 Many businesses are spending more time and resources on supporting the well-being of their employees. This includes recognizing and addressing issues related to diversity, equity and inclusion (DEI). A thoughtfully designed DEI program can do more than just head off potential conflicts and disruptions among coworkers; it can help you attract good…
2021 – 08/02 Perhaps you operate your small business as a sole proprietorship and want to form a limited liability company (LLC) to protect your assets. Or maybe you are launching a new business and want to know your options for setting it up. Here are the basics of operating as an LLC and why…
2021 – 07/28 Most business owners would likely agree that strategic planning is important. Yet many companies rarely engage in active measures to gather and discuss strategy. Sometimes strategic planning is tacked on to a meeting about something else; other times it occurs only at the annual company retreat when employees may feel out of…
2021 – 07/26 Colleges, universities and trade schools will soon reopen. Whatever form a school takes, higher education is expensive. But the good news is, taxpayers, their spouses or dependents who take post-high school coursework in 2021 may qualify for one of two tax credits that can reduce their tax bills. The American Opportunity Tax…
2021 – 07/26 Do you play a major role in a closely held corporation and sometimes spend money on corporate expenses personally? These costs may wind up being nondeductible both by an officer and the corporation unless proper steps are taken. This issue is more likely to arise in connection with a financially troubled corporation….
2021 – 07/21 Schools will soon be reopening for the fall, and with that comes a nice tax deduction for certain educators. Eligible K-12 teachers, instructors, counselors, principals and aides who make qualified, unreimbursed purchases out of their own pockets can deduct up to $250 of the costs on their tax returns even if they…
2021 – 07/21 The COVID-19 pandemic has dramatically affected the way people interact and do business. Even before the crisis, there was a trend toward more digital interactions in sales. Many experts predicted that companies’ experiences during the pandemic would accelerate this trend, and that seems to be coming to pass. As this transformation continues,…
2021 – 07/20 In a “COVID Tax Tip,” the IRS provides advice on making payments of deferred employer Social Security taxes reported by third-party payers. Under the CARES Act, employers could defer payment of their share of Social Security taxes from March 27, 2020, through Dec. 31, 2020. Employers must pay 50% of the deferred…
2021 – 07/19 On its website, the IRS is providing information on the effects of advance Child Tax Credit (CTC) payments on other amounts owed to or from a taxpayer. Specifically, CTC payments won’t be reduced (that is, offset) for overdue taxes from previous years or other federal or state debts that taxpayers may owe….
2021 – 07/19 Despite the COVID-19 pandemic, government officials are seeing a large increase in the number of new businesses being launched. From June 2020 through June 2021, the U.S. Census Bureau reports that business applications are up 18.6%. The Bureau measures this by the number of businesses applying for an Employer Identification Number. Entrepreneurs…
