2021 – 11/03 Years ago, it may have seemed like only government agencies with top-secret intel or wealthy international banks had to worry about hackers. Nowadays, even the smallest small business could see its reputation ruined by a data breach, while larger companies could have their sensitive data taken hostage in a ransomware attack that…
2021 – 10/27 When choosing health care benefits, many businesses opt for a self-insured (self-funded) plan rather than a fully insured one. Why? Among various reasons, self-insured plans tend to offer greater flexibility and potentially lower fixed costs. When implementing a self-insured plan, stop-loss insurance is typically recommended. Although buying such a policy isn’t required,…
2021 – 10/25 Business owners can generally deduct the ordinary and necessary costs of doing business if they keep good records. To claim vehicle expenses, a contemporaneous log must be kept showing odometer readings, dates, business purpose of trips and miles driven. One married couple deducted actual auto expenses of $28,520 for the wife’s work…
2021 10/25 The Social Security Administration recently announced that the wage base for computing Social Security tax will increase to $147,000 for 2022 (up from $142,800 for 2021). Wages and self-employment income above this threshold aren’t subject to Social Security tax. Background information The Federal Insurance Contributions Act (FICA) imposes two taxes on employers, employees…
2021 – 10/22 Millions of taxpayers still work from home due to the pandemic. This has some wondering if they can claim home office deductions on their 2021 tax returns. Those who qualify may be able to deduct expenses such as mortgage interest, insurance, utilities, repairs, maintenance, depreciation and rent, though limits may apply. An…
2021 – 10/21 Employers: The next quarterly payroll tax return is due Nov. 1. The IRS is urging employers to file the returns electronically. In addition, be aware that the tax credits for qualified sick and family leave wages have been extended and amended by the American Rescue Plan Act. These credits for qualified sick…
2021 – 10/20 When creating or updating your strategic plan, you might be tempted to focus on innovative products or services, new geographic locations, or technological upgrades. But, what about your customers? Particularly if you’re a small to midsize business, focusing your strategic planning efforts on them may be the most direct route to a…
2021 – 10/18 If your business is depreciating over a 30-year period the entire cost of constructing the building that houses your operation, you should consider a cost segregation study. It might allow you to accelerate depreciation deductions on certain items, thereby reducing taxes and boosting cash flow. And under current law, the potential benefits…
2021 – 10/13 Run a business for any length of time and the importance of cash flow becomes abundantly clear. When payroll is due, bills are piling up and funds aren’t available, blood pressure tends to rise. For this reason, being able to accurately forecast cash flow is critical. Here are four ways to refine…
2021 – 10/11 The IRS’s “People First Initiative” was launched in 2020 to help taxpayers by extending tax deadlines during the early days of the COVID-19 pandemic. Recently, the Treasury Inspector General for Tax Administration (TIGTA) assessed these efforts. The IRS, also impacted by the pandemic, “potentially caused confusion and undue burden to numerous taxpayers”…
2021 – 10/11 Now that the last quarter of 2021 is here, the IRS is reminding taxpayers that it’s a good time to check withholding. Life changes that might’ve occurred in 2021 can affect your taxes. Examples include: COVID-19 relief you may have received; disaster relief, such as for a wildfire or hurricane; job loss;…
2021 – 10/11 Are employees at your business traveling again after months of virtual meetings? In Notice 2021-52, the IRS announced the fiscal 2022 “per diem” rates that became effective October 1, 2021. Taxpayers can use these rates to substantiate the amount of expenses for lodging, meals and incidental expenses when traveling away from home….
2021 – 10/06 Taxpayers who share child custody may have questions about advance child tax credit (CTC) payments. In shared custody cases, the IRS determines which parent receives the payments based on information on the taxpayer’s 2020 tax return (or 2019 for some). The parent who claimed the CTC for 2020 (or 2019 if applicable)…
2021 – 10/06 Everyone loves a story. It’s why movies are still big business and many of us spend hours on the couch binge-watching our favorite television shows. What’s important to keep in mind — and to remind your sales team — is that effective storytelling can also drive sales. This doesn’t mean devising fanciful,…
2021 – 10/05 If an employer has both a defined contribution retirement plan and a defined benefit retirement plan, what are the limits on contribution deductions? The IRS answered that question in an “Issue Snapshot.” Generally, an employer’s contributions to a qualified plan are deductible if they’re ordinary and necessary expenses and compensation for services…
