Erickson, Brown & Kloster, P.C. Newsletter for Thursday, November 04, 2021
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Saved Articles

  • What to Know About Backup Withholding

    You may be subject to backup withholding if you fail to provide a correct Taxpayer Identification Number, or TIN, or don't report interest or dividends. Click through to learn the consequences.

    Saved on 09-18-2021 - Remove
  • What Nonprofits Need To Know About Form 990

    Each year, most nonprofits must file IRS Form 990 — a dozen pages requiring a detailed accounting of financial operations. Click through for an introduction to the complexities of this form to make sure you stay in compliance.

    Saved on 10-07-2021 - Remove
  • The Child Tax Credit for 2021

    The pandemic profoundly disrupted people's incomes and livelihoods. The federal government responded by approving pandemic relief legislation, including changes to the child care tax credit. Click through for a review of what you may be entitled to.

    Saved on 10-07-2021 - Remove
  • Taxation and Economic Nexus: A Review

    It has long been a contentious and confusing issue: What effect do borders have on taxes? Click through for a review of key nexus issues to help you navigate your company's course.

    Saved on 10-07-2021 - Remove
  • 529 Plans: Know the Full Story

    529 savings plans can do more than just help you pay for college, and now is a good time to consider just how flexible they can be. Click through to take advantage of the myriad benefits of a 529 plan in a pandemic-affected economy.

    Saved on 10-07-2021 - Remove
  • Seasonal Employment: Laws and Best Practices

    Do you rely on seasonal employees to fill staffing shortages during holidays or busy periods? Click through for insights into navigating seasonal employment.

    Saved on 10-07-2021 - Remove
  • IRS Warns of Scams Targeting Immigrants and Seniors

    No one is completely safe from financial scammers, but bad actors tend to target certain groups. If you're part of these target groups or have a friend or loved one who is, be on alert. Click through to learn who should be extra careful and why.

    Saved on 10-07-2021 - Remove
  • A 2021 Update on Tax and Education Credits

    Tax credits can help offset the costs of higher education, but the rules can get complicated. Click through to learn how education credits can work in order to make sure you're taking full advantage of government programs.

    Saved on 10-07-2021 - Remove
  • Executive Order Targets Noncompete Agreements

    President Biden has taken aim at noncompete agreements in the workplace. Click through to learn what that means for ordinary workers and why the White House is making noncompete agreements its priority.

    Saved on 10-07-2021 - Remove
  • Retirement Plan Startup Costs Tax Credit

    You may be able to claim a tax credit of up to $5,000 when you set up a SEP IRA, a SIMPLE IRA or a 401(k) plan. Click through to see how the tax credit reduces the amount of taxes you owe.

    Saved on 10-07-2021 - Remove
  • Reverse Mortgage: Right for You?

    A reverse mortgage can be the perfect solution for seniors who want to stay in their homes, but there are some long-term drawbacks. Click through for a review of the pros and cons of this popular financial technique.

    Saved on 10-07-2021 - Remove
  • It's Time To Check Your Withholding

    You may have been advised to check your tax withholdings at least once a year. But in 2021, considering all the pandemic-related changes, it’s a good idea to check more frequently. Click through for some IRS withholding advice to forestall any surprises at tax season.

    Saved on 10-07-2021 - Remove
  • Is This Your Situation: Trying To Cut Down on Turnover

    Nobody ever said hiring was a picnic. But the happier your workforce is, the less often you have to write a job posting. Click through for some tips on keeping your current employees happy so you have as little turnover as possible.

    Saved on 10-07-2021 - Remove
  • Business Deductions: A Quick Review

    Business expenses are the cost of carrying on a trade or business. Sometimes, the IRS gives you a tax break for your expenses. Click through for an introduction to the complex world of business tax deductions.

    Saved on 10-07-2021 - Remove
  • Do You Have a Hobby or a Business?

    Have a hobby that's also a source of income? The line between business and hobby can be a thin one, and the rules are complex. Click through for some insights that will help you make sure that you're in compliance and that you're not missing any allowable deductions.

    Saved on 10-07-2021 - Remove
  • What a Will Should NOT Do

    We are often urged, with good reason, to make a will to help put our lives in order. It’s a responsible and worthwhile thing to do — but not the only thing. Click through to learn when a will is not the best route.  

    Saved on 10-07-2021 - Remove
  • Taxation of Cryptocurrency and NFTs: New Rules Coming

    Cryptocurrency is not a fad. It is here to stay. That is clear from the proposed Infrastructure Investment and Jobs Act, which includes provisions about how cryptocurrency is taxed. Click through to see what may be on the horizon.

    Saved on 10-07-2021 - Remove
  • Myths of the Estate Tax

    You may be worried about your heirs getting hit by the federal estate tax when you die. But are these worries justified? Click through for a look at how the often-misunderstood estate tax really works.

    Saved on 10-07-2021 - Remove
  • Is This Your Situation: Looking for Qualified Candidates

    Have you ever posted a position but not gotten a response back from someone who fits the bill? Finding the best person for a job takes luck, but it also takes skill. Click through to find out how to make the right kind of impression.

    Saved on 10-07-2021 - Remove
  • Employee Retention Credit: Further Guidance

    This significant credit received a boost earlier this year, and the IRS recently issued additional guidance. This new information is essential for employers. Click through to make sure you aren't leaving anything on the table.

    Saved on 10-07-2021 - Remove
  • The IRS Is Watching Out for Padding

    The IRS warns tax filers to avoid falsely inflating deductions or expenses on tax returns. This isn't a minor infraction that gets winked at. Click through to learn which areas the agency is zeroing in on.

    Saved on 10-07-2021 - Remove
  • Recordkeeping: The Key to Smooth Tax Transactions

    Generally, you should keep tax records for three years after you file a return, but there are times when you’ll need older files. Click through to learn how to be prepared.

    Saved on 10-07-2021 - Remove
  • Do You Have Operational Efficiency?

    When operational efficiency is healthy, your business can cut down on unnecessary costs while increasing revenue. Click through for some thoughts on how you can make your business more efficient.

    Saved on 10-07-2021 - Remove
  • IRS Clarifies Charity Benefits

    The IRS has released guidance explaining how legislation passed in December 2020 delivered several provisions to help individuals and businesses that give to charity. Click through to make sure you're taking full advantage of the current tax rules.

    Saved on 10-07-2021 - Remove
  • Employees' Net Pay: What Are the Calculations?

    The "net pay" line appears on every paystub, but many employees, and even many companies, aren't always sure what it means. Click through for an introduction to the detailed tax and finance calculations involved in "net pay."

    Saved on 08-28-2021 - Remove
  • What Are the Basics of Home Insurance?

    Home insurance protects your home and possessions against damage or theft. Click through to learn how to decide which level of coverage is right for you.

    Saved on 08-28-2021 - Remove
  • Managing Your Business and Staff After the Pandemic

    Can you lay a strong foundation for a flourishing, long-lasting small business in the post-pandemic world? Click through to learn how to seek out and seize opportunities and integrate resilience into your business plan.

    Saved on 08-28-2021 - Remove
  • Credit for Other Dependents: A CTC Alternative

    The Child Tax Credit is a powerful savings tool, but it's not the only deduction available for families. The Credit for Other Dependents can also help. Click through to learn who can claim it and how it works.

    Saved on 10-10-2021 - Remove
  • The Eternal Question: Roth IRA or Traditional IRA?

    Taxpayers are asking themselves: Is it better to prepay taxes using a Roth IRA or pay them after retirement using a traditional IRA? Click through for a brief analysis to help you answer that question.

    Saved on 10-10-2021 - Remove
  • Home Office Tech Tips

    Office-friendly tools for your workspace can help you enhance efficiency and decrease stress. Click through to learn what remote workers look for among new gear and apps.

    Saved on 10-11-2021 - Remove
  • The Sharing Economy: Tax and More

    The sharing economy is based on peer-to-peer activity — acquiring, providing or sharing access to goods and services. Click through to see how it's facilitated by community-based online platforms.

    Saved on 10-11-2021 - Remove
  • What Is the Innocent Spouse Rule?

    Want to seek relief from penalties that resulted from your spouse's underpayment of tax? Click through to learn how you can protect yourself.

    Saved on 10-11-2021 - Remove
  • Should You Pay an Employee Who Resigns With Two Weeks' Notice?

    When an employee hands in their two-week notice of resignation, it triggers payroll questions, including whether the employee should be paid at all. What are the rules and best practices for this situation? Click through for information to help you create a policy.

    Saved on 10-11-2021 - Remove
  • The Top KPIs for Nonprofits

    Is it possible to measure your nonprofit's performance over time? Absolutely, but only if you use different yardsticks than the manager of a for-profit would use. Click through for an introduction to some significant nonprofit key performance indicators.

    Saved on 10-13-2021 - Remove
Erickson, Brown & Kloster, P.C.
Erickson, Brown & Kloster P.C.
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Phone: (719) 531-0445
info@ebkcpa.com
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4565 Hilton Parkway Suite 101
Colorado Springs, CO 80907
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Any accounting, business, or tax advice contained in this communication, including attachments, is not intended as a thorough, in-depth analysis of specific issues or a substitute for a formal opinion, nor is it sufficient to avoid tax-related penalties. If desired, Erickson, Brown & Kloster, P.C. would be pleased to perform the requisite research and provide you with a detailed analysis
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