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Hello Grove, Mueller - Here Are Your Articles for Tuesday, November 02, 2021
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Saved Articles
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Welcome to our firm's newsletter! We plan to give you helpful information every four weeks. Click through to learn all about the valuable free information we'll be sending.
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The coronavirus pandemic has upended businesses across the board. Many of those businesses hope their business interruption insurance will help mitigate their financial losses. Click here to delve into the complex world of business insurance.
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The IRS is gradually rolling out a new identity protection program that prevents anyone who has stolen your Social Security number from using it to file a fraudulent return. Click through to learn how it works and whether you're eligible.
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Many individuals and businesses that owe the IRS money will be able to delay both filing and payments for 90 days — without interest or penalties. Click through to uncover the details of this due-date postponement to July 15.
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The president has signed the Families First Coronavirus Response Act (H.R. 6201) into law. It's the first of what are expected to be other federal actions. Click through for a quick look at the major provisions.
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Now that we're all stuck in our homes for the duration of the pandemic, we may find ourselves missing human company. Click through for some suggestions about various apps that can be the next best thing.
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Remote working comes with a whole new set of management challenges. However, you can rise to the occasion with the right information. Click through for some tips on avoiding the major remote management pitfalls.
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The Treasury Department and the IRS have launched the Employee Retention Credit to keep employees on the payroll. Click through to get 50% of up to $10,000 if your business has been impacted by COVID-19.
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Crises can bring out the best in many people — but perversely, they can also bring out the worst. Many scammers are trying to take advantage of the complex bailout provisions for individuals and businesses. Click through to learn how to avoid them.
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It's a double hit: The new coronavirus has led to the enforced shuttering of many businesses, and the resulting market plummet has led to major retrenchment elsewhere. Click through for some help in managing layoffs at your company in these extraordinary times.
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The Paycheck Protection Program, part of the CARES Act, is in full swing, but there are still a lot of questions about this powerful, but confusing, program. Click through for the latest info to see if and how your business can benefit.
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The Internal Revenue Service has issued guidance providing tax relief under the CARES Act for taxpayers with net operating losses. Click through to take advantage of a six-month extension to file on carrybacks.
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The IRS has issued new guidance to grant increased flexibility on 125 cafeteria plans, health flexible spending arrangements and dependent care assistance programs. Click through to learn how to take advantage of the new rules.
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One of the key features of the SBA's popular Paycheck Protection Program is a forgiveness provision for companies that maintain their workforce levels. Click through for information on the forgiveness application.
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While stringent closing rules are still in place, the CDC has started to give guidance for reopening certain businesses under certain situations. Click through to get started thinking about how your business may be able to reopen.
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In honor of Memorial Day, our offices will be closed. We're taking some time to honor all who serve and have served our country this Memorial Day. Click through to learn more.
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Thanks to the pandemic, many employees are now working from home. But this may mean state tax confusion, if the residence and company are in different states. Click through for an introduction to the complexities.
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Estate planning can be complicated. It starts, however, with one basic question: Do you need a will and a trust? Click through to read more about these two estate planning tools and how they can help you.
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The idea of launching a new business in the midst of the COVID-19 pandemic may seem like a radical thing to do. In the long run, however, it may help to keep your business viable well into the future. Click through for some compelling advice.
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Did your employees who have COVID-19 contract it at work? The question is not academic — it has serious legal implications. Click through to check OSHA's new guidance for uncovering the infection sources.
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"Flexibility" has been the word of the season, as companies and employees invent new ways of working. Click through for an introduction to a range of flexible work arrangements — which may continue even after the pandemic is over.
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The COVID-19 pandemic has caused many changes in our personal and business lives — and upended the economy. For some, this makes it a good time to review their estate plan. Click through for a list of estate planning tasks you may want to address.
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IRAs are great tools for retirement planning, but are not necessarily well-suited for leaving money to heirs. Click through for an introduction to the complex rules and strategies surrounding an inherited IRA.
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The State Unemployment Tax Act is an important and complicated law that affects virtually every employer, and there are variations from state to state. Click through for an introduction to key SUTA provisions.
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The gig economy is affecting businesses in many industries. What should you think about if you're considering using a freelancer or contractor? Click through for an introduction to this growing employment trend.
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The calculations surrounding withholding can get very complicated, and the redesigned Form W-4 added additional wrinkles. Click through for a look at the bracket vs. percentage methods, and how the math plays out.
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The economic havoc wreaked by the pandemic, including the shuttering of many businesses and the damage to many sectors, may have you wondering whether it's time to retire. Click through for a closer look at how to retire sooner rather than later.
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Many people think they can take a home office deduction, but that isn't always the case. At-home workers need to pay particular attention to the complex rules. Click through to see who can take this deduction and under what circumstances.
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From playing games with tax returns to fiddling with the company's books, fraud is a widespread and complicated problem. You need an expert to address fraud issues. Click through for an intro to fraud and how CPAs can help.
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Even in today's heavily insured world with substantial backup systems, disasters of various kinds can make profits seemingly disappear. Click through for some insights into how CPAs can help find them.
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A new Department of Health and Human Services ruling forces some health care providers that received more than $750,000 in CARES Act funding to undergo either a financial audit or a "single audit." Click here to see how you may be affected.
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With normal work situations upended by the pandemic, many people are turning what had been side gigs into full-time occupations. Click through to learn the tax implications, because the IRS draws a hard line between a hobby and a business.
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Do you ever wonder about the accuracy of your Form 1065, Form 1120S or your Schedule K-1? You need to understand some basic facts before you prepare your individual return. Click through to read more about these sometimes confusing filings.
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How do you divide the jewelry portion of an estate? It's a hard question, as jewelry has sentimental as well as intrinsic value. Click through to get a start in navigating the variables in appraising heirlooms.
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Paying workers is about more than regular pay vs. overtime. Many companies offer different rates for working outside normal business hours. Click through to learn where this is likely to happen, and how to calculate pay.
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The net investment tax hits high earners with significant investment income. Calculating it can be complex, and the rules are subtle. Click through to see how it works and whether it will take a bite out of your finances.
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With more and more U.S. localities charging income taxes, it's in every employer's best interest to understand how these taxes work. It's more complicated than you may think. Click through for an intro to local income taxes.
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The IRS has announced the tax year 2020 annual inflation adjustments, including the tax rate schedules and other tax changes. These adjustments for 2020 generally apply to tax returns that will be filed in 2021.
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Cost-of-living adjustments are affecting dollar limits for 401(k) plans, individual retirement accounts and other retirement plans. These changes affect both individuals and the businesses that manage company-sponsored plans. Click through to learn how the changes may affect you.
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To receive FMLA-protected leave, eligible employees must provide adequate notice to their employers. If they don't, the leave could be delayed or denied. Click through for details on FMLA notice requirements.
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We use our smartphones for so many things today that we take them for granted -- along with the security issues. How do you protect your personal information when you're on your phone? Click through to feel more trust in the apps you're using.
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A 1099 tax form is a record that someone was paid non-salary income. It comes in multiple versions, and there's a good chance you'll be dealing with one or more of them each tax season. Click through for a rundown of how they work.
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Although the new Form W-4 differs greatly from the previous version, it is almost the same as the draft version released earlier in 2019. Click through for a quick rundown of how the form works and where you can go for more details.
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Tax law changes in the Tax Cuts and Jobs Act affect itemized deductions because the standard deduction was nearly doubled for most taxpayers. Click through to see if you should consider itemizing anyway.
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The Oregon Legislature created a new tax on business activity in Oregon that is effective January 1, 2020. It is called Corporate Activity Tax (CAT). Click through to learn more about this new tax.
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2019 is the final year that a contribution to an Oregon College Savings Plan (529) account will qualify for a subtraction for Oregon income tax. Click through to learn more about these changes.
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If you made or received a payment in a calendar year as a small business or self-employed individual, you most likely are required to file an information return to the IRS. Click through to learn what this means.
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If you're in the middle of buying or selling a home, you no doubt have a lot of online conversations with real estate agents and mortgage banks. Click through to learn how to keep these exchanges secure.
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As of January 1, 2020, all leases, including short-term leases, must be recorded on your company's balance sheet. What does the new Financial Accounting Standards Board standard mean for your business? Click through for an introduction to this complex new series of rules.
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Especially in the wake of tax reform, some taxpayers could find themselves owing the IRS if they don't adjust their tax withholding. Click through so you won't have sticker shock when you file your return.
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The Social Security Administration has released new numbers for those paying Social Security and those collecting it. Click through for the new maximum taxable earnings amount as well as COLA and other key adjustments.
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The IRS has issued the 2021 optional standard mileage rates used to calculate the deductible costs of operating an automobile for various purposes--and this year they're down. Click through to see how the new rates may affect you.
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The year finished up with a bang as Congress enacted a number of changes that affect the retirement landscape and other tax situations. Click through for a summary of these changes and how they could affect you.
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It can be difficult to determine which expenses meet the standard for qualified business income for rental properties. The Internal Revenue Service recently issued final guidance on a limited safe harbor. Click through to ensure that you understand these complex regulations.
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It's a complicated and controversial insurance product, and may not be for everyone. However, it's a good idea to see if long-term care insurance may be essential for you. Click through for the basics on long-term care coverage.
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Tax season is upon us, and all taxpayers are no doubt hoping for a refund. Unfortunately, there are a lot of myths about when and how you'll get your refund. Click through for the "straight dope" from the IRS.
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One of the first decisions business owners make is how their business should be structured. The many choices can be overwhelming and a clear choice may not be evident. Click through to better understand the best business structure for you.
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As we age, the importance of financial planning becomes a greater priority. Many factors affect retirement planning, but four overarching issues are essential. Click through for an introduction to retirement planning.
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Having an exit strategy doesn't mean you're ready to sell your business. Instead, it means you're ready to face life's unexpected twists and turns. Click through to learn how to prepare your business for whatever comes next--including an orderly shutdown.
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Real estate investment trusts (REITs) may be a good option to add to your portfolio. The return rates and tax status make them attractive in many situations. Click through for more details on what they are and how they work.
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We may find that COVID-19 has accelerated the trend toward new ways to communicate and new styles of communication. Click through for insights into getting the most out of the many choices we are using now — and will continue to use going forward.
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The Paycheck Protection Program was slated to end on June 30, but a last-minute bill in Congress extended it until Aug. 8. Click through to find out what this means, and if any other changes are on the horizon.
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Many businesses have enhanced their online presence as a result of the COVID-19 pandemic. These businesses need to be aware of the many challenges associated with collecting sales tax on internet sales. Click through to learn how to transition smoothly to online sales.
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A paycheck can be more complicated than it seems at first. And whether you have one employee or 1,000, you need to know how payroll taxes work. Click through for a brief review, so you can grasp the basics.
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Since the arrival of COVID-19, whether employees should receive hazard pay has been much discussed. Are there rules or best practices? Click through to learn about hazard pay and whether you should provide it.
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Salem, OR—The Oregon Department of Revenue will provide relief to victims of Oregon wildfires and straight-line winds.
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There's an underrated benefit flying under the radar as the COVID-19 pandemic rages on — and it comes in the form of tax-free disaster relief payments. Click through for insight into this simple, tax-advantaged program.
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While many companies used remote working before the COVID-19 pandemic, few had fully formed policies and procedures regarding its widespread use. Click through to get a start on creating best practices for your office.
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The 2017 TCJA changed the rules for M&E deductions, but years later many subtleties have continued to cause confusion. Fortunately, recent IRS guidance may answer a lot of questions. Click through for an overview of the final regulations.
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The federal government has taken many steps to combat identity theft. One of those measures is a recent final rule allowing employers to mask Social Security numbers on Form W-2. Click through to find out what this means.
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The SSA has published its COLA increases for 2021 as well as a new ceiling for earnings subject to OASDI. Click through to learn the details on which numbers are changing — and which are not — and how you're affected.
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When you sell a capital asset, the sale results in either a capital gain or capital loss. The government wants a full accounting, and the rules are complicated. Click through to learn what you have to report on Schedule D of Form 1040.
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It has been a challenging year, but one thing that hasn't changed is taxes. Fortunately, businesses remain eligible for certain deductions. Click through to read about deadlines for key provisions that pertain to your business.
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The Covid-19 pandemic — like earlier business crises — has forced many businesses to make hard choices regarding their future. Click through to learn about restructuring debt and whether that's an option you should consider.
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Compensation planning in the Covid-19 era is like nothing we have seen before. The financial and economic effects of the pandemic continue to be shifting. Click through for guidance about how your company should handle compensation, especially if facing a cash crunch.
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The IRS has issued final regulations about deductions for business interest expense under the TCJA. Click through to see how the agency tackles the definition of interest and learn about exceptions that may apply to you.
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As the year winds down, the government changes a variety of numbers affecting tax and other financials. How do these changes affect you or the companies you manage? Click through for a review of the 2021 changes.
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Trusts are subject to taxation, but not in the same way businesses and individuals are. They have their own special rules, and both grantors and beneficiaries need to be aware of them. Click through for an introduction to trusts and taxation.
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It's been a complicated year, and you'll have to pay particular attention to Form W-2, especially Box 1--total annual taxable wages. Click through for a summary of what belongs in this box—and what does not.
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Although the rules on paying freelancers haven't changed, the paperwork has. The IRS has rolled out Form 1099-NEC, which businesses must use for paying nonemployee compensation. Click through to learn how it works.
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Many employers have a strong case for requiring employee vaccinations, say legal experts, but it's a complex landscape. Click through to see what your vaccination policies should include — and exclude.
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An offer in compromise allows you to settle your tax debt for less than the full amount you owe. And in this complicated tax year, you may want to know more about it. Click through to understand how to take advantage of this program.
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A piece tucked inside the $900 billion stimulus bill just passed is a controversial boost to a tax break for business meals. Click through to take a closer look at a break for what's been dubbed the fully deductible three-martini lunch.
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S-Corps are a special kind of business entity, and they have their own special tax rules, which can get complicated. Are you making sure you're following all the filing rules? Click through for an intro to the complex world of S-Corp taxation.
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Even top-tier companies with sophisticated cybersecurity measures in place have been hacked. So what can you do to keep your private information safe? Click through for some tips on protecting your electronic information.
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The new round of Paycheck Protection Program loans is available to both new and second-time borrowers. Who gets the money? And what are the rules? Click through to see what might be in store for your business.
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2020 was a hard year. But taxes for that crazy year still will be due on April 15, 2021, and if you underestimated the amount of tax you owe, you may be subject to a hefty penalty. Click through to find out whether you could be delinquent.
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Last year the government created an employee retention tax credit to keep employees on their payroll. Recent tweaks have made it even more attractive. Click through to see if it's something your business should take advantage of.
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The beginning of a new year represents the perfect opportunity to reflect on the last twelve months and to review your overall personal financial situation. Just as you might make resolutions for your physical health, establish resolutions for your financial health. Reviewing your tax returns and helping you weave together your tax planning with other areas of your personal finances is an important and valuable aspect of the work we do for you as your trusted adviser.
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The new relief bill has granted some unexpected relief for those who contribute to flexible spending accounts. Click through to learn about the limited-time flexibility granted in the bill, and what it means for companies and employees.
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More than ever, in today's tumultuous world, it is important to maintain a good credit score, even while economic difficulties make it tough. Click through to learn how to build and maintain healthy credit habits in good times and bad.
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The ability to deduct interest on home equity loans has always been one of their great advantages. That provision is still in force, but there are severe limitations. Click through to see if your plans align with the rules.
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Traditional pensions plans and 401(k)'s may not be appropriate for small businesses and the self-employed. However, that doesn't mean there are no other options. Click through to learn about the powerful and adaptable SEP-IRA.
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Tax responsibilities don't end with death. Indeed, it's an important part of the executor's job to file the deceased person's state and federal final income tax returns for the year of death. Click through to address specific tax filing responsibilities.
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If you are a U.S. citizen or a resident alien living in a foreign country, you're still subject to the same U.S. income tax laws that you would be if you lived in the United States. Click through for an introduction to the tax situation.
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A pioneering civil rights law, the Americans with Disabilities Act affects businesses of all sizes. But small businesses may not realize all the requirements. Click through for a quick review of the act's key provisions.
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The IRS has previously announced that the federal filing due date for individuals was extended to May 17. Some other dates—but not all of them—have also been moved. Click through to make sure you're up to date on IRS dates.
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The government has announced inflation-adjusted changes for health savings accounts. The new limits are a small increase over 2021. Click through for the details to remain in compliance next year.
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A Medicaid asset protection trust is designed to protect assets from being counted for Medicaid eligibility. There are a lot of provisions, however. Click through to understand how it works and whether it might be right for you.
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On Feb. 22, the White House published some changes to the PPP program that makes it more accessible to small businesses. Click through for details on the special application process and modifications on various restrictions.
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Your nonprofit has to record revenue and expenses from the year to demonstrate how finances have been used. It sounds simple but can get complicated quickly. Click through to learn how to remain compliant with IRS requirements.
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Because of the pandemic, the IRS is offering accommodations on flexible spending accounts and dependent care assistance programs. Click through to find out how employees can take advantage of the relaxed rules.
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The SECURE and CARES Acts made big changes to the IRS’s treatment of retirement plans. As with so many large bills, it's all about the details. Click through to learn how your retirement could be affected.
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The PPP loan program, which has proved a lifesaver to many businesses during the pandemic, is getting a reprieve — eligible businesses now have until May 31 to apply. Click through for the details on the extension.
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Legislation passed in March gave a break to many taxpayers who received unemployment insurance payouts in 2020. Click through for IRS guidance on how to make sure you reap the benefits.
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Many investors take responsibility for their own investment decisions, but it's essential to get the full picture. What are the implications? Click through to learn about investing and taxes so you don't get any nasty surprises.
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To incentivize employers to hire individuals from underrepresented groups, Congress has extended the Work Opportunity Tax Credit program until the end of 2025. Click through for insight into this important and complex program.
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Non-fungible tokens — a player in the shadowy cryptocurrency world — have increasingly been making their mark. But few understand what they are or how they work. Click through to make sure you're au courant with financial news.
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Washington wants everyone to get a COVID-19 shot, so it is giving a refundable tax credit to employers who grant paid time-off to staff to receive—or recover from—a vaccination. Click through for eligibility rules.
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In January 2021, the Department of Labor issued a rule clarifying the standard for employees versus independent contractors under the Fair Labor Standards Act. It has now withdrawn the rule. Click through for a review of what this means.
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The American Rescue Plan Act established the Restaurant Revitalization Fund to provide funding to help pandemic-affected restaurants. Click through to see if your business is eligible, and how to take advantage.
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The pandemic hit commercial real estate especially hard, and the future is still uncertain. Click through for an analysis of where things are and what might happen in the coming months in the office, retail and industrial markets.
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Are you cleaning out old filing cabinets or your attic? You no doubt are coming across reams of old financial papers. Do you need to keep them? Click through for some guidelines on what to save.
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When you open a new business, it can take a while before you learn what indicators govern your business's success. Click through for a review of the numbers that owners need to keep an eye on.
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Many people don't understand exactly what estate planning is and have misconceptions about what is involved. Click through to read about the confusion so common today so you can take the next steps on firm ground.
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When you include family members in your business operations, there are tax treatments and employment tax rules that need to be applied. Click through to learn the right way to hire a family member.
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To say that 2020 was a confusing year for health care providers would be a massive understatement. If you operated at a loss in order to care for patients, you probably qualified for government relief. Click through to learn how to report your pandemic relief funds.
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Have you ever started to fill out a tax return only to realize that you don't have the paperwork you need to claim all the credits and deductions you are entitled to? Click through for a guide to the files you should be saving to make sure you get the maximum deduction.
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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.
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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.
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The unemployment insurance program can be an enormous help, but there are always those who scam the system, especially in the past year, when there was an uptick in claims. Click through for more on the most recent unemployment scams.
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The effective date for private companies to comply with Accounting Standards Codification 842 is on the horizon. The new standard clarifies definitions and businesses will need to make sure they're familiar with the terms. Click through to make sure you're familiar with the basics.
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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.
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Profit-sharing is a group incentive plan for employees to share in profits. Click through to change your culture from "Let’s get it done" to "We’re all in this together."
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Do you know what estate planning really is? Some people think it's only for the very wealthy, or that they don't have to worry about it until they're old—but those are misconceptions! Click through for the real facts on estate planning.
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Taking the step of preemptively examining internal controls before closing financial statements gives company chief financial officers the assurance that their assertions are accurate and complete. Click through for key reporting advice.
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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.
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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.
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Until the pandemic, no one could have envisioned how profoundly remote employment would affect the workplace. The rise of the hybrid office has led to some thorny tax questions. Click through for some thoughts on how tax rules apply in a remote or hybrid environment.
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Are you a nonresident alien engaged in a trade or business in the United States? There are some special tax rules for you. Click through to learn about what your responsibilities are and the basics of Form 1040-NR.
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Few people train to be the boss. More often, they're promoted to a management position because they did well in a lower-level job. Soon they find that management requires a completely new set of skills. Click through to read some hard-earned advice on how to be a manager.
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Although no one likes to think about it, an important responsibility of parenthood is making sure your children are provided for if you're not around. Click through for a quick guide to making those crucial plans.
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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.
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Like-kind exchanges are tax-deferred transactions that allow one real estate asset to be swapped with another, similar asset. But the rules are complicated. Click through to make sure you handle these transactions carefully.
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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.
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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."
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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.
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| Grove, Mueller & Swank, P.C.
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| (503) 581-7788
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| newsletter@gmscpa.com
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| 475 Cottage Street NE, Suite 200
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| Salem, OR 97308-2122
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