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Dennis, Here Are Your Articles for Wednesday, August 02, 2023
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Saved Articles
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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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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 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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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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Investors generally focus on long-term returns, but taxation should be part of a comprehensive investing plan as well. Click through for an overview of how to incorporate tax efficiency into your investing decisions.
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The SECURE Act repealed a Tax Cuts and Jobs Act change in the Kiddie Tax and is effective in 2020 and beyond. Click through for the complex details on the current and retroactive changes to this often-misunderstood tax.
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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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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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Where is your federal tax return refund? It depends. The IRS hasn't updated its information since the beginning of December, but there is some info. Click through to see what, if anything, you can do to find out what's happening with your return.
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Profitability determines whether your business stays in business. That seems obvious, but it's more complicated than it seems. Click through to learn about the different ways to analyze profitability.
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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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Business expenses are the cost of carrying on a trade or business, and there may be some tax breaks there. But a lot has changed in recent months, and the rules can be complicated. Click through for an overview of business tax deductions.
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There are all sorts of ways you can end up with IRS penalties. But with a little care, you can avoid them and stay on the government's good side. Click through for some tips on how to remain penalty free.
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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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Identifying who is an independent contractor and who is an employee can be a complicated task, and the penalties for making an incorrect classification can be severe. Click through to make sure you understand how to correctly make this determination.
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When it comes to signing financial and legal papers, you often have to go through the tedious process of finding a notary — and the pandemic has made that even more difficult. Click through to learn how notarization is changing.
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When filing each year, taxpayers have to figure out what their filing status is. The head of household status is typically the most advantageous—is it right for you? Click through to find out the qualifications.
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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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If you're a typical worker, your employer withholds taxes from each paycheck. But for the self-employed, it's a different story: they have to file estimated taxes throughout the year. Click through for an overview of the estimated tax rules.
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A life insurance policy is considered property, and that means it can be sold. This can prove advantageous in difficult circumstances. Click through to discover what life settlements can do and what they can't do.
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Halloween night is coming! Light your lanterns and roam around to scoop up as many candies as can be found. Click through for a special spooky greeting.
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As more and more of our life is lived online, it’s more important than ever to protect your accounts and information. It’s especially vital when tax season rolls around. Click through to learn why that is and how to protect yourself.
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With all the things that are changing in 2020, there is one constant you can count on: Tax scams are still with us. Click through to learn what to watch out for as scammers find ways to incorporate the pandemic into their schemes.
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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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A company-sponsored retirement plan is one of the most popular benefits a business can offer its employees. But it's not a one-way street: A retirement plan offers advantages to employers as well. Click through to learn what's in it for the company.
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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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The pandemic took a toll on small businesses, some of which find themselves in precarious financial positions. Sadly, bankruptcy may be the best option for some. Click here to read more about what that means.
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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 American Rescue Plan Act has been much tweaked and much debated. But what's actually in it and who benefits from it? Click through for a summary of the main provisions of this landmark 600-page bill.
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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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Keeping employment records is not only good business practice but also legally required. The rules are specific and can get complicated. Click through for federal laws mandating employment records retention.
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Strategizing for an uncertain future is not easy. But businesses that take a closer look at their response to the pandemic can learn how to do just that. Click through to learn about strategic planning in today's environment, which also can help you in the future.
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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.
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As new entrepreneurs start their businesses, they need to understand the special financial concerns of a startup. Click here to read more.
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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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Touchless payments have been around for a while, but the pandemic may give them a boost, as businesses and consumers both want to avoid physical contact. Click through to learn about how they work, and their advantages.
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The changes made by the Tax Cuts and Jobs Act of 2017 make itemizing deductions out of reach for most taxpayers. With good tax planning, however, taxpayers still may be able to itemize. Click through to learn about alternate-year itemizing and other strategies.
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Welcome to our firm's newsletter! We plan to give you helpful information every two weeks. Click through to learn all about the valuable free information we'll be sending.
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Talking about politics in the workplace can lead to arguments, disrupt daily work routines and lower morale. You cannot stop the discussions, but there are some steps you can take to calm your workplace and make everyone feel included.
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In these confusing times, you may want to keep some money set aside and not make an immediate long-term commitment. Fortunately, you have a range of choices. Click through for unique ways to earn money in the short term.
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Although many employers used videoconferencing before the pandemic, in recent months, its use has soared. Still, many users are confused about how best to use it. Click through for tips on hosting successful video meetings.
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The SBA has issued a new form that makes it much easier for smaller borrowers to qualify for loan forgiveness, and also has clarified due dates. Click through to see if your company is eligible for the simplified paperwork.
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If you're running a business where gratuities are a major part of your employees' pay, you need to know the regulations. Click Full Article below for a quick introduction to make sure you and your staff are compliant.
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The recently passed American Rescue Plan Act is chock-full of provisions, and the IRS has started to issue guidance on key aspects. Click through for some additional details on this important new law.
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The IRS has announced that the federal income tax filing due date, as well as any payments, for individuals for the 2020 tax year will be automatically extended to May 17. Click through to learn how this will work.
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The pandemic relief measure provides $325 billion in small-business funds and gives businesses another bite at the PPP apple. Click through for the details on what's available to make sure you get the cash you're entitled to.
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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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Earlier in 2021, legislation gave a boost to businesses by raising the 50% deduction to 100%. But what is included, or excluded, under the new rules? Click through to make sure you understand the details before claiming the deduction.
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The world of hiring is going through seismic changes. Whatever methods you used in the past won't work for you now. Click through for some hiring secrets that will help you find more qualified candidates faster and more easily.
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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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If you're rehabilitating a historic home, you may be able to claim a rehabilitation tax credit. But the devil is in the details, and it's about more than just the house being old. Click through to learn about the conditions you need to meet.
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A lot may happen in the coming months to change the tax situation — or everything may remain the same. Click through for a summary of proposed tax changes targeting businesses and high net worth individuals to see how the scenario may play out.
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There's nothing wrong with dealing in cash, but you do need to know that cash transactions of more than $10,000 need to be reported to the IRS. Click through to get facts about reporting such payments.
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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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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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IRAs are tax-favored personal savings accounts that set aside money for retirement. Most people have heard of them, but not everyone knows the tax details. Click through to make sure you understand how the tax advantages work.
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Can small-business insurance help you with your pandemic losses? Click through to find out.
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Small-business owners who operate more than one LLC may find it advantageous to form a holding company to manage all of the entities. Click through to learn the pros and cons so you can see if it makes sense for you.
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Looking to win the battle for consumer attention? Click through to find out how to captivate customers.
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Once you offer retirement plans, you'll have reporting and disclosure requirements — reports and forms that the IRS and the Department of Labor want to receive. Click through to see how your obligations depend on the type of plan.
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It may seem simple: You owe the government the taxes you withhold from your workers, and you write a check to the IRS. But it's a lot more complicated. Click through for the basics on remitting employment taxes.
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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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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.
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The word is out — the right lighting can make a big difference in how you look on your video calls. The good news is that you don't need to be a pro to look great! Click through for advice on lighting to make you feel better about those online meetings.
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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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Companies that are structured to be resilient and agile are more likely to succeed through disruptions such as the current pandemic — and any future disruptions. Click through to learn how to operate under an agile model.
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In these uncertain times, many taxpayers who normally were on staff have turned part time or full time to the "gig economy." This means they have to file Schedule C as part of their tax return. Click through for an introduction to the tax requirements.
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Covid-19 isn't the only pressing health issue: The flu is also forcing companies to deal with health-related issues. Click through for information about practical and legal ramifications as well as advice to keep your employees safe.
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The much discussed and debated relief package has been signed into law. As it's over 5,000 pages, it's full of provisions whose details are still being reviewed. Click through for a basic outline of what taxpayers can expect.
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If you have employees, you must report and pay unemployment taxes to the IRS — and the devil is in the details. Click through for the rules of how to set aside amounts for the tax and report it on Form 940.
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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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The IRS has published a Revenue Procedure and a Revenue Ruling to try to clarify certain complex and controversial details in PPP loan forgiveness. Click through for a summary of the new IRS guidance.
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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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Too many stories have appeared in the news about naive investors who lose their savings because of overreliance on tools that make Wall Street look safe and easy. Click through for some thoughts on being careful.
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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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More and more jurisdictions are mandating paid sick and family leave, and many companies offer it even if it's not required. But the tax rules can be complex. Click through to make sure you're in compliance when offering this popular benefit.
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It's never pleasant when layoffs become a necessity, and now the pandemic has turned the process virtual. Conducting layoffs through online meetings is the new norm. Click through for six ways to navigate layoffs in the virtual sphere.
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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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Managing invoices can be a tiresome task for small businesses. Fortunately, there are ways to simplify the process. Click through to see how QuickBooks can make the whole billing process easier.
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Estate planning is complex enough, and when you're living overseas, that just makes it worse. Click through to learn about the myriad techniques that can mitigate the punitive effect of transfer taxes.
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Business owners lose about $50 million a year to employee theft and fraud, according to the U.S. Chamber of Commerce. Click through for a glimpse at some of the many ways employees could be stealing from you.
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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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The dreaded AMT has been with us for a while, but that doesn't mean it hasn't changed over the years. Is it likely to affect you, and if so, how? Click through for a review of the AMT and what it may mean to you.
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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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The benefits of retirement programs, for both companies and employees, can be substantial, but the rules are complicated. You need to figure out how to help your employees while being compliant. Click through for an introduction to 401(k) plans and their rules.
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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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Few business tax issues are as confusing or as subject to misunderstanding as what you can deduct. Mistakes can lead to wasted money and serious legal trouble. Click through for an introduction to what is and what is not deductible.
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Each year, the government announces the mileage rates taxpayers can use when applying for reimbursement. Click through for the new rates and for information on when you can legally take the deductions.
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Many taxpayers are receiving Form 1099-G this year, which government agencies use to report unemployment income. But this form could be fraudulent! Click through for IRS guidance on how to protect yourself.
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Are you thinking of forming a nonprofit? There are a lot of rules — both state and federal — that affect the structure and tax status. Click through for an introduction to nonprofit regulation to make sure you start on the right foot.
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Selected for an audit? It doesn't always mean there's a problem. But you should have a plan to address it to get through the audit as painlessly as possible. Click through for tips on what to do if the IRS selects you.
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Tax season is winding down for this year, but it's not too early to start planning for next year! Click through to find out how to reduce difficulties by saving information and keeping it at your fingertips.
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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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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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If your business has been affected by the pandemic, the SBA offers options. An EIDL can also help businesses, including nonprofits. Click through for an introduction to its provisions to see whether it's right for you.
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Retaining loyal customers is different these days. Click through to read more about how consumers look at products and what your company can do to be more appealing to your target customers.
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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.
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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 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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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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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.
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Do you want to provide for a surviving spouse yet maintain control of how your trust's assets are distributed once that spouse dies? The qualified terminable interest property trust may be the tool you need. Click through to learn what a QTIP trust lets you do.
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As the year approaches its end, business managers should consider the various tasks they need to address in order to square things with the IRS in their businesses and personal lives. Click through for a summary to help you get organized.
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Are you considering incorporating or forming an LLC? What are the practical and financial implications for you and your heirs? Click through to learn the advantages of moving beyond a sole proprietorship.
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Offering the right employee benefits can help employers attract and retain employees. Before deciding to offer a benefit to the workforce, however, it is important to understand the difference between taxable and nontaxable benefits. Click through for an overview of how benefits are taxed.
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Everyone knows standard paychecks are subject to tax withholding, but other kinds of payments may be subject to withholding as well. Click through for an introduction to withholding rules that affect both payer and payee.
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It's been a busy few months on the tax front, and as the filing date draws closer, the IRS is giving some filing advice. Click through for a summary to help you prepare for your financial reckoning on April 15.
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You can refinance a home to save money or make it easier to pay your monthly bills. But it can be tricky to figure out when a refi makes sense. Click through for details that will help you make the right financing decision.
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Is the lure of taking your company public becoming irresistible? Maybe it's time, but there's a lot to think about first. Click through to read an introduction to this complex and risky step so you know what you're getting into.
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Tax years are based on annual accounting periods in which you keep records and report income and expenses. A tax year may not be a calendar year. Click through to discover the myriad annual accounting periods you may or may not adopt.
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Bonuses are one of the best ways to motivate employees. But to actually work, a bonus program must be thoughtfully designed. Click through to learn about characteristics of an effective program.
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You hear a lot of talk about having an estate plan, but what is it all about? What are the pieces in a plan—is it more than just a will? Click through for an overview of an estate plan, to help you understand why everyone needs one.
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The COVID-19 pandemic has wreaked havoc with staffing at companies of all sizes. Can you prepare for any new disasters that lead to major layoffs? Click through for some thoughts on cross-training, which can ensure all tasks are covered.
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| Our firm provides the information in this e-newsletter for general guidance only,
and does not constitute the provision of legal advice, tax advice, accounting services,
investment advice, or professional consulting of any kind. The information provided herein should not be
used as a substitute for consultation with professional tax, accounting, legal, or other competent
advisers. Before making any decision or taking any action, you should consult a professional adviser who
has been provided with all pertinent facts relevant to your particular situation. Tax articles in this
e-newsletter are not intended to be used, and cannot be used by any taxpayer, for the purpose of
avoiding accuracy-related penalties that may be imposed on the taxpayer. The information is provided
"as is," with no assurance or guarantee of completeness, accuracy, or timeliness of the information,
and without warranty of any kind, express or implied, including but not limited to warranties of
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