, Here Are Your Articles for Thursday, October 20, 2022
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Saved Articles

  • 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 10-04-2021 - Remove
  • What Consumers Need to Know About HIPAA

    Keeping patient information private is the basic idea behind the Health Insurance Portability and Accountability Act (HIPAA), and the pandemic has once again highlighted this important rule. Click through to learn its privacy and security requirements.

    Saved on 01-14-2022 - Remove
  • IRS Provides Additional Guidance on Food Deduction

    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.

    Saved on 04-21-2021 - Remove
  • How To Get Through a Personal Tax Audit

    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.

    Saved on 04-21-2021 - Remove
  • An Overview of Federal and State Overtime Exemption Laws

    Depending on where you do business, some of your employees may be subject to federal and state overtime exemption laws. Click through for a primer on the complex rules that govern overtime requirements.

    Saved on 04-21-2021 - Remove
  • The Spousal Lifetime Access Trust: A Near-Perfect Tool?

    The SLAT is not one of the better-known trusts, but it's hard to see why: some advisors have called it one of the smartest trust options available. Click through to see how this adaptable tool can help your family.

    Saved on 04-21-2021 - 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 04-15-2022 - 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 04-15-2022 - Remove
  • The IRS "Top 10" Crime List of 2021

    Everyone loves top 10 lists and the IRS is no exception. The agency has compiled a list of its most prominent and high-profile investigations of 2021. Click through to review some crime cases ripped from the headlines.

    Saved on 04-15-2022 - Remove
  • When Do You Need a Trust?

    Do you need a trust, or is a will enough? Many people think that trusts are just for the very wealthy, but even those with modest incomes may find them useful. Click through to learn whether a trust is right for you.

    Saved on 04-15-2022 - 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 04-15-2022 - Remove
  • When Is It Time To Refinance a Home?

    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.

    Saved on 04-15-2022 - Remove
  • What's the Tax Deal on IRAs?

    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.

    Saved on 04-15-2022 - Remove
  • Credits vs. Deductions: What's the Difference?

    Many people think that tax deductions and credits are the same, but they're not. Tax deductions reduce your taxable income, but tax credits reduce your tax bill dollar for dollar. Click through to find out what that means and when it matters.

    Saved on 04-15-2022 - Remove
  • Advertising Costs: More (and Less) Deductible Than You Realized

    Recent guidance from the IRS highlights the tricky nature of advertising costs. Some peripheral expenses are deductible, in fact, while a few seemingly acceptable ones are not. Click through for the details on advertising deductions.

    Saved on 04-15-2022 - Remove
  • What To Know Before Signing a Business Lease

    Even in these days of virtual transactions, most businesses still want a place to set up shop. It's essential to find the right premises with the right amenities. Click through for a list of items to consider before signing.

    Saved on 04-15-2022 - 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 04-16-2022 - Remove
  • Business Insurance Primer

    The most common insurance policy for small business is the Business Owner's Policy (BOP). What exactly does it include? Click through to learn how to combine coverage for property and liability insurance risks into one package.

    Saved on 04-16-2022 - Remove
  • Nonresident Aliens and Tax Returns

    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.

    Saved on 01-14-2022 - Remove
  • Work Opportunity Tax Credit Reauthorized Through 2025

    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.

    Saved on 07-14-2022 - Remove
  • What Is D&O Insurance and Who Needs It?

    The pandemic has seen a sharp rise in D&O claims. Don't get caught unaware, and learn about your options. Click through to learn more about D&O insurance, who needs it and how it can protect you.

    Saved on 04-16-2022 - 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 04-16-2022 - Remove
  • What Makes a Successful Bonus Program?

    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.

    Saved on 01-14-2022 - Remove
  • Do You Need Flood Insurance?

    It's a common — but mistaken — assumption that a standard homeowners insurance policy covers damage from flooding. You typically have to buy it separately. Click through to learn whether you might need it and how best to get it.

    Saved on 01-14-2022 - Remove
  • What to Know About Incorporation and Taxation

    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.

    Saved on 01-15-2022 - Remove
  • What Exactly Is a "Tax Year"?

    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.

    Saved on 04-16-2022 - Remove
  • Should You Introduce Profit-Sharing — and How?

    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."

    Saved on 04-16-2022 - Remove
  • Selling Your Home: The Tax Angle

    There's a lot to think about when you're selling your home — and one thing should be taxes. Indeed, the IRS has a whole booklet on it. Click through for a summary of the rules you face when you're putting your house on the market.

    Saved on 04-16-2022 - Remove
  • Long-Term Care Insurance: Right for You?

    How will you pay for the help you'll need in caring for yourself later in life? Long-term care insurance can be a major help, but decisions surrounding it can be complex. Click through for some insights on whether it might be right for you.

    Saved on 04-16-2022 - Remove
  • The Tax Situation When You Have Employees

    When people perform work for you, you face a whole new world of responsibilities and deadlines. The rules are detailed and complex. Click through for an introduction to tax rules for employers.

    Saved on 04-16-2022 - Remove
  • Can You Be Exempt and Nonexempt at the Same Time?

    The Fair Labor Standards Act has two categories of employees: exempt and nonexempt. But can an employee have two jobs at a company, one in each category? Click through to see how the rules would work in this situation.

    Saved on 04-16-2022 - Remove
  • Filing the Final Tax Return

    When you're a spouse or personal representative of a deceased individual’s estate, you discover that even the deceased needs to file a final tax return. Click through to find out what responsibilities you have to square things with the IRS.

    Saved on 04-16-2022 - Remove
  • The Advantages of an ABLE Account and Saver's Credit

    The tax code contains provisions to help people with disabilities and their families save and pay for disability-related expenses, but the rules are complex. Click through for an introduction to make sure you're getting what you're entitled to.

    Saved on 04-16-2022 - Remove
  • IRS Makes Rare Midyear Mileage Rate Adjustment

    The IRS typically adjusts the cents-per-mile rate each year, but has made a change effective July 1 due to quickly rising fuel prices. Click through to find out what exactly is changing, and by how much.

    Saved on 07-14-2022 - Remove
  • What Does a Trustee Have To Do?

    A trustee faces major responsibilities once the grantor dies, and oversees the funds on behalf of the beneficiaries. Click through to learn what those duties are so you can be prepared if you're ever named trustee.

    Saved on 04-16-2022 - Remove
  • How To Follow IRS Rules To Create a Nonprofit

    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.

    Saved on 04-17-2022 - Remove
  • Small Businesses and the ADA

    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.

    Saved on 04-17-2022 - Remove
  • The 6 Essential Payroll Tax Forms

    Whether you have 10 employees or 1,000, payroll tax forms are a part of your life, so make sure you understand the basics. Click through for an introduction to the most important tax forms, and a summary of how they're used.

    Saved on 03-27-2021 - Remove
  • What Is a Family Office?

    You may have heard about family offices but aren't sure what they are. They are essentially firms that provide complete asset management and planning services. Are they right for you? Click through to learn what constitutes a family office.

    Saved on 03-27-2021 - Remove
  • Employment Records Retention: What Are the Federal Laws?

    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.

    Saved on 03-27-2021 - Remove
  • Investing Success: Keeping an Eye on Taxes

    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.

    Saved on 03-27-2021 - Remove
  • Business Coaching for a New World

    Business owners are trying to thrive in a world that is very different from the way it was a year ago. Coaches may be able to observe and guide you to success. Click through to learn how to use this time-honored, and newly relevant, technique to up your game.

    Saved on 04-18-2022 - 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 04-18-2022 - Remove
  • Capital Gains and Home Sales

    Before you sell your home, it's important to understand the tax implications. The situation is complicated, so you need to review the details to make sure you get the full benefits. Click through to discover the tax code rules on capital gains and gain exclusions.

    Saved on 08-11-2022 - Remove
  • When Should You Take Your Company Public?

    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.

    Saved on 08-11-2022 - Remove
  • Are Your Employees Really Employees?

    There has long been confusion about the distinction between employees and independent contractors, even though it's essential for businesses to get it right. Click through for some tips from the IRS.

    Saved on 08-11-2022 - Remove
  • How To Finance a Car

    Purchasing a car is a serious investment, but thoughtful financing can make it less painful. Click through for some advice on how to make the right choices to purchase the car you want.

    Saved on 08-11-2022 - Remove
  • Overview of Blockchain and Cryptocurrency

    Blockchain and cryptocurrency have been around for a while. But 2021 is the year when Congress took notice and introduced 19 bills to regulate them. Click through for an overview of this shadowy world, so you can understand what may be coming.

    Saved on 08-11-2022 - Remove
  • Tax Checklist for Individuals and Small Businesses

    As the year approaches its end, taxpayers need to consider the various tasks they have to address in order to square things with the IRS in their businesses and personal lives. Our comprehensive, year-end organizers will be sent out in the next thirty days. Here's a preview of some of the information you can begin gathering.

    Saved on 08-11-2022 - Remove
  • IRS Warns of Scams This Tax Season

    The Internal Revenue Service is warning taxpayers to be aware of scammers impersonating the agency this tax season and is warning about messages delivered through email, text or social media. Some scams could be related to COVID-19 relief measures.

    Saved on 08-11-2022 - Remove
  • New Method to Receive and Approve Tax Returns

    Our firm has implemented new tools this year that will change the way many income tax returns are delivered and approved. Please read this article to learn more about these changes.

    Saved on 08-11-2022 - Remove
  • Employers Get Tax Breaks for Vaccination Leave

    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.

    Saved on 04-18-2022 - Remove
  • IRS Allows Electronic Filing of Form 1040-X

    Filing an amended return can be a nuisance, but the IRS has made it a little easier by allowing taxpayers to file Form 1040-X electronically for the first time. Click through to see how this change simplifies the process.

    Saved on 08-11-2022 - Remove
  • The Tax Implications of Independent Contractors

    Not everyone who works for you is an employee. Some may be independent contractors. This means a simpler tax situation for you, so the distinction is important. Click through for tips on figuring out what kind of workforce you have and how to handle your tax responsibilities.

    Saved on 08-11-2022 - Remove
  • The Pros and Cons of a Remote Office

    The pandemic has changed the way we think about remote work. Are you thinking of letting your employees continue to work from home even after offices open up? Click through to see why this benefit is not only trendy, but may even be a draw for workers.

    Saved on 08-11-2022 - Remove
  • How To Choose Homeowners Insurance

    Almost all homebuyers will need homeowners insurance, but with all the choices insurers give you, choosing the right policy can be complicated. Click through for some useful background to know before you sign on the dotted line.

    Saved on 08-11-2022 - 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 04-18-2022 - Remove
  • Stay Healthy on Office Return

    What will returning to the physical office mean for businesses and their employees? It's going to be a group effort, with both management and rank-and-file employees working together. Click through to learn how everyone can create a safe environment.

    Saved on 04-18-2022 - Remove
  • How To Raise and Maintain a Credit Score

    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.

    Saved on 04-18-2022 - Remove
  • 6 Tips for Handling Virtual Layoffs

    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.

    Saved on 04-18-2022 - Remove
  • Cash Balance Plans: Defined-Benefit with a Twist

    A cash balance plan is a twist on a traditional pension with some special provisions that can make it an attractive option for both companies and employees. Click through to learn how it works and how it can be a win-win choice.

    Saved on 04-18-2022 - Remove
  • What To Know About S-Corp Returns

    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.

    Saved on 09-15-2021 - 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 04-18-2022 - Remove
  • Post Pandemic Dress Guidance

    Workplace style during the pandemic took a dramatic shift to casual attire. Was this a one-time change or was it permanent? Click through to see whether office dress codes will return to pre-pandemic button-downs and slacks.

    Saved on 04-18-2022 - 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 04-19-2022 - Remove
  • What To Know About Pricing Strategies

    It can be one of the hardest aspects of starting and running a business: deciding how much to charge. You want to be competitive, but you also need to show a profit. Click through to learn how to think strategically about pricing.

    Saved on 01-16-2022 - Remove
  • The SEP-IRA: Just Right for Small Businesses

    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.

    Saved on 04-19-2022 - Remove
  • When To Use a QTIP Trust

    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.

    Saved on 12-27-2021 - Remove
  • Head of Household Filing: Who Is Eligible?

    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.

    Saved on 08-12-2022 - Remove
  • The Future of Notarization

    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.

    Saved on 08-12-2022 - Remove
  • Paid Sick and Family Leave: The Tax Rules

    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.

    Saved on 08-12-2022 - Remove
  • Filing Taxes for the Deceased

    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.

    Saved on 08-12-2022 - Remove
  • Aid Package Signed Into Law

    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.

    Saved on 08-12-2022 - Remove
  • What's the Story With an IRS Offer in Compromise?

    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.

    Saved on 08-12-2022 - Remove
  • Leave-Sharing Programs: What You Need To Know

    These are difficult times, and to work effectively, companies must consider new programs, such as altruistic leave-sharing arrangements. Click through for insight into these programs and how to avoid legal pitfalls.

    Saved on 08-12-2022 - Remove
  • The Whys and Hows of Medicaid Trusts

    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.

    Saved on 08-12-2022 - Remove
  • Foreign Earned Income: The Tax Situation

    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.

    Saved on 08-12-2022 - Remove
  • ERISA: Your Retirement Rights

    The term "ERISA" gets thrown around a lot, but what does it actually mean? How does it affect your retirement situation? Click through for an introduction to this important law, and a description of what it means for you.

    Saved on 08-12-2022 - Remove
  • Adopt a Green Business Plan

    Is going green central to your coronavirus recovery strategy? Click through to see how shifting supply chains and changes in consumer behaviors effect positive outcomes.

    Saved on 08-12-2022 - Remove
  • Steps to Business Profitability

    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.

    Saved on 08-12-2022 - Remove
  • What Do You Need To Save for Tax Time?

    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.

    Saved on 08-12-2022 - Remove
  • How To Handle Cash Payments

    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.

    Saved on 08-12-2022 - Remove
  • When Trading, Don't Forget Taxes

    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.

    Saved on 08-12-2022 - Remove
  • Financial Planning and Stepchildren

    About 35% of all married couples and 40% of couples that are married with children include a partner who has a child from a previous relationship. Click through for tips on division of assets with stepchildren.

    Saved on 08-12-2022 - Remove
  • Learn About Property Tax Calculations

    So many homeowners pay property taxes, yet few give a lot of thought to how the local taxing authority figured out the amount. Click through to understand how the system works, so you can see if your assessment is accurate.

    Saved on 08-12-2022 - Remove
  • How Not To Look Bad On Zoom

    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.

    Saved on 08-12-2022 - Remove
  • What Retirement Plans Must Report

    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.

    Saved on 08-12-2022 - Remove
  • How to Choose a Guardian for Your Child

    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.

    Saved on 08-12-2022 - Remove
  • How To Deposit and Report Employment Taxes

    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.

    Saved on 08-12-2022 - Remove
  • Exploding 6 Estate-Planning Myths

    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.

    Saved on 08-12-2022 - Remove
  • Tax Treatment for Family Members Working in the Family Business

    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.

    Saved on 08-12-2022 - Remove
  • How To Be a Manager

    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.

    Saved on 08-12-2022 - Remove
  • FLSA Mistakes To Avoid

    Most employers must adhere to the Fair Labor Standards Act. But the FLSA can be complex — and mistakes are common and costly. Click through for a quick list of common FLSA errors you should avoid.

    Saved on 08-12-2022 - Remove
  • Do You Need a Forensic Accountant?

    Forensic accountants can value a business as well as calculate losses and potential legal damages. Might they be able to help you? Click through to learn when you need to employ a forensic accountant and how forensic accounting works.

    Saved on 04-19-2022 - Remove
  • What Are Filial Responsibility Laws?

    Filial responsibility laws are legal rules that hold adult children financially responsible for their parents' medical care when parents are unable to pay. Click through to learn how they can impact parents' long-term health care concerns.

    Saved on 01-17-2022 - Remove
  • How To Create a Year-Round Tax Plan for Businesses

    Tax planning should take place year-round to allow you to take advantage of money-saving strategies. Click through to learn how to keep an eye on the future and ensure regulatory compliance.

    Saved on 01-17-2022 - Remove
  • Tips and Taxes

    If you work for tips, the income is still taxable, but the tax rules can be complex. Fortunately, the IRS has some guidance. Click here to learn how to correctly report tip income.

    Saved on 01-17-2022 - Remove
  • Market Research: The Key to Business Decisions

    In business, it is crucial to obtain good data before making major decisions. Click through for some tips on how to employ market research to better identify marketing strategies.

    Saved on 01-17-2022 - Remove
  • Digital Records and Privacy

    Your estate plan should address the management and distribution of digital assets, a situation that can quickly become complicated. Click through for an overview on how to make sure this oft-forgotten part of your legacy is protected.

    Saved on 01-17-2022 - Remove
  • Tax Rules for Handling Large Cash Payments

    Did you know that there’s a special procedure for reporting large cash payments to the IRS? If you or your business received more than $10,000 in cash last year, you have some forms to fill out. Click through to learn why and how you need to report the payment.

    Saved on 01-17-2022 - Remove
  • Bankruptcy: A Post-Pandemic Overview

    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.

    Saved on 01-17-2022 - 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 01-17-2022 - Remove
  • Action in the Senate Could Remove $10,000 Cap on State and Local Tax Deductions

    One of the changes made in 2018 Tax Cuts and Jobs Act (TCJA) that hit some taxpayers the hardest was the $10,000 cap placed on the deduction of state and local taxes. The $3.5 trillion budget bill currently being worked on in the U.S. Senate could change that.

    Saved on 01-17-2022 - 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 01-17-2022 - 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 01-17-2022 - 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 01-17-2022 - 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 01-17-2022 - 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 01-17-2022 - 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 01-17-2022 - Remove
  • The Ins and Outs of Small-Business Insurance

    Can small-business insurance help you with your pandemic losses? Click through to find out.

    Saved on 01-17-2022 - Remove
  • Should You Go with a Medicare Broker?

    A Medicare insurance broker is an independent agent who represents multiple carriers. Click through to see why brokers can be a great source for an unbiased opinion on your Medicare plan options.

    Saved on 01-17-2022 - 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 01-17-2022 - Remove
  • Historic Homes and the IRS

    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.

    Saved on 01-17-2022 - Remove
  • What You Don't Know About Estate Planning

    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.

    Saved on 01-17-2022 - Remove
  • How To Snag Your Part of the Attention Economy

    Looking to win the battle for consumer attention? Click through to find out how to captivate customers.

    Saved on 01-17-2022 - Remove
  • What Is a Life Settlement and How Does It Work?

    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.

    Saved on 01-17-2022 - Remove
  • Alimony and Taxes in the Post-TCJA World

    What you think you know about taxes and divorce may be wrong. The Tax Cuts and Jobs Act changed the rules and whether you're paying or receiving, you need to know the details. Click through for guidance on the tax situation surrounding alimony.

    Saved on 01-17-2022 - Remove
  • What Taxes Do Businesses Have To Pay?

    If you're running a business, you don't only have to worry about your own personal taxes. You have to concern yourself with your company's taxes as well. Click through for an introduction to business taxes.

    Saved on 01-17-2022 - Remove
  • What Is GAAP?

    GAAP refers to a common set of accounting principles, standards and procedures issued by the Financial Accounting Standards Board. Click through to see how it can improve the way companies can communicate their financial position.

    Saved on 04-20-2022 - 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 04-20-2022 - Remove
  • Intro to the Accounts Payable Process

    It doesn't matter whether your business brings in $50,000 a year or $50 million — it needs an effective bill-paying system. Click through for some tips on building and managing an efficient accounts payable process.

    Saved on 04-20-2022 - Remove
  • Can You Lower Your Property Taxes?

    Many homeowners believe their property taxes are etched in stone and that the rates calculated in municipal offices cannot be changed. Click through to learn how your town arrives at your tax rate and how you may be able to change it.

    Saved on 04-20-2022 - Remove
  • Tax-Free Municipal Bonds: Worth It?

    Municipal bonds are issued by states and municipalities. Their most appealing features are their tax-exempt and lower-risk status. Are they right for you? Click through to read more about the pros and cons of tax-free municipal bonds.

    Saved on 04-20-2022 - Remove
  • How To Start a Charity

    The IRS recognizes a couple dozen different kinds of nonprofits, but the most common is probably the 501(c)(3), a tax-exempt charitable organization. Click through for an overview of the complex process of launching one.

    Saved on 04-20-2022 - Remove
  • Taxes and Business Startups

    New entrepreneurs think about production, marketing, sales and human resources — but often forget the tax angle. You need to be on top of your IRS situation from day one. Click through for an overview of taxes for new businesses.

    Saved on 04-20-2022 - Remove
  • Trusts: Good for a Variety of Families

    Contrary to popular belief, you don't need to be a Silicon Valley billionaire to create a trust. How do you know if a trust is the right tool for you? Click through to see why a trust can be a useful estate-planning tool for lots of people.

    Saved on 04-20-2022 - Remove
  • Just What Is HIPAA?

    HIPAA, a law passed in 1996, protects people with health conditions from being discriminated against in health insurance and protects your medical records. Click through to learn just how important HIPAA can be and how it affects you.

    Saved on 04-20-2022 - Remove
  • Flexible Work Is Key to Retention

    The traditional 9-to-5 job is getting rarer by the minute as employees clamor for flexible work. This new trend, if managed right, can benefit everyone. Click through to see how flexible work influences retention.

    Saved on 04-20-2022 - Remove
  • What To Know About Business Financial Ratios

    Understanding key financial ratios can make you a better manager. Once you know what the numbers reveal, you can take actionable lessons from them. Click through for an introduction to how ratios can offer important insights for your business and your investments.

    Saved on 04-20-2022 - Remove
  • What It Means To Die Intestate

    Are you settling an estate for someone who didn't leave a will? This can lead to problems, but they're not insurmountable. Click through to become familiar with intestate succession laws that control who inherits property if no will exists.

    Saved on 04-20-2022 - Remove
  • How to Manage Inventory

    Whether you sell gardening supplies or computer components, inventory can be a nightmare, especially in this era of disruptions related to COVID-19. Click through for some tips to manage your inventory in a productive way.

    Saved on 04-20-2022 - Remove
  • Encourage Your Employees To Review Federal Withholding Each Year

    Each year, employees may undergo life changes that could affect their income tax withholding. This is why it’s important to remind your employees to review their withholding every year, especially as they're currently filing income tax returns. Click through to learn what employees should do once a year.

    Saved on 04-20-2022 - Remove
  • Getting Representation Before the IRS

    It's one of the fundamental rights of all taxpayers: You're entitled to have representation in dealings with the IRS, even if you choose not to appear at the interview in person. Click through to learn how to retain an authorized representative for that help.

    Saved on 04-20-2022 - Remove
  • Consider These Tips for Early Retirement

    Contributing to your workplace retirement plan, avoiding withdrawals, paying off debts, and setting up multiple sources of income are four ways to retire sooner. Click through for more ideas on how to put your work life behind you at a younger age.

    Saved on 04-20-2022 - Remove
  • What Is FATCA?

    The Foreign Account Tax Compliance Act requires that U.S. individuals who hold foreign financial assets must report those assets to the IRS. Click through for an overview of your responsibilities under FATCA rules.

    Saved on 04-20-2022 - Remove
  • Special Tax Rules for Rehiring Staff

    In these rapidly changing times, you may want to rehire, at least on a temporary basis, staff who have formally retired. But does that change their pension status? Click through to learn how to follow the complex tax rules in this situation.

    Saved on 04-20-2022 - Remove
  • Voluntary Correction Programs for Benefit Plans

    If your employee benefit plan is not compliant with regulations, you could face audits and penalties. Click through to learn about voluntary correction programs that can help you avoid or minimize the consequences of noncompliance.

    Saved on 07-15-2022 - Remove
  • Can You Use a Business Coach?

    As you master new skills and solve problems that arise, your confidence will grow. If you are thinking about hiring a business coach, click through to see if hiring a business coach can help as you overcome weaknesses, learn new skills, and expand beyond your comfort zone.

    Saved on 07-15-2022 - Remove
  • What Is Dollar-Cost Averaging?

    Dollar-cost averaging is a simple system that can yield big results. It lowers what you pay overall for investments, all while minimizing your risks. Click through to learn why buying securities at regular intervals, regardless of price, can lead to big wins.

    Saved on 07-15-2022 - Remove
  • How Small Business Owners Can Deduct Home Offices

    If you've joined the great resignation and you are your own boss, you may be able to write off the cost of your home office come tax time. Click through to learn how to take advantage of the useful — but complex — home office deduction opportunity.

    Saved on 07-15-2022 - Remove
  • Student Loans — Your Options

    Need money for college? Loans are available, but your options can get confusing. Which programs are out there, and are they right for you? Click through to learn about borrowing options so you can make informed choices about financing college.

    Saved on 08-12-2022 - Remove
  • Know the Difference Between Cash and Accrual

    You know that an accurate account of expenses is vital to keeping your business in the black, but there's more than one way to keep your accounts. Click through to learn the pros and cons of the two most common accounting methods.

    Saved on 08-12-2022 - Remove
  • The Tax Implications of Closing a Business

    There are many things you must do when you close a business. One is to make things right with the IRS. Click through for an overview of your tax responsibilities as a business owner when you're ready to move on.

    Saved on 08-12-2022 - Remove
  • Can an IRS Offer in Compromise Help You?

    It can be possible to settle your tax debt for less than you owe, but you have to know how the system works. If you’re suffering from financial hardship, click through to learn how to take advantage of an IRS program.

    Saved on 08-12-2022 - Remove
  • Celebrate with Jerry J. Davis, CPA

    Come join us in celebrating the career and well-deserved retirement of our friend and partner Jerry J. Davis, CPA.  An open house gathering is taking place Saturday June 25th between 3:00 - 6:00pm at Smoky Hearth Restaurant Bar & Grill. Drop by if you can!

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  • How To Pick a Trustee

    It's a major decision that requires a lot of thought: Who should be the trustee of your estate? Click through for some sound considerations to weigh while you decide whether to choose a family member, a friend or a professional.

    Saved on 08-12-2022 - Remove
  • All About Quarterly Tax Returns

    Form 941 is the quarterly tax return for reporting income taxes as well as withholdings of employee payroll taxes, Social Security, and Medicare. Click through for the basics on this important business form to ensure that you stay compliant.

    Saved on 08-12-2022 - Remove
  • Quick Tips To Improve Your One-on-One Meetings

    One of the best ways to build relationships with your employees is to have one-on-one meetings with them, but if these individual meetings are fruitless, it’s time to strengthen the foundation of the one-on-ones. Click through for tips that will help you improve your one-on-one meetings.

    Saved on 08-12-2022 - Remove
  • Do You Have a Hobby or a Business?

    This is an age-old question, and it's more than academic: The answer can mean a big difference in your tax bill. Click through for some IRS guidance so you can make the right decisions and provide the right documentation at tax time.

    Saved on 08-12-2022 - Remove
  • If You Want to Be Successful, You Must Have Benchmarks

    As a business owner, you may think you're doing well, but do you have the numbers to back up your opinion? There are ways of getting actual data. Click through to learn how to get data to see how you compare against industry standards.

    Saved on 08-12-2022 - Remove
  • Exempt vs. Nonexempt: Where the Dividing Line Is

    There's a good chance that your organization employs both exempt and nonexempt employees. The line dividing them may be thin, but it's critical you keep the distinction clear. Click through to ensure that duties and compensation are assigned based on exemption status.

    Saved on 08-12-2022 - Remove
  • Do You Need Umbrella Insurance?

    Do you need extra liability protection? Those who have extra risks may need additional insurance. Fortunately, it's easily available and not very expensive. Click through to find out whether an umbrella policy is right for you.

    Saved on 08-12-2022 - Remove
  • Tax Breaks for Older Couples Who Sell Their Homes

    Homes often appreciate, especially when you've been living in them a long time. This is good but can create tax problems. Click through for tips on the tax situations impacting homes, to make sure you manage your home sale situation correctly.

    Saved on 08-12-2022 - Remove
  • How Do S Corporations Work?

    Particularly for certain smaller businesses, the S corporation can be a much more beneficial entity than the traditional C corporations, but there are strict rules. Click through for an introduction to the advantages and drawbacks.

    Saved on 08-12-2022 - Remove
  • Increase Diversity at Your Business

    When you hire diverse people, you demonstrate inclusion, which helps both employees and employers. Click through to see how you can increase workplace diversity by acknowledging bias and taking strong action to create a company that respects and celebrates differences.

    Saved on 08-01-2022 - Remove
  • Common FMLA Mistakes to Avoid

    Very few pieces of legislation that actively affect your company are as complex as the Family and Medical Leave Act. You must be diligent to avoid the many pitfalls of the FMLA. Click through for an overview of the errors companies are most likely to make in terms of the FMLA. 

    Saved on 08-02-2022 - Remove
  • The 'Fear of Missing Out' Syndrome

    The fear of missing out can affect many aspects of our lives. Is something happening that we're not a part of? The idea of this is enough to send some people into panic mode. Click through for some thoughts on how FOMO can affect money-related decisions and what you can do about it.

    Saved on 08-02-2022 - Remove
  • Depositing and Reporting Employment Taxes

    You know that you have to pay your employees regularly. But did you know you also have an obligation to the IRS to report and remit employment taxes? Click through for an overview of the rules to make sure you stay compliant.

    Saved on 08-02-2022 - Remove
  • Crowdfunding: Make Sure You Follow IRS Rules

    Crowdfunding has become a powerful way to raise money for a host of projects. But like with every other financial transaction, the IRS has imposed rules. Click through to make sure your crowdfunding project follows the law. 

    Saved on 08-02-2022 - Remove
  • What To Know About Backup Withholding

    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.

    Saved on 09-09-2022 - Remove
  • Gift Characterizations Cast Long Shadows

    It's one of the more difficult decisions that come across the desks at the IRS: What is a gift and what is compensation? Click through for some insights into this age-old question to make sure you're on the right side.

    Saved on 09-19-2022 - Remove
  • Capital Gains: Know the Basics

    In the investing world, the term "capital gains" comes up a lot. But what does it really mean, and what are its implications? Click through for an introduction to the tax and finance rules surrounding capital gains.

    Saved on 09-19-2022 - Remove
  • What To Do About Talent Shortages

    When you have fewer employees than you need, it can impede business growth. To staff up, you may have to think outside the box. Click through for some imaginative suggestions for overcoming staffing shortages and improving your bottom line. 

    Saved on 09-19-2022 - Remove
  • What Are the Top Trust Errors?

    Do you want to transfer your assets as efficiently and effectively as possible? Estate planners often suggest a trust — but it can get complicated. Click through to learn about the potential pitfalls in setting up a trust.

    Saved on 09-19-2022 - Remove
  • Medical Deductions for Doctor-Recommended Adjustments

    You don't get too much help from the IRS when it comes to medical deductions, unless the costs are substantial. But there are some quirks that can help. Click through to make sure you don't leave anything on the table.

    Saved on 09-28-2022 - Remove
  • Who Is a 'Trusted Contact' for a Brokerage Account?

    When investors open a new brokerage account or when they update their account information, they may want to provide a "trusted contact." Click through to learn what this means and why you need to take it seriously.

    Saved on 09-28-2022 - Remove
  • The NLRA: What Employers Need To Know

    Workplaces are always buzzing with employee-related activities, some of which may be protected by the National Labor Relations Act. Click through for an overview of this complex legislation in order to ensure that you don't violate its provisions as an employer.

    Saved on 09-28-2022 - Remove
  • Home Office Deductions: More Complex Than They Seem

    Self-employed individuals who use their homes for business purposes often look for advice on how to take full advantage of the IRS's complex rules when deducting home office expenses. Click through to make sure you're familiar with the nuances of home office deductions.

    Saved on 09-28-2022 - Remove
  • Deducting Business Expenses: Separating Fact From Myth

    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.

    Saved on 09-30-2022 - Remove
  • Planning Issues for Blended Families

    Are you part of a blended family? You will have special estate planning challenges, both financial and emotional. Click through for some tips on creating a plan that is equitable and makes sense for your situation.

    Saved on 10-02-2022 - Remove
Davis & Graves CPA, LLP
Davis & Graves CPA, LLP
700 N Main Ave
Gresham, OR 97030
Office (503) 665-0173
firm@davisgraves.com
www.davisgraves.com
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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 performance, merchantability, and fitness for a particular purpose.
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