Retirement account catch-up contributions can add up

Tuesday, October 10, 2023
If you’re age 50 or older, you can probably make extra “catch-up” contributions to your tax-favored retirement account(s). It is worth the trouble? Yes! Here are the rules of the...... Read More

Mitigate Federal Employment Tax Bills with an S Corporation

Monday, October 09, 2023
If you own an unincorporated small business, you probably don’t like the size of your self-employment (SE) tax bills. No wonder! For 2023, the SE tax is imposed at the...... Read More

Reporting UTPs on your financial statements

Thursday, October 05, 2023
It can be difficult for business owners to navigate the tax code and monitor tax law developments. One area of special concern is financial reporting for uncertain tax positions (UTPs)....... Read More

You’ll receive a favorable “stepped-up basis” when Inheriting stock or other assets

Tuesday, October 03, 2023
If you’re planning your estate, or you’ve recently inherited assets, you may be unsure of the “cost” (or “basis”) for tax purposes. How do the rules work? Under the current...... Read More

How business expenses are treated on your tax return

Monday, October 02, 2023
Government officials saw a large increase in the number of new businesses launched during the COVID-19 pandemic. And the U.S. Census Bureau reports that business applications are still increasing slightly...... Read More

IRS issues guidance on new retirement catch-up contribution rules

Friday, September 29, 2023
In December 2022, President Biden signed the Setting Every Community Up for Retirement Enhancement (SECURE) 2.0 Act. Among other things, the sweeping new law made some significant changes to so-called...... Read More

Start cross-training your accounting team today

Thursday, September 28, 2023
The accounting profession is facing a talent crisis. The U.S. Bureau of Labor Statistics estimates that roughly 17% of U.S. accountants and auditors have left their jobs over the past...... Read More

Is that email or text from the IRS: a scam!

Tuesday, September 26, 2023
“Thousands of people have lost millions of dollars and their personal information to tax scams,” according to the IRS. The scams may come in through email, text messages, telephone calls...... Read More

Trust Fund Recovery Penalty: Who can it be personally assessed against?

Monday, September 25, 2023
If you own or manage a business with employees, there’s a harsh tax penalty that you could be at risk for paying personally. The Trust Fund Recovery Penalty (TFRP) applies...... Read More

Businesses Beware of ERTC Scams

Friday, September 22, 2023
In the face of a flood of illegitimate claims for the Employee Retention Tax Credit (ERTC), the IRS has imposed an immediate moratorium through at least the end of 2023...... Read More