With warmer weather, you might be thinking about summer hiring strategies. With your children out of school, maybe they are looking to earn extra spending money. Putting your child on payroll might allow you to save some of your family income while benefiting the business with lower payroll taxes. Below are a four tax advantages […]

If you’ve been following the news lately, you’ve surely heard or read about the sudden rise in concern about the banking industry. Although the story is still unfolding, an important lesson for business owners is already clear: You’ve got to be constantly on guard against the many risks to your company’s financial solvency. One way […]

When preparing your tax return, we’ll check one of the following statuses: Single, married filing jointly, married filing separately, head of household or qualifying widow(er). Filing a return as a head of household is more favorable than filing as a single taxpayer. For example, the 2023 standard deduction for a single taxpayer is $13,850 while […]

If you’re starting a business with some partners and wondering what type of entity to form, an S corporation may be the most suitable form of business for your new venture. Here are some of the reasons why. A big benefit of an S corporation over a partnership is that as S corporation shareholders, you […]

Penalties are increasing in 2024 for healthcare offered under the Affordable Care Act (ACA). The increase comes from indexing adjustments made by the IRS to dollar amounts used to calculate employer shared responsibility penalties. Don’t wait! Now is the time to determine if your business is categorized as an applicable large employer (ALE) under the […]

If you are required to make quarterly estimated payments, then Tuesday April 18th is the last day to make your first quarterly payment. Making estimated tax payments You may have to make estimated tax payments for 2023 if you receive interest, dividends, alimony, self-employment income, capital gains or other income. If you don’t pay enough […]

As Q1 ends and Q2 begins for 2023 here are just a few of the upcoming tax deadlines that apply to business and individuals. April 18 If you’re a calendar-year corporation, file a 2022 income tax return (Form 1120) or file for an automatic six-month extension (Form 7004) and pay any tax due. For corporations […]

Fraud can happen in just about any Company. Occupational fraud can be defined as crimes committed by employees against the organizations that they work for. The most dangerous variation of fraud is executive fraud which is defined as, wrongdoings by those in the C-Suite. While your leadership team is likely made up of trustworthy colleagues, […]

If you have made large gifts to your children, grandchildren or other individuals last year, you may be required to file a gift tax return. Knowing the deadline of that return is very important so you can get it filed timely. Also, in some cases it might be a good idea to file a return […]

The Tax Cuts and Jobs Act (TCJA) of 2017 was signed into law, but it’s still having an impact on many businesses. Several provisions in the law have expired or will expire in the next few years. One provision that ended is the deductibility for research and experimental (R&E) expenses. R&E expenses The TCJA has […]