Do you have a child or grandchild who’s going to attend college in the future? Then you’ve probably heard about qualified tuition programs, also known as 529 plans. These plans, named for the Internal Revenue Code section that provides for them, allow prepayment of higher education costs on a tax-favored basis. There are two types […]

Historically, IRS audit rates are low, reference to the recent Government Accountability Office (GAO) report. But that doesn’t relieve the anxiety, if your return is among those randomly picked for audit. Plus, the IRS recently received additional funding in the Inflation Reduction Act to improve customer service, upgrade technology and increase audits of high-income taxpayers. […]

After the pandemic many employees have found themselves still working from home, and with this, using their personal devices to access work information. While the personal use of devices for work was not started with the pandemic, it has highlighted the increased importance of technology and value of good business policies in place surrounding said […]

For many, fall widely signals the time for cozy sweaters, corn mazes, and all things pumpkin. Fall also signals a great time to start planning for your year end taxes and thinking of steps that may help lower your tax bill for this year and next. One of the first planning steps is to ascertain […]

The Work Opportunity Tax Credit (WOTC) Is available to help employers who hire workers from targeted groups. The credit is worth as much as $2,400 for each eligible employee, sometimes more for certain groups. The WOTC targeted groups are those who typically face significant barriers to employment, the specific groups are discussed below. To be […]

While it is important to have strong policies, procedures and internal controls in place to prevent fraud, it is equally important to have an action plan in place if indications of fraud do arise. How you handle the evidence obtained could determine whether you’ll be able to prove the charges brought against the alleged perpetrator […]

Many estates will no longer need to worry about federal estate taxes as a result of the current estate tax exemption amount of $12.06 million as of 2022. If you do not need to worry about estate taxes, you can now spend more time planning around saving income taxes for your beneficiaries. While saving both […]

Below are some of the key tax-related deadlines for the rest of the 2022 year that may affect businesses and other employers. Please note that there may be additional deadlines that apply to you as this list is not all-inclusive. Note: Certain tax-filing and tax-payment deadlines may be postponed for taxpayers who reside in or […]

It is no secret that having customers is a huge part of your business. However, the saying “the more, the merrier” does not always apply when it comes to your customer base. Obviously, every company needs a solid customer or client base to survive. But, to truly thrive, you need to evaluate which customers are […]

When you hear talk about the housing market, you hear how crazy it has been in recent times. However, these crazy times do not stop some people from purchasing homes – some even use it to their advantage. If you’re buying a home, or you just bought one, you may wonder if you can deduct […]