Tax identity theft has become more prevalent than most people realize. One way to help protect yourself is to give identity thieves less time to file a false return under your information. We know that most of you must wait till closer to the April deadline but if earlier filing is possible, it is strongly […]

Annual indexing of tax limits for inflation is here. Let’s recap the most common ones that may impact your business. Social Security tax The amount of an employee’s earnings that is subject to Social Security tax is capped for 2022 at $147,000 (up from $142,800 in 2021). Deductions Standard business mileage rate, per mile: 58.5 […]

For companies that have IT as a central role in operations and productivity, it might be time to construct some leadership positions to manage tech related matters and procedures. Often, this means a Chief Information Officer will join the team to manage the business’s internal IT infrastructure and operations. Other common “tech execs” include Chief […]

Although the Build Back Better Act failed to pass in 2021, your tax situation for this year may still be impacted by other tax changes and updates because of yearly adjustments for inflation. If you’re like most people, you’re probably more concerned about your 2021 tax bill than you are about your 2022 tax situation.

Employers with businesses like restaurants where tipping is standard could be eligible for a federal tax credit. This tax credit relates to Social Security and Medicare taxes that are paid on employee tip income. Basics of the credit The FICA credit applies with respect to tips that your employees receive from customers in connection with […]

Impacts how businesses account for leased property, which could have a significant impact on a business’s ability to meet existing debt covenants or possibly even their ability to secure new financing. A new Generally Accepted Accounting Principles (GAAP) lease standard, FASB ASC 842, became effective for fiscal years beginning after December 15, 2021, for non-public […]

With the current job market, there is a lot of pressure on companies to retain their current employees and look as appealing as possible. One of the many factors that should be considered by companies is internal communications. Just ask When business owners get caught off guard by workforce issues, the problem often is that […]

You may pay out a bundle in out-of-pocket medical costs each year. But can you deduct them on your tax return? It’s possible but not easy. Medical expenses can be claimed as a deduction only to the extent your unreimbursed costs exceed 7.5% of your adjusted gross income. Plus, medical expenses are deductible only if […]

Many employees — from retail workers to sales staffers involved in complex business-to-business transactions — receive part of their compensation from sales-related commissions. Companies need to be aware of the possibility of commission fraud and take steps to prevent it. To attract and retain top talent, some companies even allow employees to earn unlimited commissions. […]

A like kind exchange is a tax strategy in which the taxpayer is able to defer a tax gain of a commercial or investment real estate property by exchanging the property, rather than selling it. This strategy is very beneficial and attractive with the current real estate market. A like-kind exchange is any exchange of […]