The IRS recently issued guidance on the COBRA premium assistance provisions of the American Rescue Plan Act in notice 2021-46. If your business is required to offer COBRA coverage, it’s important to mind the details of the subsidies and a related tax credit. Here are some highlights of the additional guidance.   Under the ARPA, […]

ABLE accounts are a tax free account that can be used for disability related expenses. They can be an effective toll to help family members without having them lose eligibility for the government benefits they are entitled to.   Who is eligible? ABLE accounts can be created by eligible individuals to support themselves, by family […]

Guaranteeing a loan for your closely held corporation can have some major tax consequences. Before you agree to be the guarantor, endorser or indemnitor of your corporations you must be aware of the pitfalls this may entail. Let Rudler PSC protect your blindside to help prevent those sacks that can put you on the sideline.

Some people believe that humans only use 10% of our brains, which would indicate that we may have tremendous, unused stores of brain power waiting to be detected. However, this has been extensively debunked by neurologists. What you may be underusing, as a business owner, is your accounting software. Much like the operating systems on […]

Do you have a child who has been the recipient of a scholarship? You may be wondering about the tax implications that will come with the acceptance of that scholarship. For students ranging from elementary school to graduate schools to vocational schools, scholarships and fellowships are normally tax free regardless of if it is made […]

Does your business collect large amounts of cash or cash equivalents? If so, it may be necessary to report these transactions to the IRS. What are the requirements? Each person who, in the course of operating a trade or business, receives more than $10,000 in cash in one transaction (or two or more related transactions), […]

Many businesses are incorporating diversity, equity, and inclusion (DEI) programs into employee benefits and resources. DEI programs can help employers attract good job candidates, retain their best employees, and create a more engaged, productive workforce. Strategic objectives Essentially, DEI programs are formal efforts to help employees better understand, accept and appreciate differences among everyone on […]

Long-term medical care, long-term care insurance, nursing home payments, head-of-household filing status and the sale of your parent’s home. 1. Long-term medical care The costs of qualified long-term care, including nursing home care, are deductible as medical expenses to the extent they, along with other medical expenses, exceed 7.5% of adjusted gross income (AGI). Qualified […]

There are many benefits to operating your business as an LLC. Whether your business is currently operating under a business entity other than an LLC, or your business is new this article will help you determine if an LLC is the right business entity for you. An LLC is somewhat of a hybrid entity because […]

Due to COVID-19 many taxpayers worked from home, but still had taxes withheld from their paychecks based on the location of their place of employment. As a result, they had taxes withheld from a locality where they did not work. Kentucky will allow you to request a refund of taxes withheld by a county and/or […]