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 […]

For business owners, the end of one year and the beginning of another is always an optimal time to look back on the preceding 12 calendar months and ask a deceptively simple question: How did we do? Large companies tend to have thoroughly documented strategic plans in place. Some stretch years into the future. These […]

In an August 2021 survey, the Pew Research Center found that 16% of Americans have earned money at some time through online gig platforms. This includes providing car rides, shopping for groceries, walking dogs, performing household tasks, running errands and making deliveries from a restaurant or store. In this article Rudler, PSC will go over […]

The IRS recently announced that the cents-per-mile rate for the business use of a car, van, pickup or panel truck will be 58.5 cents (up from 56 cents for 2021).The increased tax deduction partly reflects the price of gasoline. According to AAA Gas Prices on December 21, 2021, the national average price of a gallon […]

It’s nearing that time for business owners to review the performance of the company throughout the year. While reviewing the numbers, think about your people, too. To achieve success in 2022, you’ll need a strong sales team in place. However, it’s a difficult time to hire skilled salespeople. So, you don’t want to be too […]