The end of the year is fast approaching. Before we get caught up in the celebration of the holiday season, we want to remind you of the required tax reporting and withholding requirements for health insurance premiums paid by an S Corporation on behalf of more than 2 percent shareholder-employees. Law As you may know, shareholders […]

It is no secret that your marketing should make your business stand out compared to the others. Your ads should indicate how your business and its offerings differ from — and are preferable to — the competition. This is where competitive intelligence comes into play. Making this distinction isn’t as simple as, “Well, we’re better […]

We have officially reached the holiday season, which also means we have reached the time for giving – whether it be to charity or loved ones. Here are some items to think about before giving that money or asset away. Donating to charity Normally, if you take the standard deduction and don’t itemize, you can’t […]

Determining which business entity type you want your company to be is an important and fundamental step. Each entity type – C corporation or a pass-through entity such as a sole-proprietorship, partnership, limited liability company (LLC) or S corporation – all have many factors to consider. Recently there has been some proposed federal tax law […]

For most of our lives, it seemed like only governments and large corporations needed to concern themselves with cybersecurity and its impact. That is no longer the case as ever the smallest of small businesses have been the target or cyberattacks. No one is immune from this threat and it can be a constant concern […]

There are so many factors that will dictate where you go to enjoy the years of retirement you have worked so hard to accomplish. How much space will you need? What’s the weather going to be? Do we want to be closer to family? What are all applicable taxes? It may seem like a good […]

The ever increasing costs of health care benefits may have convinced you that it is time to offer some of these benefits through an employer-sponsored Health Savings Account (HSA). For eligible individuals, and HSA can offer some serious tax advantageous ways to set aside funds to meet future medical needs. Here the important tax benefits […]

Many businesses choose to have a self-insured plan, rather than a fully insured one.  Many self-insured plans provide flexibility and the potential for lower costs. When implementing a self-insured plan, stop-loss insurance is typically recommended.   Purpose of coverage  Specifically, stop-loss insurance protects the business against the risk that health care plan claims greatly exceed the amount budgeted to cover costs. Plan […]

401(k) plans are made available to employees to help them build a retirement account with tax advantages and to attract and retain talent in the workforce.  With a 401(k) plan, employees have the option to defer wages, up to a limitation, into a qualified retirement plan.  By deferring these wages, the employee will reduce their […]

The Social Security Administration recently announced that the wage base for computing Social Security tax will increase to $147,000 for 2022.  All wages and self-employment income above this threshold are not subject to Social Security tax.  It was $142,800 for 2021.  Background information  The Federal Insurance Contributions Act (FICA) imposes two taxes on employers, employees and self-employed […]