As a small business owner, you are aware of the increasing cost of employee health care benefits. As a result, your business may want to provide an employer sponsored Health Savings Account (HSA) to employees or maybe you already have an HSA. The IRS recently came out with inflation-adjusted amounts for 2021 so now might […]

Due to the current COVID-19 pandemic, online retail sales have been soaring. Why? Effective virtual marketing efforts by retailers in combination with the public’s avoidance to go out and shop in person. One such effort that can benefit most any type of business is email marketing. Although social media marketing tends to get the lion’s […]

In the past, it was a popular investment tool to purchase Series EE bonds. The purpose for their purchase varied between gifts for young children’s future education to a secure way to not lose any basis in your investment. And now if the bonds have reached final maturity, what do you need to do in […]

Owners of closely held companies are always looking for the lowest tax costs possible when it comes to withdrawing money from their businesses. Here are five strategies to consider. The easiest way, distribute cash as a dividend. The downside is that a dividend distribution is not tax efficient since you are taxed to the extent […]

The age of technology brought with it the age of cybercriminals. If a hacker were to gain access to the sensitive data about your business, customers or employees, the damage to your reputation and profitability could be severe. A common way this happens is called “phishing”. You’re probably aware of the specific danger of phishing. […]

Once you receive disability benefits you may or may not have to pay taxes on the income. The tax treatment depends on who paid for the benefits you are receiving. If the income is paid directly to you by your employer, it’s taxable to you like an ordinary salary. (Taxable benefits are also subject to […]

While we always hope that your business is successful and able to continue for many years, we understand that businesses do close for many different reasons. Unfortunately many businesses are closing recently due to the COVID-19 pandemic. If you’re closing your business, due to COVID-19 or other reasons, there are various tax obligations that come […]

With individuals and businesses coping with the impact of the COVID-19 pandemic and some new tax laws going into effect, you probably have questions about tax planning this year. To save the most on your 2020 taxes, you need to be familiar with the changes and how you may need to adjust your tax planning […]

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. The premiums paid are reported […]

With the dropping temperatures, fall is now upon us. As the holiday season fast approaches, we are reminding you about the tax reporting required for personal use of company provided vehicles. The value of fringe benefit must be reported on the employee’s Form W-2. Law Any fringe benefit provided to an employee is taxable to […]