When you hear “trust fund recovery penalty” you likely think it has to do with something like estate planning, but it actually relates to payroll taxes. This penalty holds “responsible persons” accountable for remitting the payroll taxes they withhold from their employees’ wages. A matter of trust The trust fund recovery penalty applies to employees’ […]

If you are thinking about buying a vacation home in your dream destination but aren’t sure if it is worth the investment, you may consider renting it out to help with the cost. The tax implications of these transactions can be complicated. It depends on how many days the home is rented and your level […]

IRS examiners audit many different types of businesses, so you may be asking yourself how they keep up with all the industries. That is where Audit Techniques Guides (ATGs) come in. The best thing about these guides is that they are available to the public as well on the IRS website. You can use the […]

Any good sales rep caters their sales approach to the customer. A common thought customers think to themselves in one way or the other when shopping is “how will this product benefit me?” Have you ever considered teaching your sales reps value-based sales? Under this method, sales reps act as sort of business consultants, working closely […]

If a natural disaster hits, it may destroy something in its path. Before the Tax Cuts and Jobs Act (TCJA), eligible casualty loss victims could claim a deduction on their tax returns. But currently, there are restrictions that make these deductions harder to take. What’s considered a casualty for tax purposes? It’s a sudden, unexpected […]

If you want a fun read, try reading the Internal Revenue Code! The biggest twist to this read is that most business deductions aren’t specifically listed. For example, the tax law doesn’t explicitly state that you can deduct office supplies and certain other expenses. Some expenses are detailed in the tax code, but the general […]

In todays world, employees are using their smart phones increasingly for business purposes at work. Whether it is responding to emails or logging hours, the use of smart phones is increasing in the business setting. With this, many employers are offering benefits related to smart phones. For business owners, this situation creates both problems and […]

With the recent legalization of sports betting in Kentucky, and many other states either having already or soon-to-be following suit, we wanted to give some reminders when it comes to gambling winnings. Always remember, there are tax consequences attached to your good fortunes! Winning at gambling For tax purposes, it doesn’t matter if you win […]

As we get closer and closer to the end of the year, tax deadlines are quickly approaching for many employers. Listed below are some of the major deadlines businesses will face over the next few months. Make sure to reach out to us if you have any questions or concerns about them or to learn […]

One continuing subject in the national news is climate change and the events relating to it. As a business owner, relocating to a commercial property with a “green lease” might be a way to decrease your companies’ negative environmental impact. Increasing demand Green leases are sometimes also known as “aligned,” “energy-efficient” or “high-performance” leases. Whatever […]