To maximize current year depreciation write-offs for newly acquired assets, businesses should consider taking first-year section 179 depreciation deductions and first-year bonus depreciation deductions. These deductions can potentially allow significant write-off in Year 1, but it’s important to stay informed about annual inflation adjustments and tax law changes that may impact eligibility. Taking advantage of […]
Category Archives: Featured
Determine if your business falls under new reporting rules in 2024
Under the newly signed Corporate Transparency Act (CTA) many businesses will have a new reporting requirement this year. Under this new act, if your business is deemed a “reporting Company” you may fall under the Beneficial Ownership Information reporting rules beginning in 2024 Who’s who? A reporting company includes any corporation, limited liability company or […]
Restricted stock awards and how they are taxed.
Instead of stock option awards companies have started offering restricted stock awards. Restricted stock awards are popular because stock options can lose their value overtime. If your restricted stock loses value overtime, your company can issue more shares to make up for the loss in value. Restricted stock awards can be a great way to […]
Which entity is right for your small business?
Whether you are restructuring your current business or starting a new one, you should use careful consideration when choosing the entity type for your business. There are many entity types to consider when deciding what entity will benefit your business the most. You may decide the most beneficial entity type would be a C Corporation […]
Business owners should know who are and who are not your privileged user
Given the advancements of technology in the business world, most companies are sitting on a lot of sensitive data that could be abducted, exploited, corrupted or even destroyed. Of course, there is always danger of outside parties hacking your network to do harm but there are also, internal risks – namely, your “privileged users”. Simply […]
Learn the ins and outs of how it works when you contribute to your employers 401(k) plan
If your employer offers a 401(k) plan that you do not participate in, you might be wondering if you should be. Normally it could save you on your taxes while you are contributing to your retirement. These plans help you accumulate savings for retirement and receiving a tax advantage while doing it. If you are […]
IRS agrees to new per diem business travel rates
Do you have employees that are traveling and having to document every expense while they travel? Perhaps you as a business owner are annoyed at reviewing this documentation every time your employees travel. There may be a way that you can simplify the way these expenses are reimbursed. In Notice 2023-68, the IRS announced the […]
What should businesses expect when the Department of Labor (DOL) conducts an audit of their benefits plan.
Benefit plans adhere to the regulations established by the Employee Retirement Income Security Act (ERISA), which entail numerous rules and substantial documentation. A request could be received from the U.S. Department of Labor (DOL) for plan-related documents — commonly referred to as a “plan audit.” Here are the basic steps that a DOL plan audit […]
Are you on the brink of an impending emergency? Two recently introduced tax provisions may soon offer relief.
You might have encountered this scenario in the past: you face a financial crisis and require access to cash. Beginning in 2024, there will be new relief for some taxpayers facing emergencies. The SECURE 2.0 law, which was enacted late last year, contains two different relevant provisions: You contemplate the possibility of withdrawing funds from […]
Are you aware social security wage base for employees and self-employed individuals is increasing in 2024?
The wage limit for calculating Social Security tax will go up from $160,200 to $168,600 per the Social Security Administration. Wages and self-employment income which falls above this threshold will not be subject to social security tax. Basic details The Federal Insurance Contributions Act (FICA) imposes two taxes on employers, employees and self-employed workers — […]