The Employee Retention Credit (ERC) was a valuable tax credit that helped many employers survive the COVID-19 pandemic. While originally the credit was set to apply through the end of 2022, a new law has retroactively terminated it. It now only applies through September 30, 2021. If the employer is a “recovery startup business” the […]

Budgeting is essential in business and can make for a smooth, successful year when prepared thoughtfully. However, an unrealistic budget can make for a stressful year of trying to meet unfeasible goals. Whether you’ve already put together a 2022 budget or still need to get on that before year end, here are four red flags […]

Some employers provide a tax-saving flexible spending account (FSA) to help pay for health and dependent care expenses. If you have a FSA you will want to read on for some rules and reminders as 2021 comes to a close. An account for health expenses A pre-tax contribution of $2,750 to a health FSA is […]

The holiday season is right around the corner so many businesses are starting to plan ways to show their gratitude to clients and employees in the form or gifts and holiday parties. As your business begins to look into these items, make sure to keep in mind the tax limitations and take advantage of the […]

While 2021 has seen a slow but steady return to “normal” in some respects, many business owners nationwide are still feeling the impact of COVID-19 and unfortunately are likely to for quite some time. The federal government recently made significant changes to one of their programs designed to help small business, the Economic Interest Disaster […]

With the dropping temperatures, fall is now upon us. As the holiday season fast approaches, we are writing to remind you about the tax reporting required for personal use of company provided vehicles. Law Fringe benefits provided to an employee are taxable to the employee and must be reported in his/her income unless the law specifically […]

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 […]