Want to reduce your 2021 tax liability? Before the year is up, consider executing a few tax savings strategies noted below. Purchase assets Thinking about buying new or used equipment, machinery or office equipment in the new year? Buy them and place them in service by December 31, and you can deduct 100% of the […]

The IRS recently announced the cost-of-living adjustments to retirement plan contribution limits and thresholds. Here are some of the highlight that were included in Notice 2021-61. Elective deferrals. The annual limit on elective deferrals (employee contributions) will increase from $19,500 to $20,500 for 401(k), 403(b) and 457 plans, as well as for Salary Reduction Simplified […]

The Infrastructure Investment and Jobs Act (IIJA), which was signed into law on November 15, 2021, created reporting requirements for cryptocurrency beginning in 2023. Cryptocurrency exchanges will be required to perform intermediary Form 1099 reporting for cryptocurrency transactions. Cryptocurrency use has increased drastically in recent years. This growth naturally leads to new compliance, with the […]

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 […]