The stimulus checks came and went, but the COVID-19 pandemic is still here. In an ongoing effort to provide relief for this President Trump signed a Presidential Memorandum on August 8th to defer the employee portion of Social Security taxes. The taxes are not deferred for all employees, and they will have to be paid […]

It can be overwhelming trying to decide what the best accounting software is for your company or when it might be time to switch. When considering what the right software will be for your company’s needs, keep in mind these five common mistakes: 1. Relying on a generic solution. Some companies rush into buying an […]

Parents who normally depend on daycare centers or summer camps for childcare are now hiring personal nannies and babysitters due their normal childcare facilities closures from COVID-19. What some parents may not know is that this may result in federal “nanny tax” obligations. Keep in mind that the nanny tax may apply to all household […]

If you are a small business owner, chances are you are one of many who took advantage of the Paycheck Protection Program (PPP) loan due to the COVID-19 crisis. Although this loan will help many businesses stay open during this time, it is important to be aware of the potential tax implications. PPP basics The […]

With the changing dynamics, businesses are starting to open back up which also means the workforce is starting back up as well. Businesses can look at this critical time as a fresh start. As many of us had to reduce the workforce because of COVID, now is a great opportunity to start with a clean […]

Group life insurance can be an added bonus to take advantage of if offered in your benefits package through your employer. However, be sure to pay close attention to the type of coverage offered. If the coverage is higher than $50,000, this employee benefit may create undesirable income tax consequences for you. “Phantom income” The […]

Does your business receive large amounts of cash or cash equivalents? Read on to find out if you are required to submit forms to the IRS and how. Filing requirements Each person engaged in a trade or business who, in the course of operating, receives more than $10,000 in cash in one transaction, or in […]

Management of your company’s supply chain is always a concern. The COVID-19 crisis has only exacerbated this concern for many of us. Concentration of your supply chain in one area is a massive danger to your company. To guard against this risk, you’ve got to maintain a constant awareness of the state of your supply […]

College may look very different this coming semester with our continuing adaptation to COVID-19. However, many students will be returning or just starting their collegiate journey’s. If your child earned themselves a scholarship, first and foremost, celebrate! Second, let’s make sure this scholarship does not turn into tax burden for them or yourself. Scholarships (and […]

Have you even wondered why the income reported on your tax return for your partnership doesn’t really correlate with the cash you were distributed throughout the tax year? Why is this? The answer lies in the way partnerships and partners are taxed. Unlike regular corporations, partnerships aren’t subject to income tax. Instead, each partner is […]