As 2024 quickly comes to a close, and you begin making plans for the holiday season, we want to take a chance to remind S Corporation shareholders to include planning for 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.

As the end of the year fast approaches, we want to remind you of 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 excludes the benefit. This rule includes the […]

While tax deductions for vehicle-related expenses are often associated with business driving, businesses aren’t the only ones eligible to deduct driving expenses on their tax returns. Individuals may also qualify to deduct certain vehicle expenses under specific conditions. However, due to recent changes in tax laws, the allowable deductions may not be as substantial as […]

If you own a small business without employees (aside from your spouse) and want to establish a retirement plan, you may want to consider a solo 401(k). This plan is ideal for self-employed individuals or business owners looking to upgrade from a SIMPLE IRA or Simplified Employee Pension (SEP). A solo 401(k), also known as […]

Today, most businesses recognize the importance of creating a comprehensive benefits package to attract top talent and keep valued employees. But beyond basics such as health insurance and a retirement plan, there are so many options. Well, you can add one more to the list: fertility benefits. Recent surveys Indeed, interest in fringe benefits related […]

With the year coming to a close, now is the perfect time to consider your finances and explore effective tax strategies. One effective way to reduce potential estate taxes and show generosity to loved ones is by giving cash gifts before December 31. Under tax law, you can gift a certain amount each year without […]

As we near 2025, important updates are on the horizon for the Social Security wage base. The Social Security Administration recently announced that the wage base for computing Social Security tax will increase to $176,100 for 2025 (up from $168,600 for 2024). If your business has employees, you may need to budget for additional payroll […]

When businesses are aiming to grow, there are two main paths. The first is organic growth and the second is inorganic growth. If you actively pursue inorganic growth, you may have the chance to acquire a struggling business. Although these “turnaround acquisitions” can offer significant long-term benefits, they can also come with higher risks compared […]

Suppose you have an unincorporated side activity that you consider a business, such as offering photography services, creating custom artwork, or selling handmade items online. You may wonder if the IRS will agree that your venture is a business and not a hobby. This distinction is crucial for tax purposes. If your activity’s expenses exceed […]

The IRS is escalating its audit efforts, with a focus on large businesses and high-income individuals. By 2026, it aims to nearly triple the audit rates for corporations with assets over $250 million. This increase is part of a broader IRS strategy, funded by the Inflation Reduction Act, to address noncompliance among wealthier entities. Partnerships […]