Do you want to go into business for yourself?
Posted February 10, 2020 / No comments
Many people who launch small businesses start out as sole proprietors. Here are nine tax rules and considerations involved in operating as that entity. 1. You may qualify for the pass-through deduction. To the extent your business generates qualified business income, you are eligible to claim the 20% pass-through deduction, subject to limitations. The deduction
Read MoreNew rules will soon require employers to annually disclose retirement income to employees
Posted January 13, 2020 / No comments
As you’ve probably heard, a new law was recently passed with a wide range of retirement plan changes for employers and individuals. One of the provisions of the SECURE Act involves a new requirement for employers that sponsor tax-favored defined contribution retirement plans that are subject to ERISA. Specifically, the law will require that the
Read MoreKeeping the faith in a reverse mentoring program
Posted January 10, 2020 / No comments
In a reverse mentoring program, a younger and usually less experienced employee mentors an older one, who’s typically in management or even an executive or business owner. The general idea is for the older employee to “get hip” to the latest technology or a new trend while the younger one gains experience and becomes better
Read MoreNew law helps businesses make their employees’ retirement secure
Posted January 8, 2020 / No comments
A significant law was recently passed that adds tax breaks and makes changes to employer-provided retirement plans. If your small business has a current plan for employees or if you’re thinking about adding one, you should familiarize yourself with the new rules. The Setting Every Community Up for Retirement Enhancement Act (SECURE Act) was signed
Read MoreWellness programs are subject to many federal laws
Posted January 3, 2020 / No comments
At the beginning of the year, many people make resolutions about improving their physical fitness and overall well-being. Employers may seek to give these goals a boost in the longevity department by offering an employee wellness program. If your organization is doing so, or considering such a program, it’s important to be aware of the
Read More2020 Q1 tax calendar: Key deadlines for businesses and other employers
Posted December 10, 2019 / No comments
Here are some of the key tax-related deadlines affecting businesses and other employers during the first quarter of 2020. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. Contact us to ensure you’re meeting all applicable deadlines and to learn more about the filing requirements. January
Read MoreCounting your employees for ACA compliance purposes
Posted December 6, 2019 / No comments
It seems like a simple question: How many full-time workers does your organization employ? But, when it comes to the Affordable Care Act (ACA), the calculation can be complicated — and the answer is important. Potential penalty The number of workers you employ determines whether your organization is an applicable large employer (ALE). If you’re
Read MorePractice “situational awareness” when it comes to employees’ wages
Posted December 3, 2019 / No comments
“Situational awareness” is a term used in the military and elsewhere to describe an individual’s ability to stay fully alert of all potential threats and resources in his or her surroundings. It’s a good skill for employers to use when determining and tracking employee wage rates. After all, the term “wages” includes more than just
Read MoreHoliday parties and gifts can help show your appreciation and provide tax breaks
Posted December 2, 2019 / No comments
With Thanksgiving behind us, the holiday season is in full swing. At this time of year, your business may want to show its gratitude to employees and customers by giving them gifts or hosting holiday parties. It’s a good idea to understand the tax rules associated with these expenses. Are they tax deductible by your
Read MoreThe art and science of goodwill impairment testing
Posted December 2, 2019 / No comments
Goodwill shows up on a company’s balance sheet when the company has been acquired in a business combination. It represents what’s left over after the purchase price in a merger or acquisition is allocated to the company’s tangible assets, identifiable intangible assets and liabilities. Periodically, companies must test goodwill for “impairment” — that is, whether
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