Ideas & Insight

From the baseball field to the boardroom, statistical analysis has changed various industries nationwide. With proper preparation and guidance, business owners can use Key Performance Indicators to monitor company performance — far beyond the bottom line on an income statement. The metrics in question are commonly referred to as key performance indicators (KPIs). These formula-based measurements reveal […]

Here are some of the key 4th Quarter tax deadlines affecting businesses and other employers for 2017. 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. October 16 If a […]

Bonuses can be an effective way for employers to reward hourly employees for an outstanding year. Some employers also offer a bonus as an incentive to meet certain productivity or sales goals.  Make sure you understand the definitions of each type of employee bonus and are computing and reporting overtime pay correctly when a bonus […]

Material participation is key to Deducting LLC and LLP losses. If your business is a limited liability company (LLC) or a limited liability partnership (LLP), you know that these structures offer liability protection and flexibility as well as tax advantages. But they once also had a significant tax disadvantage: The IRS used to treat all […]

Tax reform has been a major topic of discussion in Washington, but it’s still unclear exactly what such legislation will include and whether it will be signed into law this year. However, the last major tax legislation that was signed into law — back in December of 2015 — still has a significant impact on […]

According to IRS Publication 5137, Fringe Benefit Guide, a fringe benefit is “a form of pay (including property, services, cash or cash equivalent), in addition to stated pay, for the performance of services.” But the tax treatment of a fringe benefit can vary dramatically based on the type of benefit. Generally, the IRS takes one of […]

Among the taxes that are being considered for repeal as part of tax reform legislation is the estate tax. This tax applies to transfers of wealth at death, hence why it’s commonly referred to as the “death tax.” Its sibling, the gift tax — also being considered for repeal — applies to transfers during life. […]

Most of the talk about possible tax legislation this year has focused on either wide-sweeping tax reform or taxes that are part of the Affordable Care Act. But there are a few other potential tax developments for individuals to keep an eye on. Back in December of 2015, Congress passed the PATH Act, which made […]

Now that Affordable Care Act (ACA) repeal and replacement efforts appear to have collapsed, at least for the time being, it’s a good time for a refresher on the tax penalty the ACA imposes on individuals who fail to have “minimum essential” health insurance coverage for any month of the year. This requirement is commonly […]

In the quest to reduce your tax bill, year end planning can only go so far. Tax saving strategies take time to implement, so review your options now. These 3 tax saving strategies for mid-year can be very effective: 1. Consider your bracket The top income tax rate is 39.6% for taxpayers with taxable income […]