BREAKING NEWS: Earned Sick Time Act & Minimum Wage Law now in effect
February 22, 2025 | Brian Hare, CPA, CGMA
The Earned Sick Time Act and the minimum wage law have been signed by the Governor. Please read to find out how this will effect your business.
Read More3 ideas that may help cut your 2021 tax bill
December 1, 2021 | Paula Kennedy, EA
If you’re starting to worry about your 2021 tax bill, there’s good news — you may still have time to reduce your liability. Here are three quick strategies that may help you trim your taxes before year-end. 1. Accelerate deductions/defer income. Certain tax deductions are claimed for the year of payment, such as the mortgage interest […]
Change management for your company’s future
December 1, 2021 | Brian Hare, CPA, CGMA
Businesses have had to grapple with unprecedented changes over the last couple years. Think of all the steps you’ve had to take to safeguard your employees from COVID-19, comply with government mandates and adjust to the economic impact of the pandemic. Now look ahead to the future — what further changes lie in store in […]
Infrastructure law sunsets Employee Retention Credit
November 24, 2021 | Megan Kosciolek, MST
The Employee Retention Credit (ERC) was a valuable tax credit that helped employers survive the COVID-19 pandemic. A new law has retroactively terminated it before it was scheduled to end. It now only applies through September 30, 2021 (rather than through December 31, 2021) — unless the employer is a “recovery startup business.” The Infrastructure Investment and […]
New digital asset reporting requirements
November 24, 2021 | Brian Hare, CPA, CGMA
The Infrastructure Investment and Jobs Act (IIJA) was signed into law on November 15, 2021. It includes new information reporting requirements that will generally apply to digital asset transactions starting in 2023. Cryptocurrency exchanges will be required to perform intermediary Form 1099 reporting for cryptocurrency transactions. Existing reporting rules If you have a stock brokerage […]
IRS announces adjustments to key retirement plans
November 24, 2021 | Brian Hare, CPA, CGMA
In Notice 2021-61, the IRS recently announced 2022 cost-of-living adjustments to dollar limits and thresholds for qualified retirement plans. Here are some highlights: 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 Employee Pensions (SARSEPs). The […]
Businesses can show appreciation and gain tax breaks
November 17, 2021 | Brian Hare, CPA, CGMA
With Thanksgiving just around the corner, the holiday season will soon be here. At this time of year, your business may want to show its appreciation to employees and customers by giving them gifts or hosting holiday parties again after a year of forgoing them due to the pandemic. It’s a good time to brush […]
Remember to use up your flexible spending account
November 17, 2021 | Paula Kennedy, EA
Do you have a tax-saving flexible spending account (FSA) with your employer to help pay for health or dependent care expenses? As the end of 2021 nears, there are some rules and reminders to keep in mind. An account for health expenses A pre-tax contribution of $2,750 to a health Flexible Spending Account is permitted […]
4 red flags of an unreliable budget in 2022
November 17, 2021 | Brian Hare, CPA, CGMA
Every business should prepare an annual budget. Creating a comprehensive, realistic spending plan allows you to identify potential shortages of cash, possible constraints on your capacity to fulfill strategic objectives, and other threats. Whether you’ve already put together a 2022 budget or still need to get on that before year end, here are four red […]
Factors when choosing a business entity
November 11, 2021 | Brian Hare, CPA, CGMA
Are you planning to launch a business or thinking about changing your business entity? If so, you need to determine which entity will work best for you — a C corporation or a pass-through entity such as a sole-proprietorship, partnership, limited liability company (LLC) or S corporation. There are many factors to consider and proposed […]
Charitable contributions and gifts
November 11, 2021 | Paula Kennedy, EA
As we approach the holidays, many people plan to donate to their favorite charities or give money or assets to their loved ones. Here are the basic tax rules involved in charitable contributions and gifts. Donating to charity Normally, if you take the standard deduction and don’t itemize, you can’t claim a deduction for charitable […]