Teachers and others can deduct eligible educator expenses this year — and more next year and beyond
September 4, 2025 | Paula Kennedy, EA
New deductions available for teachers under the OBBBA. If you are a teacher you will want to read this!
Read MoreHelping your employees make the most of email
December 15, 2021 | Brian Hare, CPA, CGMA
Once a revolutionary breakthrough in communications technology, email is now an afterthought for many people. But that can cause problems for businesses: Servers get filled up, messages get lost, and employees’ productivity isn’t quite what it could be. Although doing so may seem superfluous or antiquated, providing employees with some retraining or upskilling on proper […]
Could an FLP fit into your succession plan?
December 8, 2021 | Brian Hare, CPA, CGMA
Among the biggest long-term concerns of many business owners is succession planning — how to smoothly and safely transfer ownership and control of the company to the next generation. From a tax perspective, the optimal time to start this process is long before the owner is ready to give up control. A family limited partnership […]
The tax implications of owning a corporate aircraft
December 7, 2021 | Paula Kennedy, EA
If your business is successful and you do a lot of business travel, you may have considered buying a corporate aircraft. Of course, there are tax and non-tax implications for aircraft ownership. Let’s look at the basic tax rules. Business travel only In most cases, if your company buys a plane used only for business, […]
Are court awards and out-of-court settlements taxed?
December 7, 2021 | Brian Hare, CPA, CGMA
Awards and settlements are routinely provided for a variety of reasons. For example, a person could receive compensatory and punitive damage payments for personal injury, discrimination or harassment. Some of this money is taxed by the federal government, and perhaps state governments. Hopefully, you’ll never need to know how payments for personal injuries are taxed. […]
Oxford High School Tragedy
December 1, 2021 | Kaitria LaFleure
The tragic news of the mass shooting at Oxford High School will impact everyone differently. We are providing you support to help your student (and your own families). The killing of high school students and injuries of others can create fear, anxiety, shame, guilt, and feelings of not being safe. For students who have experienced […]
Small businesses: There still may be time for tax savings
December 1, 2021 | Brian Hare, CPA, CGMA
Don’t let the holiday rush keep you from considering some important steps to reduce your 2021 tax liability. You still have time to execute a few strategies for tax savings. Purchase assets Thinking about buying new or used equipment, machinery or office equipment in the new year? Buy them and place them in service by […]
3 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 […]