Ideas & Insight

The House Ways and Means Committee is working on a $3.5 trillion spending and tax package the Democrats are hoping to pass through the budget and reconciliation process, which would not require support from the Republicans. Many of the new tax legislation provisions included in this bill includes elements from President Biden’s Build Back Better […]

Are employees at your business traveling again after months of virtual meetings? In Notice 2021-52, the IRS announced the fiscal 2022 “per diem” business travel rates that became effective October 1, 2021. Taxpayers can use these rates to substantiate the amount of expenses for lodging, meals and incidental expenses when traveling away from home. (Taxpayers […]

If you’re fortunate enough to own a vacation home, you may want to rent it out for part of the year. What are the tax consequences? The tax treatment can be complex. It depends on how many days it’s rented and your level of personal use. Personal use includes vacation use by you, your relatives […]

Everyone loves a story. It’s why movies are still big business and many of us spend hours on the couch binge-watching our favorite television shows. What’s important to keep in mind — and to remind your sales team — is that effective storytelling can also drive sales. This doesn’t mean devising fanciful, fictional tales to […]

In today’s data-driven world, business owners are constantly urged to track everything. And for good reason — having accurate, timely information displayed in an easy-to-understand format can allow you to spot trends, avoid risk and take advantage of opportunities. This includes your company’s website metrics. Although social media drives so much of the conversation now […]

For many small businesses, the grand reopening is still on hold. The rapid spread of the Delta variant of COVID-19 has mired a variety of companies in diminished revenue and serious staffing shortages. In response, the Small Business Administration (SBA) has retooled its Economic Injury Disaster Loan (EIDL) program to offer targeted relief to eligible […]

If you own a valuable piece of art, or other property, you may wonder how much of a tax deduction you could get by donating the artwork to charity. The answer to that question can be complex because several different tax rules may come into play with such contributions. A charitable contribution of a work […]

Studies have found that more people are engaging in online gambling and sports betting since the pandemic began. And there are still more traditional ways to gamble and play the lottery. If you’re lucky enough to win, be aware that tax consequences go along with your good fortune. Review the tax rules Whether you win […]

Given the escalating cost of health care, there may be a more cost-effective way to pay for it. For eligible individuals, a Health Savings Account offers a tax-favorable way to set aside funds (or have an employer do so) to meet future medical needs. Here are the main tax benefits: Contributions made to an HSA […]

Here are some of the key Q4 tax calendar related deadlines affecting businesses and other employers during the fourth quarter of 2021. 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 […]