Insights
Learn More About the Coronavirus State and Local Government Fiscal Recovery Funds
The Coronavirus State and Local Fiscal Recovery Funds (CSLFRF), awarded as part of the American Rescue Plan Act, provides emergency resources for state and local governments as a result of the COVID-19 pandemic. The funding can be used to: Help support essential workers and pandemic response; Reinforce critical public services by funding lost revenue for…
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Important Information on 1099s!
1099s are misunderstood and underemphasized. Businesses are required to issue a Form 1099 to each third party to whom they have paid at least $600 in rents, services, prizes and awards, or other income payments. Form 1099-NEC was first introduced for the year 2020 year, and is only used to report nonemployee compensation (NEC). Form…
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How will revised tax limits affect your 2022 taxes?
While Congress didn’t pass the Build Back Better Act in 2021, there are still tax changes that may affect your tax situation for this year. That’s because some tax figures are adjusted annually for inflation. If you’re like most people, you’re probably more concerned about your 2021 tax bill right now than you are about…
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Businesses with employees who receive tips may be eligible for a tax credit
If you’re an employer with a business where tipping is customary for providing food and beverages, you may qualify for a federal tax credit involving the Social Security and Medicare (FICA) taxes that you pay on your employees’ tip income. Basics of the credit The FICA credit applies with respect to tips that your employees…
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2022 Q1 tax calendar: Key deadlines for businesses and other employers
Here are some of the key tax-related deadlines affecting businesses and other employers during the first quarter of 2022. 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…
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Will the standard business mileage rate go up in 2022? Yes!
After two years of no increases, the optional standard mileage rate used to calculate the deductible cost of operating an automobile for business will be going up in 2022 by 2.5 cents per mile. The IRS recently announced that the cents-per-mile rate for the business use of a car, van, pickup or panel truck will…
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It’s W-2 time…not so fast!
W-2s serve the important function of giving an employee a record of their taxable earnings, as well as the federal and state taxes that were withheld by their employer on their behalf. W-2 forms are familiar to most people and are a well-known part of payroll and an individual’s Form 1040 tax preparation. Many believe…
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Small businesses: There still may be time to cut your 2021 taxes
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. 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 December 31, and…
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Get your piece of the depreciation pie now with a cost segregation study
If the entire cost of constructing the building that houses your operation is depreciating over a 30-year period you should consider a cost segregation study. It might allow you to accelerate depreciation deductions on certain items, thereby reducing taxes and boosting cash flow. And under current law, the potential benefits of a cost segregation study are…
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Would you like to establish a Health Savings Account for your small business?
With the increasing cost of employee health care benefits, your business may be interested in providing some of these benefits through an employer-sponsored Health Savings Account (HSA). For eligible individuals, an HSA offers a tax-advantaged way to set aside funds (or have their employers do so) to meet future medical needs. Here are the important…
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