Many businesses are having trouble recruiting and retaining qualified workers today. Nearly 90% of employers reported difficulty filling open positions, according to a recent survey conducted by the Society for Human Resource Management. The report entitled, "The COVID-19 Labor Shortage:…
The federal income tax rules for depreciating vehicles used for business are complicated. And different rules apply to different categories of vehicles. Special limitations apply to vehicles that are classified as passenger autos, including many pickups and SUVs. As a…
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 gratitude to employees and customers by giving them gifts or hosting holiday parties again after…
The Social Security Administration recently announced some changes to benefits and taxes for 2022. First, the wage base for computing Social Security tax will increase from $142,800 to $147,000. Also, the cost-of-living adjustment (COLA) is getting a rather substantial bump…
The IRS has announced (in Rev. Proc. 2021-36, pg 357) that the ACA affordability threshold will decrease to 9.61% starting January 1, 2022. The threshold was previously 9.83% in 2021. This decreased threshold translates into higher employer contributions towards their…
How many dogs do you have? What is your favorite car color? What is your best friend’s name ? These may seem like innocent questions in a quiz on social media, but it is very easy for the answers to…
Many companies have decided to "go green" in recent years. The motivation for adopting more eco-friendly business practices can be both financial and out of a desire to be more responsible corporate citizens. More than half of consumers (57%) would…
When you take withdrawals from your traditional IRA, you probably understand they're taxable. But what does that really mean? Important: Once you reach a certain age, you must start taking required minimum distributions (RMDs) from your traditional IRAs or you…
Having weak or no internal controls leaves your organization open to thieves or dishonest employees who are looking for opportunities to make some extra money. The good news is there are simple controls you can put in place to deter…
When preparing for a business audit, an IRS auditor references a handy guide called an IRS Audit Techniques Guide (ATG). An ATG provides information on a specific industry and reviews potential issues on the taxpayer’s return. These ATGs are available…