The Affordable Care Act (ACA) requires certain employers to report health insurance coverage provided to their employees. This reporting is for informational purposes only and does not mean that the employee will be taxed on the value of employer-provided insurance.…
Why do so many businesses choose a Limited Liability Corporation (LLC) as their entity structure? An LLC can provide the advantages of a corporation while being taxed as a flow through entity, all while providing personal liability protection for its…
Are you thinking about setting up a retirement plan for yourself and your employees, but you’re worried about the financial commitment and administrative burdens involved in providing a traditional pension plan? Two options to consider are a “simplified employee pension”…
Even though pretty much every business has a website, the costs of developing and managing a website aren’t specifically addressed in the tax code. But since those costs are business expenses, we can use those rules to determine what’s deductible.…
The Employee Retention Tax Credit (ERTC) is a valuable tax break that was extended and modified by the American Rescue Plan Act (ARPA), enacted in March of 2021. Here’s a rundown of the rules. Background Back in March of 2020,…
The Shareholders of Mize CPAs are pleased to announce Carol Baber, CPA has joined the firm as Audit Shareholder in the firm’s Overland Park office, effective Monday, October 4. “I am excited about this new opportunity with Mize. The firm…
If you’re a business owner and you’re getting a divorce, tax issues can complicate matters. Your business ownership interest is one of your biggest personal assets and in many cases, your marital property will include all or part of it.…
If your business receives large amounts of cash or cash equivalents, you may be required to report these transactions to the IRS. What are the requirements? Each person who, in the course of operating a trade or business, receives more…
Perhaps you operate your small business as a sole proprietorship and want to form a limited liability company (LLC) to protect your assets. Or maybe you are launching a new business and want to know your options for setting it…
On July 16, 2021, Governor Newsom signed California Assembly Bill 150. This bill contains a number of tax relief measures for small businesses suffering economic hardship due to the pandemic. One notable provision allows pass-through entities to pay their California…