With the 2022 tax season rapidly approaching and the holidays in full swing, the Internal Revenue Service encourages taxpayers to be vigilant in protecting sensitive financial information from identity thieves.…
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…
Each year, the government updates certain dollar limits for inflation. Here are the new numbers for 2022 along with some explanatory information: Payroll Taxes The Social Security Taxable Wage Base…
PDF DOWNLOADS: 2021 Payroll Year-End Checklist and 2022 Employee Benefit Plan Limits Summary As we all know payroll is a constantly evolving environment with new laws and regulations passed every…
Many parents struggle to find the balance between setting aside money for their own retirement accounts or to help fund a child’s college education. Here are some things to consider:…
Employment disruptions caused by the COVID-19 economic slowdown have scrambled the retirement saving strategies of many Americans. According to a recent survey, nearly half of employed Americans either reduced or suspended…
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…
There’s a harsh tax penalty that you could be at risk for paying personally if you own or manage a business with employees. It’s called the “Trust Fund Recovery Penalty”…
If you’re a business owner and you hire your children this summer, you can obtain tax breaks and other nontax benefits. The kids can gain on-the-job experience, spend time with…
If your business is organized as a sole proprietorship or as a wholly-owned limited liability company (LLC), you’re subject to both income tax and self-employment tax. There may be a…