As part of coronavirus relief legislation, self-employed individuals and household employers were allowed to defer the payment of certain Social Security taxes for the tax year 2020 over two calendar years. Half of this tax is due by the end…
We’re closing in on the end of 2021, and it’s a time when many people consider making year-end gifts to charities and family members. When you transfer cash or other assets to someone else, it may be subject to the…
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: Retirement Savings If your main retirement savings vehicle is a…
A new law has retroactively ended the Employee Retention Credit (ERC) to apply only through September 30, 2021 (rather than through December 31, 2021) — unless the employer is a recovery startup business. The Infrastructure Investment and Jobs Act, which…
A target date fund (TDF) is a mutual fund or exchange-traded fund made up of multiple underlying investments designed to meet an investor’s future financial goal, such as retirement or saving for college expenses. The name of these funds often…
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…