If you’re considering converting your C corporation to an S corporation, be aware that there may be tax implications if you’ve been using the last in, first out (LIFO) inventory method. That’s because of the LIFO recapture income that will…
If you had a side gig in 2022 – like driving for Uber, delivering for GrubHub, or selling your handmade goods on Etsy - you might receive a Form 1099-K in January 2023 for the first time. This form reports…
If you own a business, you may wonder if you’re eligible to take the qualified business income (QBI) deduction. Sometimes this is referred to as the pass-through deduction or the Section 199A deduction. The QBI deduction is: Available to owners…
What happens when a mile-wide tornado collides with one of the largest growers in the Midwest? Massive destruction. That is precisely what happened to our client, Free State Growers, on May 28, 2019. Fortunately, no one was hurt in the…
Businesses shut down for many reasons. Some of the reasons that businesses shutter their doors: An owner retirement, A lease expiration, Staffing shortages, Partner conflicts, and Increased supply costs. If you’ve decided to close your business, we’re here to assist…
No one needs to remind business owners that the cost of employee health care benefits keeps going up. One way to provide some of these benefits is through an employer-sponsored Health Savings Account (HSA). For eligible individuals, an HSA offers…
How much can you and your employees contribute to your 401(k)s next year — or other retirement plans? In Notice 2022-55, the IRS recently announced cost-of-living adjustments that apply to the dollar limitations for pensions, as well as other qualified…
Who You Gonna Call? Mize(busters)! ‘Tis the season for ghouls, goblins, and spooks! But not all scary situations involve a ghostly presence. If you find yourself in one of these frightening circumstances, give us a call: You’ve Got Mail –…
It’s no secret that many employees struggle with making their funds stretch until to payday. Earned wage access (EWA) is an employee benefit that has emerged in recent years as a way for employees to meet their financial needs in…
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.…