Tax Archives - Mize CPAs Inc.

Mitigating liability as a 401(k) plan sponsor: your role as a fiduciary

Feb 5, 2025
Retirement planning, Tax

Offering a 401(k) plan to your employees is not just a perk—it's a significant fiduciary responsibility under ERISA that requires careful oversight and compliance to shield both the plan and its participants. Discover the core duties and common pitfalls that come with managing a 401(k) plan, and learn best practices for mitigating liability while securing your team's financial future. Stay informed on regulatory changes and proactive measures to protect your organization in this detailed guide.

The standard business mileage rate has increased for 2025

Feb 5, 2025
Tax

Important news for businesses that rely on travel: the standard business mileage rate for 2025 has increased. Discover how this change affects your business’s bottom line in our recent article.

Choosing between donor-advised funds and private foundations

Jan 24, 2025
Tax

Choosing the right charitable giving vehicle can make all the difference in achieving your philanthropic goals. Whether you’re drawn to the simplicity of a donor-advised fund or the control and legacy-building potential of a private foundation, understanding the key differences is essential. Explore how these tools can amplify your impact and help you create a lasting legacy.

Changes to Affordable Care Act (ACA) Reporting

Jan 21, 2025
Payroll

Two recent bills signed by President Biden in December 2024 change ACA reporting requirements. Applicable large employers (ALEs) are required to file a return with the IRS that reports certain information about health care coverage that the employer offered or…

Don’t let payroll taxes derail your business

Jan 15, 2025
Payroll, Tax

Navigating the complexities of payroll taxes is a daunting task for business owners, fraught with challenges like worker misclassification and ever-changing regulations. This article explores common pitfalls and offers actionable strategies to ensure compliance, protect your business from penalties, and maintain employee trust. Dive in to discover how you can streamline your payroll processes and focus on growing your enterprise.

Avoid underpayment penalties: make a payment by January 15th

Jan 2, 2025
Tax

Learn how to keep abreast of your tax payments and avoid rising underpayment penalties that can quickly snowball. Discover strategies that can help you dodge unnecessary costs.

Key IRS Update: New 1099-K Thresholds Set Through 2026

Dec 16, 2024
Best practices for small businesses, Tax

Significant changes to the IRS's 1099-K reporting thresholds are on the horizon, affecting anyone who uses payment apps or online marketplaces. Starting in 2024, more of your transactions could be reported to the IRS, potentially impacting your tax obligations. Find out what these updates mean for you and how to navigate the new requirements.

Keep Your Finances from Becoming a Nightmare

Oct 21, 2024
Payroll, Tax

While goblins, ghosts, and ghouls can be fun, haunting financial practices are anything but! Here are some best practices to keep your accounting from becoming a horror story. Avoid the Ghosts of Transactions Past: Reconcile Regularly Much like how ghosts…

Maximizing real estate returns with cost segregation

Aug 14, 2024
Tax

Want to make your real estate work harder for your financial goals? Explore cost segregation, a tax strategy that can accelerate depreciation deductions and increase short-term cash flow.

IRS moves forward in Employee Retention Credit processing

Jul 11, 2024
Tax

The IRS is making significant strides in processing Employee Retention Credits. Gain a deeper understanding of these recent updates and their implications for your business. Stay ahead of the curve by reading our latest article.