In recent years, more and more businesses have increased efforts to support the well-being of their employees. This means not only providing health care benefits, but also offering other initiatives designed to help workers cope with challenges such as substance dependence, financial planning, legal woes and mental health issues. Among the options usually considered is … Read More
A recent Government Accountability Office (GAO) report confirms that the Employer-Provided Child Tax Credit can financially benefit employers and employees. The statutorily mandated review drilled down on several subjects, including the tax implications for employer-provided child care, characteristics of employers claiming the credit, challenges employers face in offering it and benefits eligible employees receive. Overall, … Read More
Business owners are regularly urged to “see the big picture.” In many cases, this imperative applies to a pricing adjustment or some other strategic planning idea. However, seeing the big picture also matters when it comes to managing the performance of your staff. Perhaps the best way to get a fully rounded perspective on how … Read More
The next time you contact the IRS, your call or online text might be received by a voice or chat bot. The IRS is now employing the technology on two of its specialized phone-assistance lines and on IRS.gov. The voice bots will provide taxpayers with assistance in English and Spanish. These bots can help taxpayers … Read More
Did you employ a household worker in 2021? This could include a housekeeper, nanny, gardener, cook, health care worker, tutor or someone else. If so, you may owe what’s commonly called the “nanny tax.” If you paid him or her $2,300 or more in 2021 you must file Schedule H (Household Employment Taxes) with your … Read More
Business transactions with related parties — such as friends, relatives, parent companies, subsidiaries and affiliated entities — may sometimes happen at above- or below-market rates. This can be misleading to people who rely on your company’s financial statements, because undisclosed related-party transactions may skew the company’s true financial results. The hunt for related parties Given … Read More
If your business buys or leases passenger vehicles in 2022, review the IRS’s recently updated depreciation deduction and income inclusion tables. In general, taxpayers may claim an additional first-year depreciation deduction equal to 100% if they place qualified purchased vehicles into service before 2023 (other rules and limitations apply). Table 1 lists depreciation limits for … Read More
In today’s economy, many small businesses are strapped for cash. They may find it beneficial to barter or trade for goods and services instead of paying cash for them. Bartering is the oldest form of trade and the internet has made it easier to engage with other businesses. But if your business gets involved in … Read More
Under a new law, gig workers (such as rideshare drivers) and online sellers of goods must file Form 1099-K with the IRS if they earn at least $600 annually. A group of Democrats in Congress thinks that threshold is too low and may subject these taxpayers to “burdensome or confusing reporting requirements, which could result … Read More
The credit for increasing research activities, often referred to as the research and development (R&D) credit, is a valuable tax break available to eligible businesses. Claiming the credit involves complex calculations, which we can take care of for you. But in addition to the credit itself, be aware that the credit also has two features … Read More