Could Your Home Office Be A Deductible Expense?

With a home office, taxpayers often are uncertain about the finer points of the requirements for a home office and may be unaware of all the types of business arrangements in which they can claim a deduction, such as by owners of a partnership interest. For a taxpayer to be eligible for a home office […]

Guide to Coronavirus ERTC

The Employee Retention Tax Credit (ERTC) can greatly help businesses that suffered revenue loss from COVID-19. The ERTC was originally included in the Coronavirus Aid, Relief, and Economic Security (CARES) Act, but it was not widely used because initially, businesses could only take advantage of either the Paycheck Protection Program (PPP) or the ERTC. But […]

Independent Contractor or Not?

The GAO estimates that 38% of the employers the IRS examines have misclassified workers as independent contractors. The IRS is responsible for determining whether an individual who provides services to a business is an independent contractor or an employee. Although many independent contractor relationships begin at the request of the service provider, this is no […]

Families First Coronavirus Response Act: Credit for Sick and Family Leave

Many businesses that have been severely impacted by coronavirus (COVID-19) will qualify for two new employer tax credits – the Credit for Sick and Family Leave and the Employee Retention Credit. The FFCRA, as amended by the COVID-related Tax Relief Act of 2020, provides small and midsize employers (fewer than 500 employees) refundable tax credits that reimburse […]

PPP loan forgiveness: What CPAs should be doing now

So what should CPAs be doing now? The wise course is to begin preparing the forgiveness application and stay on top of documentation requirements but also be patient with the process as substantial areas are settled. To help you explain the current situation to business owners and leaders, let’s take a look at a collection […]

Pandemic Teleworking Causes State Tax Withholding Issues

A half-century ago, tax withholding was one of the simpler issues for taxpayers and practitioners. A more mobile society makes state tax withholding more complicated today given the ease of conducting cross-jurisdictional business and the increase in teleworking or remote work arrangements. Meanwhile, the web of inconsistent state and local income tax and withholding rules […]

SBA issues details for Paycheck Protection Program loans

The CARES Act payroll loan program went into effect this week, through the SBA.  Our team has been asked to provide a few clients with the information needed to apply. Here are the general basics of the program: You can obtain a loan for up to two months of your average payroll costs, plus 25%.  […]

What Business Taxpayers should Keep And For How Long

What are general record retention guidelines for business taxpayers? While a business’s recordkeeping system will be unique to its situation, below are some general guidelines regarding tax-related records. Canceled checks for tax payments – Permanent Correspondence from IRS/taxing authorities – Permanent Depreciation schedules – Permanent FUTA/FICA/SUTA/income tax withholding – 4 years Income tax returns – […]

Ways to Recognize Your Employees

An act of kindness or a token of appreciation can really make someone’s day. Your employees work hard with you to attain your business goals and acknowledgment from management goes a long way. Recognition adds to everyone’s happy quotient. Here are some samples of popular employee recognition applications and some of their features: iAppreciate Helps […]

More employers offering Roth 401(k)s

There are lots of good reasons to choose a Roth 401(k) — especially if you’re worried about taxes in retirement. Though Social Security provides critical benefits to millions of seniors, those payments alone aren’t enough to sustain older Americans in retirement. These days, the average earner can expect Social Security to replace roughly 40% of […]