Spending a little time on mid-year planning will make for a smoother and more successful 2022! Doctors, dentists, surgeons, and other medical practitioners should take a hard look at the last 6 months, and see how close they have come to their operational and financial goals. It may be time to reevaluate and refocus on
How Well Does Your Business Run Without You
Business owners should focus on growing their profits and meeting their sales goals. But to build “value” in your business and make it attractive to buyers, have you ever considered making it a primary goal to set up your business so that it can thrive and grow without you? A business that is not dependent
Relocations And Remote Work Create Recurring Tax Issues
Taxpayers who moved to another state during the pandemic to work remotely have been dealing with more complicated tax issues, and so have their employers! The pandemic prompted many people to sell or rent their homes to relocate to larger houses and across state lines, creating complex multistate tax issues on both the individual and
Whose Responsibility Is It To Distribute K-1s?
Distributing K-1s** – Whose Responsibility Is It Anyway? It is common knowledge that taxpayers like partnerships, LLCs, S-Corporations and Trusts are required to distribute annual K-1’s to their partners, shareholders, and beneficiaries, respectively reflecting their share of the taxable income or loss and other tax related items. For our many CRE clients, the process of
Affluent Clients and Avid Investors Affected By Tax Season Delays
Thanks to the IRS, tax return season has gone from bad to worse, and it has begun to impact our high-net-worth clients who are avid, affluent investors in unpleasant ways. A large backlog of unprocessed returns is creating anxiety for many clients who take their tax obligations seriously. This “dumpster fire” of a filing season
SBA Again Extends Deferment Period For EIDL Payments
The US Small Business Administration has extended the deferment period for COVID-19 Economic Injury Disaster Loan (EIDL) payments for the third time in 12 months. In a news release, the SBA said that small businesses and not-for-profits that received EIDL funds do not have to begin payments on the loan until 30 months after the
Protecting Your Portfolio From Market Reaction To Russian Aggression
Markets have been shaken lately, and investors both big and small are searching for direction and strategies to protect their portfolios. Early 2022 already recorded the highest inflation rate in 40 years, and the Federal Reserve has just lifted its key interest rate by a quarter of a percentage point on Wednesday, their first decisive
Early Termination of the Employee Retention Credit
The ERC was originally set to expire on December 31, 2021.On November 15, 2021, The Infrastructure Investment and Jobs Act into law. This legislation contains a provision that terminates the employee retention credit early, retroactively to October 1, 2021. The American Rescue Plan Act added a new type of employer that may be eligible for
Expanded Charitable Tax Benefits for Individuals and Business Thru 2021
It feels good to be charitable, and even better to reap the tax benefits. Most of us have a lot to be thankful for every day, we don’t need the Thanksgiving holiday to remind us. Many, however, are not as fortunate. If you can spare it, consider giving to approved charities that can help out
2022 Estate Planning Necessary for Business Owners
Estate planning tends to be avoided due to the distress and fears that facing our mortality brings. But, just like Business Exit Planning is needed to protect the value in your business so it can be transitioned to your heirs, so too is estate planning a necessity for any business owner with financial assets wishing