Sure taxes are a cost of doing business, BUT if you are smart and savvy, you will not only save on taxes but also be able to grow your business with the profit you keep in your pocket. Pro-active tax planning along with efficient operations and market leadership will ensure a smooth path on the
End-of-Year Bonuses: Overtime & Tax Considerations for 2024
Nervous about end-of-year bonuses, overtime, and payroll taxes? Many employers reward and recognize high performers with a bonus, especially toward the end of the year. If you award bonuses, there are several overtime and tax rules to consider. Here’s an overview of some of these rules to help you as you close out the business
When in Doubt, Scan and Save Tax Records
Here is the answer you‘ve been waiting for to one of the most common questions asked of CPAs post-tax season. Which tax documents and financial papers out of the seemingly endless piles of information, do folks need to keep? Generally, keep records that support an item of income, a deduction, or a credit shown on
How to Prepare for FinCEN’s Corporate Transparency Act
As you may know, the Corporate Transparency Act (“CTA”) is set to take effect on January 1, 2024, impacting many privately held corporations, limited partnerships, statutory trusts, limited liability companies, and other similar entities. The goal of the CTA and its Beneficial Ownership Information Regulations (“BOI”) is to penetrate through layers of intermediate entities, and
Never Ignore an IRS Identity Verification Letter!
We have had many clients contact us regarding letters from the IRS requesting “identity verification.” Scammers often use stolen Social Security numbers to file fraudulent tax returns and collect refunds. To prevent this, the IRS scans every tax return for signs of fraud. If a suspicious tax return is found, the IRS reviews the return
IRS Alerts Taxpayers of Suspected Identity Theft
GOT MAIL? Scammers often use stolen Social Security numbers to file fraudulent tax returns and collect refunds. To prevent this, the IRS scans every tax return for signs of fraud. If a suspicious tax return is found, the IRS reviews the return and sends a letter to the taxpayer letting them know about the potential
ULTIMATE BUSINESS CONTINUITY AND DISASTER PLANNING GUIDE
ULTIMATE BUSINESS CONTINUITY AND DISASTER PLANNING GUIDE It is essential for business owners to be proactive in preparing for pandemics, hurricanes and other unpredictable disasters. Everything from severe winter storms, to a flood or wildfire, a supply chain failure, a serious SARS or flu epidemic, even an act of terrorism can put your business at
Moving to Escape State Tax? Could You Pass the “Teddy Bear” Test?
Moving to Escape State Tax? Could You Pass the “Teddy Bear” Test? Are you a Northerner looking to flee to Florida to soak up sunshine and beat state income tax? Tax reform in the New York tri-state area hit high-earning residents with a new $10,000 cap on the federal tax deduction for state and local
Is Your Commercial Policy Up To PAR
Interested in a Life Insurance Policy Audit and Review? Contact Us.
