As an owner of an S-Corp, understanding the concept of reasonable compensation is crucial for tax planning and compliance. Learn about the IRS's reasonable compensation rules for determining how much should be taken in the form of wages versus pass-through income.
The Corporate Transparency Act will require most businesses to provide beneficial ownership information to the U.S. Department of Treasury to combat money laundering. Find out who needs to report, what information is required, and when the reports must be submitted.
Hiring your child for your business can lead to significant tax savings by shifting income, reducing taxes, and reducing FICA and FUTA obligations. However, it's crucial to follow employment laws and withhold appropriate taxes. Learn more about the benefits and rules for hiring your child.
If your employees travel for work purposes, it’s important to understand the various methods of tracking and substantiating travel expenses so that you can maintain accurate records, control costs, and take advantage of potential tax benefits. Watch this video to learn about business travel expenses, per diem allowances, and how they affect employees and employers.
Each year, the Internal Revenue Service publishes its annual Dirty Dozen list of tax scams highlighting various schemes that put taxpayers and their financial well-being at risk. In this video, we'll provide an overview of five of the top scams on the list.
Many economists are predicting that the US economy will experience a downturn, if not a recession, in 2023. A downturn can lead to job loss, reduced income, and financial insecurity. While it's impossible to predict the future with certainty, there are steps you can take to protect your finances during a downturn.
As the 2022 year is concluding, it is time to begin once again thinking about the upcoming tax filing season. This process doesn’t have to be daunting; our tax advisors are here to assist every step of the way. While there are constant changes to tax laws and filing thresholds, especially due to the pandemic, we want to alert you to some of the larger ones occurring for the 2022 tax year. This is by no means an exhaustive list, but some key items to consider for end of year tax planning.
The FASB and IASB have provided standards for properly recognizing revenue in your financials. Using a five step process, companies recognize revenue based on the value and timing of when control of the goods and services are transferred to the customer. Learn about the standards and how to properly recognize revenue for your company.
On Oct. 19, 2022 the IRS issued a news release warning employers to be wary of third parties who have ramped up campaigns to try and get employers to claim the CARES Act Employee Retention Tax Credit (ERTC) when they may not actually qualify.
Business owners often struggle with determining the optimal legal structure and tax treatment for their business. This video will explain an S-Corp tax election and how it may benefit you and your business.
The Inflation Reduction Act allocated $80 billion to the IRS for hiring additional personnel and improving processes and technology. Learn how this might affect future audit activity and how much time the IRS has to audit you.