New 2024 Businesses and Rentals Initiate FinCEN Filings

After years of delays, the first stage of the Corporate Transparency Act (CTA) goes into effect on January 1, 2024. It imposes a new federal filing requirement for most corporations and limited liability companies (LLCs) formed in 2024 and later. The CTA’s purpose is to prevent the use of anonymous shell companies for money laundering, […]

Info on the Individual Coverage HRA for Small Businesses

Info on the ICHRA for Small Businesses

If you are thinking about offering your employees the new individual coverage health reimbursement arrangement (ICHRA for small businesses), take a moment to read the insights below. Class size rule. You face the class size rule only if you offer a traditional group health plan to one class of employees and an ICHRA to another. […]

You May be Able to Claim 2020 COVID Sick and Family Leave Credits

There are potential COVID-19 sick and family leave tax credits you may have overlooked on your 2020 tax return. You might be eligible for up to $15,110 in tax credits, and the good news is it’s not too late to claim them. If you’re self-employed or running a corporation, there’s a chance you failed to […]

The Latest IRS Update on Tax Credits for Electric Vehicles

Tax Credits for Electric Vehicles

The IRS has issued new information about tax credits for electric vehicles. Now there are four ways you can possibly benefit from a federal tax credit for an electric vehicle that start being serviced in 2023 or later: Purchase an electronic vehicle, then claim the clean vehicle credit. Lease an electronic vehicle, then benefit from […]

SECURE 2.0 Act Creates New Tax Strategies for RMDs

As you are likely aware, if you have an IRA or other tax-deferred retirement account, you must start taking required minimum distributions (RMDs) once you reach a certain age. The SECURE 2.0 Act raises the age at which RMDs must first be taken, from age 72 to age 75, over the next 10 years. Specifically, the […]

An Update on 2023 Health Insurance for S Corporation Owners

An Update on 2023 Health Insurance for S Corporation Owners

We are writing to update you on the latest developments in 2023 health insurance for S corporation owners. As a more-than-2-percent S corporation owner, you are entitled to some good news when it comes to your health insurance. 3 Helpful steps for Health Insurance for S corporation owners To ensure that your health insurance deductions […]

$80 billion to the IRS – What it Means for You

You may have noticed that the IRS is in a bad way. It has a backlog of millions of unprocessed paper tax returns, and taxpayers can’t get through to the agency on the phone. Congress noticed and took action by passing a massive funding of the IRS in the recently enacted Inflation Reduction Act. The […]

2022 Last-Minute Year-End Tax Strategies for Marriage, Kids, and Family

2022 Last-Minute Year-End Tax Strategies for Marriage, Kids, and Family

Dear Client:    Are you thinking of getting married or divorced? If yes, consider December 31, 2022, in your tax planning.   Here’s another planning question: Do you give money to family or friends (other than your children, who are subject to the kiddie tax)? If so, you need to consider the zero-taxes planning strategy.   And […]

What To Look For In An Accountant

A couple considering a new accountant

The truth is, it may take a few tries before you find a good accountant that is the right fit for you. Too many business owners and individuals spend years putting up with an accountant who may get the job done, but really doesn’t take the time to understand their unique situation, offer proper business […]

Finalizing Your Small Business’ Tax Returns Before The Deadline

Finalizing Your Small Business’ Tax Returns Before The Deadline

The deadline to file taxes is quickly approaching, meaning time is running out to make sure your small business’ tax returns are accurate and ready to submit. Here are the top three things to check over when finalizing your business returns. 1. General business information It seems simple, but always double-check that your business information, […]

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