The use of a company vehicle is a valuable fringe benefit for owners and employees of small businesses. This perk results in tax deductions for the employer as well as tax breaks for the ownersRead More »Providing a company car? Here’s how taxes are handled
Year-end is a good time to plan to save taxes by carefully structuring your capital gains and losses. Consider some possibilities if you have losses on certain investments to date. For example, suppose you lostRead More »Stock market investors: Year-end tax strategies to consider
Once a revolutionary breakthrough in communications technology, email is now an afterthought for many people. But that can cause problems for businesses: Servers get filled up, messages get lost, and employees’ productivity isn’t quite whatRead More »Helping your employees make the most of email
If your business is successful and you do a lot of business travel, you may have considered buying a corporate aircraft. Of course, there are tax and non-tax implications for aircraft ownership. Let’s look atRead More »The tax implications of owning a corporate aircraft
Awards and settlements are routinely provided for a variety of reasons. For example, a person could receive compensatory and punitive damage payments for personal injury, discrimination or harassment. Some of this money is taxed byRead More »How are court awards and out-of-court settlements taxed?
Among the biggest long-term concerns of many business owners is succession planning — how to smoothly and safely transfer ownership and control of the company to the next generation. From a tax perspective, the optimalRead More »Could an FLP fit into your succession plan?
If you’re starting to worry about your 2021 tax bill, there’s good news — you may still have time to reduce your liability. Here are three quick strategies that may help you trim your taxesRead More »With year-end approaching, 3 ideas that may help cut your tax bill
Businesses have had to grapple with unprecedented changes over the last couple years. Think of all the steps you’ve had to take to safeguard your employees from COVID-19, comply with government mandates and adjust toRead More »Use change management to brighten your company’s future
The Infrastructure Investment and Jobs Act (IIJA) was signed into law on November 15, 2021. It includes new information reporting requirements that will generally apply to digital asset transactions starting in 2023. Cryptocurrency exchanges willRead More »New digital asset reporting requirements will be imposed in coming years
Don’t let the holiday rush keep you from considering some important steps to reduce your 2021 tax liability. You still have time to execute a few strategies. Purchase assets Thinking about buying new or usedRead More »Small businesses: There still may be time to cut your 2021 taxes
In Notice 2021-61, the IRS recently announced 2022 cost-of-living adjustments to dollar limits and thresholds for qualified retirement plans. Here are some highlights: Elective deferrals. The annual limit on elective deferrals (employee contributions) will increaseRead More »IRS announces adjustments to key retirement plan limits
The Employee Retention Credit (ERC) was a valuable tax credit that helped employers survive the COVID-19 pandemic. A new law has retroactively terminated it before it was scheduled to end. It now only applies throughRead More »Infrastructure law sunsets Employee Retention Credit early