The SECURE 2.0 law, which was enacted last year, contains wide-ranging changes to retirement plans. One provision in the law is that eligible employers will soon be able to provide more help to staff membersRead More »Planning ahead for 2024 by ZCPA: Should your 401(k) help employees with emergencies?

Does your business receive large amounts of cash or cash equivalents? If so, you’re generally required to report these transactions to the IRS — and not just on your tax return. The requirements Each personRead More »ZCPA: Receive more than $10,000 in cash at your business? Here’s what you must doZCPA:

If you operate your small business as a sole proprietorship, you may have thought about forming a limited liability company (LLC) to protect your assets. Or maybe you’re launching a new business and want toRead More »Emil @ ZCPA wrote: The advantages of using an LLC for your small business

Let’s say you own highly appreciated land that’s now ripe for development. If you subdivide it, develop the resulting parcels and sell them off for a hefty profit, it could trigger a large tax bill. InRead More »Emil @ ZCPA: A tax-smart way to develop and sell appreciated land

If you play a major role in a closely held corporation, you may sometimes spend money on corporate expenses personally. These costs may end up being nondeductible both by an officer and the corporation unlessRead More »Corporate officers or shareholders: How should you treat expenses paid personally?

If you own an unincorporated small business, you probably don’t like the size of your self-employment (SE) tax bills. No wonder! For 2023, the SE tax is imposed at the painfully high rate of 15.3%Read More »Use an S corporation to mitigate federal employment tax bills

“Thousands of people have lost millions of dollars and their personal information to tax scams,” according to the IRS. The scams may come in through email, text messages, telephone calls or regular mail. Criminals regularlyRead More »Emil @ ZCPA wrote – That email or text from the IRS: It’s a scam!

In the construction industry, supply-chain challenges are nothing new. They’ve just gotten much more media attention over the last few years. Increased globalization, a pandemic and geopolitical strife have all contributed to some notable slowdowns,Read More »Emil @ ZCPA gives you 3 big inventory issues for construction companies

The U.S. Department of Labor (DOL) recently announced that a jury in a landmark case, Walsh v. East Penn Manufacturing Co, Inc., DC-PA, has awarded more than $22 million in back wages to about 7,500Read More »ZCPA: Jury awards more than $22 million in back pay to manufacturing employees

The IRS recently released its audit statistics for the 2022 fiscal year and fewer taxpayers had their returns examined as compared with prior years. But even though a small percentage of returns are being chosenRead More »ZCPA: The best way to survive an IRS audit is to prepare

If you own or manage a business with employees, there’s a harsh tax penalty that you could be at risk for paying personally. The Trust Fund Recovery Penalty (TFRP) applies to Social Security and incomeRead More »ZCPA>The Trust Fund Recovery Penalty: Who can it be personally assessed against?

When one spouse in a married couple is not earning compensation, the couple may not be able to save as much as they need for a comfortable retirement. In general, an IRA contribution is allowedRead More »Are you married and not earning compensation? You may be able to put money in an IRA