Not your average tax and accounting firm.
If you haven’t already heard, the IRS has outlined plans regarding how they are processing Employee Retention Credit claims. The Employee Retention Credit (or ERC) was introduced as a part of the CARES Act in 2020. The credit was designed to help businesses keep employees on their payroll during the pandemic. Specifically it was to …
The New IRS Course of Action For Processing Employee Retention Credit ClaimsRead More
There are significant tax savings when children work holding summer jobs. Especially if you have the opportunity to employ your child for your small business. Children who are dependents of their parents are subject to what is commonly referred to as the kiddie tax. This generally applies to children under the age of 19. Also …
Get Those Kids A Summer Job: The Tax Savings When Children WorkRead More
There has been a vast amount of false employee retention credit claims recently filed. Imagine this: you are a business person relaxing at home after a long day’s work. You’re watching TV and a commercial comes on claiming you can get a tax refund of thousands of dollars. And all you have to do is …
False Employee Retention Credit Claims Can Mean Big Problems LaterRead More
If you hire a household employee to provide services in or around your home, you probably have a tax liability that you don’t know about. Or one that you do know about but are ignoring. Either situation can come back to bite you. When the worker is your employee, your liability includes both withholding and …
Many companies offer employee stock options as an incentive to their key personnel. This acts as a means to help grow the companies’ market value. The options give the employee the right to buy up to a specified number of shares of the company’s stock at a future date at a specific price. Generally, options …
Here’s gift of professional and financial advice (and some well deserved congratulations) if you’ve just received your college diploma. Graduating is an enormous accomplishment well worth celebrating! And with the added complication of the global pandemic, your experience was more challenging than most. But now that the last parties are over and you’ve packed up …
To All Recent Grads – Some Real-World Financial AdviceRead More
Curious about the employee retention credit? Here’s an overview of what it is, and some challenges it has caused. President Biden signed the Infrastructure Investment and Jobs Act (IIJA) into law on November 15, 2021. One of the provisions of that legislation retroactively terminated the employee retention credit (ERC) early. The credit was previously available …
Congress Terminates the Employee Retention Credit EarlyRead More
Long term care benefits are soon to be funded, in part, by a payroll tax in Washington state. The Long-Term Services and Supports Trust Program (LTSS Program), now called the WA Cares Fund, is designed to help pay for long-term care of Washington residents. To summarize: Starting January 1, 2022, a 0.58% premium assessment will …
New Mandated Payroll Tax to Pay for Long Term Care Benefits in Washington StateRead More
Considering the SEP retirement plan as an option? Like many small business owners, you probably find yourself very busy in the wake of the COVID slowdown. But that is not a valid reason to neglect your future. Especially as there are a number of retirement plans available, including Keogh plans and 401(k)s. However all in …
