Have You Filed Forms W-2 and 1099-NEC Yet?

With the 2023 filing season deadline drawing near, be aware that the deadline for businesses to file information returns for hired workers is even closer.

Will The New SECURE 2.0 Law Impact Your Business?

If your small business has a retirement plan—and even if it doesn’t—you may see changes and benefits from a new law. The Setting Every Community Up for Retirement Enhancement 2.0 Act (SECURE 2.0) was recently signed into law. Provisions in the law will kick in over several years.

ERC Claims - Too Good To Be True?

The Employee Retention Credit (ERC) was a valuable tax credit that helped employers that kept workers on staff during the height of the COVID-19 pandemic. While the credit is no longer available, eligible employers that haven’t yet claimed it might still be able to do so by filing amended payroll returns for tax years 2020 and 2021.

Are You A Trust Beneficiary?

If you recently learned that you are a beneficiary of a deceased relative’s trust, you probably have questions about your rights and what to expect. The key is the trust document (i.e., the instructions left by the trust creator, called the grantor) and how state law interprets that document.

Will You and Your Employees Save More For Retirement in 2023 Due to Inflation?

How much can you and your employees contribute to your 401(k)s next year — or other retirement plans? In Notice 2022-55, the IRS recently announced cost-of-living adjustments that apply to the dollar limitations for pensions, as well as other qualified retirement plans for 2023. The amounts increased more than they have in recent years due to inflation.

The Truth About 1031 Exchanges

If you own any real estate investments, you may be interested in a tax break called a 1031 exchange. A 1031 exchange, also called a like-kind exchange, essentially allows real estate investors to swap one property for another, while deferring capital gains tax.

The Standard Business Mileage Rate is Going Up in 2023

Although the national price of gas is a bit lower than it was a year ago, the optional standard mileage rate used to calculate the deductible cost of operating an automobile for business will be going up in 2023. The IRS recently announced that the 2023 cents-per-mile rate for the business use of a car, van, pickup or panel truck is 65.5 cents. These rates apply to electric and hybrid-electric automobiles, as well as gasoline and diesel-powered vehicles.

2023 Q1 Tax Calendar: Key Deadlines for Businesses & Other Employers

Here are some of the key tax-related deadlines affecting businesses and other employers during the first quarter of 2023. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. If you have questions about filing requirements, contact us. We can ensure you’re meeting all applicable deadlines.

A Second Look at Outsourced Accounting

During times of uncertainty, it’s important to evaluate the effectiveness of internal operations like accounting and finance.

Choosing a Business Entity? The Pros and Cons of Operating as a C Corporation

If you’re launching a new business venture, you’re probably wondering which form of business is most suitable. Here is a summary of the major advantages and disadvantages of doing business as a C corporation.