Like the rest of the country, we have been waiting to learn what President Biden’s federal tax proposal will look like, and how it will impact individuals and businesses. On October 28, 2021 Biden announced a new version of the Build Back Better (BBB) framework that outlines spending provisions of $1.75 trillion over ten years, and revenue offsets of up to $2 trillion during that time period.
The Infrastructure Investment and Jobs Act (IIJA), which is currently waiting to be signed by President Biden, would retroactively end the Employee Retention Tax Credit (ERTC) as of September 30, 2021.
On a list of things you like to do, paying bills likely ranks somewhere near the bottom. Which is not surprising since it's time-consuming, prone to errors—especially if paper is involved—and fixing mistakes can be challenging at best. Not to mention the security and fraud concerns associated with sending checks in the mail.
Are you spending too much time trying to keep track of your cash flow? Many business owners are choosing to streamline their processes by working with a Client Accounting Services (CAS) team, a group of specialized accountants who provide a tailored suite of services to simplify your accounting processes.
When the Tax Cuts and Jobs Act (TJCA) was enacted in 2017, it limited the amount of state and local taxes (SALT) that individuals can deduct for federal income tax purposes to $10,000 (or $5,000 for a married individual filing separately). This “SALT cap” has brought on a flurry of legislative action as states enact Pass-Through Entity (PTE) tax elections that allow owners of PTEs such as S-Corporations and Partnerships to bypass the SALT cap by allowing their share of taxes to be paid by the entity at the entity level, and therefore lowering the owner’s federal income tax liability.
Are employees at your business traveling again after months of virtual meetings? In Notice 2021-52, the IRS announced the fiscal 2022 “per diem” rates that became effective October 1, 2021. Taxpayers can use these rates to substantiate the amount of expenses for lodging, meals and incidental expenses when traveling away from home. (Taxpayers in the transportation industry can use a special transportation industry rate.)
So, you were asked to be the Personal Representative (PR) of an estate. It seemed like accepting was the right thing to do at the time. How hard can dividing up your parent’s lifelong savings and assets between siblings really be? Consider the following in deciding to be a PR and navigating the estate administration process.
The Workforce Training Fund Program helps address business productivity and competitiveness by providing resources to Massachusetts businesses to fund training for current and newly hired employees.
The week of September 13-17 has been declared National Small Business Week by the Small Business Administration. To commemorate the week, here are three tax breaks to consider.
A business may be able to claim a federal income tax deduction for a theft loss. But does embezzlement count as theft? In most cases it does but you’ll have to substantiate the loss. A recent U.S. Tax Court decision illustrates how that’s sometimes difficult to do.
