Why you need an IRS account
The times are a-changing! If you have ever wondered if you made your extension payment, this post is for you! If you’ve ever called the IRS and waited on hold for 2 hours to be told you’ve reached the wrong department and will need to be transferred, you will appreciate an easier way to get […]
Do you really have to withhold taxes on your housekeeper, babysitter or gardener?
It seems like the IRS wants their piece of everything, and your household employees are no exception. If you have a housekeeper, babysitter or gardener, you’ll want to read on to make sure you don’t get hit with an IRS notice for unpaid taxes and penalties. First, who is considered a “household employee”? This is […]
ERM Isn’t Optional Anymore: How to Protect and Strengthen Your Organization
The term Enterprise Risk Management (ERM) has been around since the late 1990s. It refers to organizational risks and how to best manage those risks. Some risks have continued and will continue to be risks, such as natural disasters, equipment malfunctions, employee safety, securing sensitive data, regulations, or fraud. Others, such as those involving IT, […]
Accounting For Leases: Pre and Post Lease Standard ASC 842
In February of 2016, the Financial Accounting Standards Board (FASB) released update ASC 842, changing the way we account for leases. The biggest change brought on by this is that businesses are now required to recognize the assets and liabilities arising from all leases on their balance sheet, except certain leases with terms of 12 […]
Beware of Tax Scams: How to Spot & Avoid Fraud This Season
It’s the most wonderful time of the year! The days are starting to get longer, the promise of Spring is in the air and…the tax scammers are out in full force. Maybe some of that is wonderful, but no one wants to be conned, and taxes are scary enough without having to watch for thieves, […]
2025 Tax Highlights By: Brandi Noble
New Year, New You! Or, maybe not. Not everyone likes the idea that a new year requires a resolution for change. But, the IRS does, and one thing you can count on is a change to your taxes. Maybe the quote should be, “New Year, New Rules”. Below are changes that affect most taxpayers. Standard […]
New IRS Payback Program for 2021 Employee Retention Credit: What You Need to Know
Here’s a recent update on the Employee Retention Credit (ERC) and the new IRS payback scheme. New IRS ERC Payback Program The IRS introduced a second ERC Voluntary Disclosure Program for 2021 claims. Under this program, you can say, “I didn’t deserve the ERC, so I’ll repay 85 percent of my claimed ERC and retain […]
Smart Solutions That Decrease Social Security and Medicare Taxes
Here are some important updates and strategies regarding Social Security and Medicare taxes that may significantly impact your business. For 2024, the Social Security tax ceiling increased to $168,600, resulting in a maximum Social Security tax of $20,906 for high-earners. The Social Security Administration projects this ceiling to rise annually, reaching $242,700 or more by […]
Accumulated Earnings Tax on “C” Corporations
If you run your business through a regular “C” corporation, beware of the accumulated earnings tax (AET). The IRS can use the AET to penalize C corporations that retain earnings in the business rather than pay them to shareholders as taxable dividends. To retain earnings, the C corporation first pays the corporate tax of 21 […]
Claim Up to 32,220 in Missed 2021 Self-Employed COVID-19 Sick and Family Leave Credits Today
Were you self-employed during 2021? If so, there is a good chance that you could have qualified for COVID-19 sick and family leave credits worth as much as $32,220. If you’re like many self-employed individuals or partners, you probably never heard about these tax credits. Unlike employee retention credit for employers, the special temporary credits […]