A health care plan with fewer than 50 participants that’s administered by a sponsoring employer may have fewer compliance hassles. That’s because it’s excluded from the definition of a “group health plan” under administrative simplification provisions of the Health Insurance Portability and Accountability Act (HIPAA). These provisions include privacy and security requirements.
Read MoreFor many business owners, putting together a succession plan may seem like an overwhelming task. It might even seem unnecessary for those who are relatively young and have no intention of giving up ownership anytime soon.
Read MoreOn January 6, 2021, the U.S. Department of Labor (DOL), then under the Trump administration, announced a final rule regarding the employee-versus-independent-contractor standard under the Fair Labor Standards Act (FLSA). The effective date of the final rule was March 8. However, its future was uncertain at the time given that a new presidential administration was incoming. Now the final rule’s fate has been decided.
Read MoreEligible parents will soon begin receiving payments from the federal government. The IRS announced that the 2021 advance child tax credit (CTC) payments, which were created in the American Rescue Plan Act (ARPA), will begin being made on July 15, 2021.
If your business is organized as a sole proprietorship or as a wholly owned limited liability company (LLC), you’re subject to both income tax and self-employment tax. There may be a way to cut your tax bill by conducting business as an S corporation.
Read MoreOur Office will be closed on Memorial Day - Monday, May 31.
Read MoreAnother tax season is in the books!
We would like to take this opportunity to thank you, our clients, for choosing us for your all accounting and tax needs. Whether this was your first tax season with our Firm or your tenth, we are truly grateful for your business.
Read MoreBefore the COVID-19 pandemic hit, the number of people engaged in the “gig” or sharing economy had been growing, according to several reports. And reductions in working hours during the pandemic have caused even more people to turn to gig work to make up lost income. There are tax consequences for the people who perform these jobs, which include providing car rides, delivering food, walking dogs and providing other services.
Read MoreIf you have minor children, choosing a guardian to care for them should you die unexpectedly is one of the most important estate planning decisions you must make. It’s also one of the most difficult. So difficult, in fact, that avoiding it is one of the most common reasons people put off drafting an estate plan.
Read MoreEmployers that sponsor employee benefit plans under the Employee Retirement Income Security Act (ERISA) face many challenges. Not the least of these is cybersecurity.
Read MoreIf your company is planning to merge with or buy another business, your attention is probably on conducting due diligence and negotiating deal terms. But you also should address the post-closing financial reporting requirements for the transaction. If not, it may lead to disappointing financial results, restatements and potential lawsuits after the dust settles.
Read MoreAre you wondering whether alternative energy technologies can help you manage energy costs in your business? If so, there’s a valuable federal income tax benefit (the business energy credit) that applies to the acquisition of many types of alternative energy property.
Read MoreAlthough much of estate planning deals with what happens after you die, it’s equally important to have a plan for making critical financial or medical decisions if you’re unable to make them for yourself.
Read MoreUnder the Internal Revenue Code, an employer would typically be penalized for failing to deposit certain federal employment taxes by the designated deadline. Examples include deposits of withheld income taxes and FICA taxes.
Read MoreThe COVID-19 pandemic has affected various industries in very different ways. Widespread lockdowns and discouraged movement have led to increased profitability for some manufacturers and many big-box retailers. The restaurant industry, however, has had a much harder go of it — especially smaller, privately owned businesses in economically challenged areas.
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