On December 23, 2022, Congress passed the Consolidated Appropriations Act of 2023. The sprawling year-end spending “omnibus” package includes two important new laws that could affect your financial planning: the Setting Every Community Up for Retirement Enhancement (SECURE) 2.0 Act (also known as SECURE 2.0) and the Conservation Easement Program Integrity Act.
Read MoreFamily-owned businesses face distinctive challenges when it comes to succession planning. For example, it’s important to address the distinction between ownership succession and management succession.
When a nonfamily business is sold to a third party, ownership and management succession typically happen simultaneously. However, in the context of a family business, there may be reasons to separate the two.
Read MoreBusinesses shut down for many reasons. Some of the reasons that businesses shutter their doors:
An owner retirement,
A lease expiration,
Staffing shortages,
Partner conflicts, and
Increased supply costs.
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.
Read MoreOn the fifth day of TaXmas…
Read MoreOn the fourth day of TaXmas…we would like to highlight Aaron Eisenhardt!
Read MoreOn the third day of TaXmas…we would like to highlight Grace Gumieny (formerly Grace Van Enk)!
Read MoreOn the second day of TaXmas…we would like to highlight Josh Pifer!
Read MoreFor 12 days, we want to highlight 12 of our accountants and how much we appreciate them. We are calling it 12 Days of TaXmas!
Read MoreIn order for us to spend additional time with our families over the Thanksgiving holiday, our office is closed Monday, November 21 – Friday, November 25.
If you have an emergency that can’t wait until Monday, November 28, please e-mail us at info@stonehengeplc.com, and someone will reply to you within 24 hours.
Thank you for your understanding, and we wish you and your family a very Happy Thanksgiving!
In order for us to spend additional time with our families over the Thanksgiving holiday, our office will be closed Monday, November 21 – Friday, November 25. Our normal business hours will resume on Monday, November 28 at 8 AM.
Thank you for your understanding, and we wish you and your family a very Happy Thanksgiving!
Read MoreDoes your business need real estate to conduct operations? Or does it otherwise hold property and put the title in the name of the business? You may want to rethink this approach. Any short-term benefits may be outweighed by the tax, liability and estate planning advantages of separating real estate ownership from the business.
Read MoreIn today’s tough job market and economy, the Work Opportunity Tax Credit (WOTC) may help employers. Many business owners are hiring and should be aware that the WOTC is available to employers that hire workers from targeted groups who face significant barriers to employment. The credit is worth as much as $2,400 for each eligible employee ($4,800, $5,600 and $9,600 for certain veterans and $9,000 for “long-term family assistance recipients”). It’s generally limited to eligible employees who begin work for the employer before January 1, 2026.
Read MoreWhile the recently announced student loan debt relief has captured numerous headlines, it’s estimated that another federal relief program announced on the same day will provide more than $1.2 billion in tax refunds or credits. Specifically, IRS Notice 2022-36 extends penalty relief to both individuals and businesses who missed the filing deadlines for certain 2019 and/or 2020 tax and information returns. The relief covers many of the most commonly filed forms.
Read MoreWhen President Biden signed the Inflation Reduction Act (IRA) into law in August, most of the headlines covered the law’s climate change and health care provisions. But the law also enhances an often overlooked federal tax break for qualifying small businesses.
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