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Businesses: Act now to make the most out of bonus depreciation

Robert Tighe

Posted By: Robert Tighe

Posted July 21, 2022 / No comments

The Tax Cuts and Jobs Act (TCJA) significantly boosted the potential value of bonus depreciation for taxpayers — but only for a limited duration. The amount of first-year depreciation available as a so-called bonus will begin to drop from 100% after 2022, and businesses should plan accordingly. Bonus depreciation in a nutshell Bonus depreciation has

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Standard business mileage rate will increase for the second half of 2022

Cynthia Petschke

Posted By: Cynthia Petschke

Posted June 15, 2022 / No comments

The IRS recently announced that it’ll increase the standard mileage rate for qualified business driving for the second half of 2022. The adjustment reflects the soaring cost of gasoline this year. In fact, as of June 13, the nationwide average price of regular unleaded gas was $5.01 a gallon, according to the AAA Gas Prices

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Does your business barter? Here are some facts you should know

Cynthia Petschke

Posted By: Cynthia Petschke

Posted March 9, 2022 / No comments

In today’s economy, many small businesses are strapped for cash. They may find it beneficial to barter or trade for goods and services instead of paying cash for them. Bartering is the oldest form of trade and the internet has made it easier to engage with other businesses. But if your business gets involved in

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SEP-IRAs: A retirement plan option for small employers

Keith Orr

Posted By: Keith Orr

Posted March 9, 2022 / No comments

In a historically tenuous time to retain employees, small employers are particularly at risk. Whereas a large employer might be able to shift duties or promote from within to cover the departure of one or more staff members, small employers are often left high and dry with no one to cover certain shifts or tasks. One

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Could internal promotions ease your hiring woes?

Robert Tighe

Posted By: Robert Tighe

Posted February 28, 2022 / No comments

Much has been written about the difficulties many employers face finding job candidates. The pandemic has acted as a massive disruption to the labor market and, beginning last year, we saw a perhaps surprising ripple in “the Great Resignation” — a marked trend of employees voluntarily leaving their jobs and leaving organizations with many open

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The election to apply the research tax credit against payroll taxes

Cynthia Petschke

Posted By: Cynthia Petschke

Posted February 28, 2022 / No comments

The credit for increasing research activities, often referred to as the research and development (R&D) credit, is a valuable tax break available to eligible businesses. Claiming the credit involves complex calculations, which we can take care of for you. But in addition to the credit itself, be aware that the credit also has two features

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Agencies clarify plan coverage of COVID-19 tests

Keith Orr

Posted By: Keith Orr

Posted February 22, 2022 / No comments

On February 4, the Department of Labor, IRS and Department of Health and Human Services issued additional frequently asked question (FAQ) guidance addressing the terms and conditions under which group health plans must cover over-the-counter (OTC) COVID-19 diagnostic tests. The FAQs build on earlier guidance (FAQs Part 51) that established, during the COVID-19 public health emergency, group

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Can you deduct the costs of a spouse on a business trip?

Cynthia Petschke

Posted By: Cynthia Petschke

Posted February 22, 2022 / No comments

If you own your own company and travel for business, you may wonder whether you can deduct the costs of having your spouse accompany you on trips. The rules for deducting a spouse’s travel costs are very restrictive. First of all, to qualify, your spouse must be your employee. This means you can’t deduct the

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Making withdrawals from your closely held corporation that aren’t taxed as dividends

Cynthia Petschke

Posted By: Cynthia Petschke

Posted February 14, 2022 / No comments

Do you want to withdraw cash from your closely held corporation at a minimum tax cost? The simplest way is to distribute cash as a dividend. However, a dividend distribution isn’t tax-efficient since it’s taxable to you to the extent of your corporation’s “earnings and profits.” It’s also not deductible by the corporation. Five alternatives

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EBSA increases penalties for ERISA violations

Robert Tighe

Posted By: Robert Tighe

Posted January 28, 2022 / No comments

Any employer that sponsors a pension plan or a qualified retirement plan, such as a 401(k), is undoubtedly familiar with the Employee Retirement Income Security Act (ERISA). The law also applies to employer-sponsored health maintenance organization plans, Flexible Spending Accounts, and life and disability insurance. Established in 1974, ERISA holds plan fiduciaries responsible for their

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