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Monday, 15 April

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Health Savings Accounts for your small business

Robert Tighe

Posted By: Robert Tighe

Posted November 16, 2020 / No comments

Small business owners are well aware of the increasing cost of employee health care benefits. As a result, your business may be interested in providing some of these benefits through an employer-sponsored Health Savings Account (HSA). Or perhaps you already have an HSA. It’s a good time to review how these accounts work since the

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Understanding the passive activity loss rules

Keith Orr

Posted By: Keith Orr

Posted October 12, 2020 / No comments

Are you wondering if the passive activity loss rules affect business ventures you’re engaged in — or might engage in? If the ventures are passive activities, the passive activity loss rules prevent you from deducting expenses that are generated by them in excess of their income. You can’t deduct the excess expenses (losses) against earned

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Can employers provide disaster relief for COVID-19?

Robert Tighe

Posted By: Robert Tighe

Posted October 9, 2020 / No comments

Many employees have suffered financial hardships because of the COVID-19 pandemic. In response, some employers may consider offering financial assistance as a fringe benefit. A common question that arises regarding such an idea is: Does the Internal Revenue Code allow disaster relief payments to be made on a tax-advantaged basis specifically in relation to COVID-19?

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The tax rules for deducting the computer software costs of your business

Stephen Leazzo

Posted By: Stephen Leazzo

Posted October 3, 2020 / No comments

Do you buy or lease computer software to use in your business? Do you develop computer software for use in your business, or for sale or lease to others? Then you should be aware of the complex rules that apply to determine the tax treatment of the expenses of buying, leasing or developing computer software.

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Extended benefit claims and appeals periods during COVID-19

Keith Orr

Posted By: Keith Orr

Posted October 2, 2020 / No comments

In response to the COVID-19 pandemic, federal agencies have extended certain claims and appeals periods for employee pension benefits plans subject to the Employee Retirement Income Security Act (ERISA). The relief also applies to qualifying group health plans, as well as eligible disability plans and other employee welfare benefit plans. The extension permits the “outbreak

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Levels of assurance: Choosing the right option for your business today

Stephen Leazzo

Posted By: Stephen Leazzo

Posted August 28, 2020 / No comments

The COVID-19 crisis is causing private companies to re-evaluate the type of financial statements they should generate for 2020. Some are considering downgrading to a lower level of assurance to reduce financial reporting costs — but a downgrade may compromise financial reporting quality and reliability. Others recognize the additional risks that work-from-home and COVID-19-related financial

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Will your organization’s health insurance still be “affordable” next year?

Keith Orr

Posted By: Keith Orr

Posted August 8, 2020 / No comments

The IRS recently announced 2021 indexing adjustments for some critical percentages under the Affordable Care Act (ACA). This makes now a good time to review whether your organization is an applicable large employer (ALE) under the ACA and, if so, whether the health care coverage you offer employees will still be considered “affordable” as defined

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Launching a business? How to treat start-up expenses on your tax return

Cynthia Petschke

Posted By: Cynthia Petschke

Posted June 22, 2020 / No comments

While the COVID-19 crisis has devastated many existing businesses, the pandemic has also created opportunities for entrepreneurs to launch new businesses. For example, some businesses are being launched online to provide products and services to people staying at home. Entrepreneurs often don’t know that many expenses incurred by start-ups can’t be currently deducted. You should

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COVID-19-related deadline relief affects HSAs and retirement plans

Stephen Leazzo

Posted By: Stephen Leazzo

Posted June 12, 2020 / No comments

The IRS recently issued another notice extending tax deadlines because of the COVID-19 pandemic. Notice 2020-35 supplements IRS Notice 2020-23 and earlier guidance by extending the deadlines for certain additional time-sensitive actions relating to employment taxes; exempt organizations; employee benefit plans, including 401(k)s; Health Savings Accounts (HSAs); IRAs; and other specified accounts. With some exceptions, the extensions

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Do you run your business from home? You might be eligible for home office deductions

Posted By: Amanda Glasby

Posted February 24, 2020 / No comments

If you’re self-employed and work out of an office in your home, you may be entitled to home office deductions. However, you must satisfy strict rules. If you qualify, you can deduct the “direct expenses” of the home office. This includes the costs of painting or repairing the home office and depreciation deductions for furniture

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