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Do you want to go into business for yourself?

Cynthia Petschke

Posted By: Cynthia Petschke

Posted February 10, 2020 / No comments

Many people who launch small businesses start out as sole proprietors. Here are nine tax rules and considerations involved in operating as that entity. 1. You may qualify for the pass-through deduction. To the extent your business generates qualified business income, you are eligible to claim the 20% pass-through deduction, subject to limitations. The deduction

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New rules will soon require employers to annually disclose retirement income to employees

Cynthia Petschke

Posted By: Cynthia Petschke

Posted January 13, 2020 / No comments

As you’ve probably heard, a new law was recently passed with a wide range of retirement plan changes for employers and individuals. One of the provisions of the SECURE Act involves a new requirement for employers that sponsor tax-favored defined contribution retirement plans that are subject to ERISA. Specifically, the law will require that the

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Keeping the faith in a reverse mentoring program

Keith Orr

Posted By: Keith Orr

Posted January 10, 2020 / No comments

In a reverse mentoring program, a younger and usually less experienced employee mentors an older one, who’s typically in management or even an executive or business owner. The general idea is for the older employee to “get hip” to the latest technology or a new trend while the younger one gains experience and becomes better

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New law helps businesses make their employees’ retirement secure

Timothy King

Posted By: Timothy King

Posted January 8, 2020 / No comments

A significant law was recently passed that adds tax breaks and makes changes to employer-provided retirement plans. If your small business has a current plan for employees or if you’re thinking about adding one, you should familiarize yourself with the new rules. The Setting Every Community Up for Retirement Enhancement Act (SECURE Act) was signed

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Wellness programs are subject to many federal laws

Robert Tighe

Posted By: Robert Tighe

Posted January 3, 2020 / No comments

At the beginning of the year, many people make resolutions about improving their physical fitness and overall well-being. Employers may seek to give these goals a boost in the longevity department by offering an employee wellness program. If your organization is doing so, or considering such a program, it’s important to be aware of the

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2020 Q1 tax calendar: Key deadlines for businesses and other employers

Cynthia Petschke

Posted By: Cynthia Petschke

Posted December 10, 2019 / No comments

Here are some of the key tax-related deadlines affecting businesses and other employers during the first quarter of 2020. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. Contact us to ensure you’re meeting all applicable deadlines and to learn more about the filing requirements. January

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Counting your employees for ACA compliance purposes

Robert Tighe

Posted By: Robert Tighe

Posted December 6, 2019 / No comments

It seems like a simple question: How many full-time workers does your organization employ? But, when it comes to the Affordable Care Act (ACA), the calculation can be complicated — and the answer is important. Potential penalty The number of workers you employ determines whether your organization is an applicable large employer (ALE). If you’re

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Practice “situational awareness” when it comes to employees’ wages

Keith Orr

Posted By: Keith Orr

Posted December 3, 2019 / No comments

“Situational awareness” is a term used in the military and elsewhere to describe an individual’s ability to stay fully alert of all potential threats and resources in his or her surroundings. It’s a good skill for employers to use when determining and tracking employee wage rates. After all, the term “wages” includes more than just

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Holiday parties and gifts can help show your appreciation and provide tax breaks

Robert Tighe

Posted By: Robert Tighe

Posted December 2, 2019 / No comments

With Thanksgiving behind us, the holiday season is in full swing. At this time of year, your business may want to show its gratitude to employees and customers by giving them gifts or hosting holiday parties. It’s a good idea to understand the tax rules associated with these expenses. Are they tax deductible by your

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The art and science of goodwill impairment testing

Stephen Leazzo

Posted By: Stephen Leazzo

Posted December 2, 2019 / No comments

Goodwill shows up on a company’s balance sheet when the company has been acquired in a business combination. It represents what’s left over after the purchase price in a merger or acquisition is allocated to the company’s tangible assets, identifiable intangible assets and liabilities. Periodically, companies must test goodwill for “impairment” — that is, whether

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