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Small businesses: Stay clear of a severe payroll tax penalty

Timothy King

Posted By: Timothy King

Posted November 4, 2019 / No comments

One of the most laborious tasks for small businesses is managing payroll. But it’s critical that you not only withhold the right amount of taxes from employees’ paychecks but also that you pay them over to the federal government on time. If you willfully fail to do so, you could personally be hit with the

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Review and revise job descriptions for everyone’s benefit

Robert Tighe

Posted By: Robert Tighe

Posted November 1, 2019 / No comments

A job description may seem like just so many words on a page or website. But those words have power. They can either set an employer and employee on a path toward a positive, fruitful relationship or on a downward spiral into confusion and conflict. To keep your organization on the road to success, review

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Setting up a Health Savings Account for your small business

Timothy King

Posted By: Timothy King

Posted October 15, 2019 / No comments

Given the escalating cost of employee health care benefits, your business may be interested in providing some of these benefits through an employer-sponsored Health Savings Account (HSA). For eligible individuals, HSAs offer a tax-advantaged way to set aside funds (or have their employers do so) to meet future medical needs. Here are the key tax

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Taking distributions from your traditional IRA

Timothy King

Posted By: Timothy King

Posted August 22, 2019 / No comments

If you’re like many people, you’ve worked hard to accumulate a large nest egg in your traditional IRA (including a SEP-IRA). It’s even more critical to carefully plan for withdrawals from these retirement-savings vehicles. Knowing the fine points of the IRA distribution rules can make a significant difference in how much you and your family

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A few basics of safe harbor 401(k) plans

Tighe, Kress & Orr.

Posted By: Tighe, Kress & Orr.

Posted August 10, 2019 / No comments

A few basics of safe harbor 401(k) plans Many growing businesses and other types of employers want to offer a 401(k) plan but don’t want to deal with the stress and administrative challenges of following the IRS’s nondiscrimination testing rules for elective deferrals and matching contributions. One potential solution may be to set up a

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The Department of Labor proposes updated overtime rule

Robert Tighe

Posted By: Robert Tighe

Posted March 22, 2019 / No comments

The Department of Labor proposes updated overtime rule The Trump administration has released its long-awaited proposed rule to update the overtime exemptions for so-called white-collar workers under the Fair Labor Standards Act. The rule increases the minimum weekly standard salary level for both regular workers and highly compensated employees (HCEs). It also increases the total

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There’s still time for small business owners to set up a SEP retirement plan for last year

Tighe, Kress & Orr.

Posted By: Tighe, Kress & Orr.

Posted March 11, 2019 / No comments

There’s still time for small business owners to set up a SEP retirement plan for last year If you own a business and don’t have a tax-advantaged retirement plan, it’s not too late to establish one and reduce your 2018 tax bill. A Simplified Employee Pension (SEP) can still be set up for 2018, and

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An ESOP can benefit a business owner’s retirement and estate plans

Tighe, Kress & Orr.

Posted By: Tighe, Kress & Orr.

Posted January 31, 2019 / No comments

An ESOP can benefit a business owner’s retirement and estate plans Employee stock ownership plans (ESOPs) offer closely held business owners an exit strategy and a tax-efficient technique for sharing equity with employees. But did you know that an ESOP can be a powerful estate planning tool? It can help you address several planning challenges, including

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2019 Q1 Tax Calendar: Key Deadlines for Businesses and Other Employers

Tighe, Kress & Orr.

Posted By: Tighe, Kress & Orr.

Posted December 3, 2018 / No comments

Here are some of the key tax-related deadlines affecting businesses and other employers during the first quarter of 2019. 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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Tax reform expands availability of cash accounting

Tighe, Kress & Orr.

Posted By: Tighe, Kress & Orr.

Posted November 19, 2018 / No comments

Under the Tax Cuts and Jobs Act (TCJA), many more businesses are now eligible to use the cash method of accounting for federal tax purposes. The cash method offers greater tax-planning flexibility, allowing some businesses to defer taxable income. Newly eligible businesses should determine whether the cash method would be advantageous and, if so, consider

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