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New tax reporting requirements for payment apps could affect you

Keith Orr

Posted By: Keith Orr

Posted February 3, 2022 / No comments

If you run a business and accept payments through third-party networks such as Zelle, Venmo, Square or PayPal, you could be affected by new tax reporting requirements that take effect for 2022. They don’t alter your tax liability, but they could add to your recordkeeping burden, as well as the number of tax-related documents you

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The 2021 gift tax return deadline is almost here, too

Robert Tighe

Posted By: Robert Tighe

Posted February 3, 2022 / No comments

April 18, 2022, is the deadline for filing your federal income tax return. Keep in mind that the gift tax return deadline is on the very same date. So, if you made large gifts to family members or heirs last year, it’s important to determine whether you’re required to file Form 709. Filing requirements Generally,

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The Ins and Outs of IRAs

Cynthia Petschke

Posted By: Cynthia Petschke

Posted February 2, 2022 / No comments

Traditional IRAs and Roth IRAs have been around for decades and the rules surrounding them have changed many times. What hasn’t changed is that they can help you save for retirement on a tax-favored basis. Here’s an overview. Traditional IRAs You can make an annual deductible contribution to a traditional IRA if: You (and your

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2022 tax calendar

Keith Orr

Posted By: Keith Orr

Posted January 31, 2022 / No comments

To help you make sure you don’t miss any important 2022 deadlines, we’ve provided this summary of when various tax-related forms, payments and other actions are due. Please review the calendar and let us know if you have any questions about the deadlines or would like assistance in meeting them. Date Deadline for  January 31

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Keeping meticulous records is the key to tax deductions and painless IRS audits

Timothy King

Posted By: Timothy King

Posted January 31, 2022 / No comments

If you operate a business, or you’re starting a new one, you know you need to keep records of your income and expenses. Specifically, you should carefully record your expenses in order to claim all of the tax deductions to which you’re entitled. And you want to make sure you can defend the amounts reported

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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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The ABCs of activity-based costing

Cynthia Petschke

Posted By: Cynthia Petschke

Posted January 28, 2022 / No comments

Revenue and expenses, as reported on your company’s income statement, have limited usefulness to people inside the organization. Managers often need information presented in a different format in order to make operational and strategic decisions. That’s where activity-based costing comes into play. This costing system is commonly used in the manufacturing and construction sectors to

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Does your trust need protection?

Keith Orr

Posted By: Keith Orr

Posted January 27, 2022 / No comments

Designing an estate plan can be a delicate balancing act. On the one hand, you want to preserve as much wealth as possible for your family by protecting it from estate taxes and creditors’ claims. On the other hand, you want to have some control over your assets during your life. Unfortunately, these two goals

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Smooth sailing: Tips to speed processing and avoid hassles this tax season

Timothy King

Posted By: Timothy King

Posted January 26, 2022 / No comments

The IRS began accepting 2021 individual tax returns on January 24. If you haven’t prepared yet for tax season, here are three quick tips to help speed processing and avoid hassles. Tip 1. Gather all documents needed to prepare an accurate return. This includes W-2 and 1099 forms. In addition, you may have received statements

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Entrepreneurs and taxes: How expenses are claimed on tax returns

Cynthia Petschke

Posted By: Cynthia Petschke

Posted January 24, 2022 / No comments

While some businesses have closed since the start of the COVID-19 crisis, many new ventures have launched. Entrepreneurs have cited a number of reasons why they decided to start a business in the midst of a pandemic. For example, they had more time, wanted to take advantage of new opportunities or they needed money due

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