Taxes

Here are five things that happened this past month that affect your small business. 1) The G20 backed historic corporate tax reform at the latest summit. Another step forward for proponents of a global corporate minimum tax: At the first face-to-face G20 meeting since the

We’ve all heard the term “the rich get richer.” According to a report released from ProPublica, it turns out that one of the ways that truism is perpetuated is through the strategic use of tax-sheltered Roth individual retirement accounts (IRAs). The good news is that the same

The Internal Revenue Service has released a midyear report to Congress that details a significant backlog of tax returns dating back to the end of tax filing season, and many of those returns have yet to be processed. While backlogs are not unusual, this year’s

Here are five things that happened this past month that affect your small business. 1) There’s a tight labor market nationwide these days, and it’s giving workers more leverage. The economy’s recovery is giving low-wage workers more leverage, as “ballooning job openings in fields requiring

The IRS is reporting that it is resuming “certain collection and enforcement processes that had been suspended because of the coronavirus pandemic.” On June 15, 2021, this process kicked off as the IRS started contacting taxpayers who have not responded to prior balance due notices.

Article Highlights: Purchase of Items at Charity Auction Auction Donor Appreciated Property Fair Market Value (FMV) Unrelated Use Contributions of “Use” It is common practice for charities to hold auction events where attendees will bid upon and purchase items. The questions often arise whether (1)

If there’s anything we all learned from 2020, it’s that things can change in a heartbeat and that the unexpected can create real havoc. Though there’s nothing you can do to stop fate’s freight trains from barreling down the tracks, there are steps you can

Operating a restaurant is a dream for many, but there’s a lot more to it than meets the eye. There are far more restaurants and food-related businesses that fail than succeed, and that’s frequently because entrepreneurs spend more time focusing on front of house operations

Owning your own small business is a dream that few are fortunate enough to realize, but even those new to the joys of entrepreneurial self-determination need to spend time thinking about how you’re going to eventually leave the business. No matter how far off it

Article Highlights: Child and Dependent Care Credit Workers Can Set Aside More in a Dependent Care FSA Childless EITC Expanded Changes Expanding EITC for 2021 and Beyond Expanded Child Tax Credit Advance Child Tax Credit Payments This is an overview of the several tax benefits