Year-End Giving To Charity Or Loved Ones
The holiday season is here and many people plan to donate to their favorite charities or give money or assets to their loved ones before the end of the year. Here are the basic tax [...]
Be Aware of Business Email Compromise Hacks and Phishing Attempts
We have been seeing an increase in criminal cyber-fraud schemes affecting both large and small businesses, individuals and banks. With the increase in remote work, online payments and email usage, a common fraud we are [...]
Reinforce Your Cybersecurity Defenses Regularly
If you’ve been in business for any amount of time, you probably don’t need anyone to tell you about the importance of cybersecurity. However, unlike the lock to a physical door, which generally lasts a [...]
How Inflation Will Affect Your 2022 And 2023 Tax Bills
The effects of inflation are all around. You’re probably paying more for gas, food, health care and other expenses than you were last year. Are you wondering how high inflation will affect your federal income [...]
Inflation Means You And Your Employees Can Save More For Retirement In 2023
How much can you and your employees contribute to your 401(k)s next year — or other retirement plans? In Notice 2022-55, the IRS recently announced cost-of-living adjustments that apply to the dollar limitations for pensions, [...]
Employers: In 2023, The Social Security Wage Base Is Going Up
The Social Security Administration recently announced that the wage base for computing Social Security tax will increase to $160,200 for 2023 (up from $147,000 for 2022). Wages and self-employment income above this threshold aren’t subject [...]
Plan Now To Make Tax-Smart Year-End Gifts To Loved Ones
Are you feeling generous at year end? Taxpayers can transfer substantial amounts free of gift taxes to their children or other recipients each year through the proper use of the annual exclusion. The exclusion amount [...]
Tax And Other Financial Consequences Of Tax-Free Bonds
If you’re interested in investing in tax-free municipal bonds, you may wonder if they’re really free of taxes. While the investment generally provides tax-free interest on the federal (and possibly state) level, there may be [...]
M&A On The Way? Consider A QOE Report
Whether you’re considering selling your business or acquiring another one, due diligence is a must. In many mergers and acquisitions (M&A), prospective buyers obtain a quality of earnings (QOE) report to evaluate the accuracy and [...]
What Local Transportation Costs Can Your Business Deduct?
You and your small business are likely to incur a variety of local transportation costs each year. There are various tax implications for these expenses. First, what is “local transportation?” It refers to travel in [...]