2022 Q2 Tax Calendar: Key Deadlines for Businesses and Other Employers
Here are some of the key tax-related deadlines that apply to businesses and other employers during the second quarter of 2022. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines [...]
ERISA and EAPs: What’s the Deal?
In recent years, more and more businesses have increased efforts to support the well-being of their employees. This means not only providing health care benefits, but also offering other initiatives designed to help workers cope [...]
The Tax Rules of Renting Out a Vacation Property
Summer is just around the corner. If you’re fortunate enough to own a vacation home, you may wonder about the tax consequences of renting it out for part of the year. The tax treatment depends [...]
Taking the Opposite Approach: Ways Your Business Can Accelerate Taxable Income and Defer Deductions
Typically, businesses want to delay recognition of taxable income into future years and accelerate deductions into the current year. But when is it prudent to do the opposite? And why would you want to? One reason [...]
When Inheriting Money, Be Aware of “Income in Respect of a Decedent” Issues
Once a relatively obscure concept, “income in respect of a decedent” (IRD) may create a surprising tax bill for those who inherit certain types of property, such as IRAs or other retirement plans. Fortunately, there [...]
Establish a Tax-Favored Retirement Plan
If your business doesn’t already have a retirement plan, now might be a good time to take the plunge. Current retirement plan rules allow for significant tax-deductible contributions. For example, if you’re self-employed and set [...]
Does Your Business Barter? Here Are Some Facts You Should Know
In today’s economy, many small businesses are strapped for cash. They may find it beneficial to barter or trade for goods and services instead of paying cash for them. Bartering is the oldest form of [...]
The Election To Apply The Research Tax Credit Against Payroll Taxes
The credit for increasing research activities, often referred to as the research and development (R&D) credit, is a valuable tax break available to eligible businesses. Claiming the credit involves complex calculations, which we can take [...]
There Still May Be Time To Cut Your Tax Bill With An IRA
If you’re getting ready to file your 2021 tax return, and your tax bill is more than you’d like, there might still be a way to lower it. If you’re eligible, you can make a [...]
Should Your Business Address Retirement Plan Leakage?
Under just about any circumstances, the word “leakage” has negative connotations. And so it follows that this indeed holds true for retirement planning as well. In this context, leakage refers to early, pre-retirement withdrawals from [...]