2 Tax Law Changes That May Affect Your Business’s 401(k) Plan
When you think about recent tax law changes and your business, you’re probably thinking about the new 20% pass-through deduction for qualified business income or the enhancements to depreciation-related breaks. Or you may be contemplating [...]
Could a Long-Term Deal Ease Your Succession Planning Woes?
Some business owners — particularly those who founded their companies — may find it hard to give up control to a successor. Maybe you just can’t identify the right person internally to fill your shoes. [...]
Factor in State and Local Taxes When Deciding Where to Live in Retirement
Many Americans relocate to another state when they retire. If you’re thinking about such a move, state and local taxes should factor into your decision. Income, property and sales tax Choosing a state that has [...]
What Businesses Need to Know About the Tax Treatment of Bitcoin and Other Virtual Currencies
Over the last several years, virtual currency has become increasingly popular. Bitcoin is the most widely recognized form of virtual currency, also commonly referred to as digital, electronic or crypto currency. While most smaller businesses [...]
Putting Your Child on Your Business’s Payroll for the Summer May Make More Tax Sense Than Ever
If you own a business and have a child in high school or college, hiring him or her for the summer can provide a multitude of benefits, including tax savings. And hiring your child may [...]
Law Change Affects Moving, Mileage and Travel Expenses
The Internal Revenue Service recently provided information to taxpayers and employers about changes from the Tax Cuts and Jobs Act that affect: Move related vehicle expenses Un-reimbursed employee expenses Vehicle expensing Changes to the deduction for [...]
Do You Need to Adjust Your Withholding?
If you received a large refund after filing your 2017 income tax return, you’re probably enjoying the influx of cash. But a large refund isn’t all positive. It also means you were essentially giving the [...]
IRS Audit Techniques Guides Provide Clues to What May Come Up If Your Business is Audited
IRS examiners use Audit Techniques Guides (ATGs) to prepare for audits — and so can small business owners. Many ATGs target specific industries, such as construction. Others address issues that frequently arise in audits, such [...]
IRS Reminds Retirees of April 1 Deadline to Take Required Retirement Plan Distributions
The Internal Revenue Service today reminded taxpayers who turned age 70½ during 2017 that, in most cases, they must start receiving required minimum distributions (RMDs) from Individual Retirement Accounts (IRAs) and workplace retirement plans by [...]
FTB Issuing Late Filing Penalties, Despite Extension Due to Fires
We have had clients receive FTB notices with a much larger late filing penalty than it should be, despite being extended due to the fires. We spoke to the FTB, and they said that their system is not [...]