In today’s fast-paced business environment, leveraging technology and modern accounting tools is essential for efficiency, accuracy, and growth. From cloud-based platforms to AI-powered automation, businesses can streamline financial operations while saving time and money....
Tax rules change frequently, and eligibility requirements can be nuanced. Reviewing these deductions before year-end can help you make strategic purchases or adjustments that lower your tax liability....
The consequences of misclassifying an employee as an independent contractor can be costly. The business could be liable for back taxes (including the employee’s shares of unpaid payroll and income taxes), penalties and interest. This article details the tax consequences. A sidebar looks at remote...
Payroll fraud schemes aren’t uncommon and can be costly. According to a recent Association of Certified Fraud Examiners study, the median loss generated by payroll fraud incidents is $50,000. It’s essential to know the payroll schemes making the rounds and how to prevent them –...
Business owners and executives often wish their employees worked as if they owned part of the company. An employee stock ownership plan (ESOP) can make that a reality while offering tax breaks and a smoother path for succession planning. This article discusses how ESOPs work...
Many businesses use independent contractors to help keep their costs down — especially in these times of staff shortages and inflationary pressures. Businesses that use independent contractors should be careful that these workers are properly classified for federal tax purposes. If the IRS reclassifies them...
Small business owners may be able to hire their minor children this summer and get tax breaks and other nontax benefits. While eligible owners can save on payroll taxes and lower some costs, their kids also benefit. They gain on-the-job experience, develop practical skills and...
If your company has been able to keep some or all of its workers on its payroll, remember that you may still be able to qualify for the payroll tax credit created under the Coronavirus Aid, Relief, and Economic Security (CARES) Act. This article discusses...
This calendar notes important tax deadlines for the third quarter of 2020....
The last month or so of the year offers accrual-basis businesses an opportunity to make some timely moves that might enable them to save money on their 2018 tax bills. This brief article offers a variety of timely tips to consider....
Independent contractors are playing a bigger and bigger role in our economy. But the federal government still has a vested interest in ensuring workers aren’t misclassified as independent contractors when they’re really bona fide employees. This article reviews the key factors used by the IRS...
