If you’re an employer with a business where tipping is routine when providing food and beverages, you may qualify for a federal tax credit involving the Social Security and Medicare (FICA) taxes that you pay on your employees’ tip income.
Does Your Business Have Employees Who Get Tips? You May Qualify for a Tax Credit
Posted by Nick Wheeler, CPA on Mar 20, 2024
Posted in Business Tax
Treasury, IRS Release Final Regulations on Elective Pay Election for Energy Tax Credits
Posted by Lesley L. Price, CPA on Mar 19, 2024
The Department of the Treasury and the IRS on March 5 released final regulations (TD 9988) on the elective pay election for certain energy tax credits under IRC Section 6417, added by the Inflation Reduction Act (IRA), which treats the credits as a payment against federal income tax liabilities.
Posted in Business Tax
Managing accounts receivable can be challenging, especially in an uncertain economy. To keep your company financially fit, it’s a good idea to occasionally revisit your billing and collections processes to ensure they’re as efficient and effective as possible. Consider these helpful tips.
Posted in Business Advisory
FinCEN Requires Beneficial Ownership Information
Posted by Michael D. Machen, CPA, CVA on Mar 11, 2024
There is a new reporting requirement in 2024 that pertains to your current and new business(s).
The Corporate Transparency Act (“CTA”) was enacted into law as part of the National Defense Act for Fiscal Year 2021 and requires the disclosure of the beneficial ownership information (otherwise known as “BOI”) of certain entities from people who own or control a company.
Posted in Business Advisory
Auditor independence is the cornerstone of the accounting profession. Auditors’ commitment to follow the standards set forth by the American Institute of Certified Public Accountants (AICPA), the Securities and Exchange Commission (SEC), and the International Auditing and Assurance Standards Board (IAASB) ensures stakeholders can trust that audited financial statements present an accurate picture of the performance and condition of companies.
Posted in Audit & Assurance
Why It's Important to Get Your Company's Financials Done on Time
Posted by Melissa Motley, CPA on Mar 06, 2024
Have you completed your company’s year-end financial statements yet? Most calendar-year entities issue their year-end financials by March of the following year. Lenders and investors may think the worst if a company’s financial reports aren’t submitted in a timely manner. Here are three assumptions your stakeholders could make when your financial statements are late.
Posted in Accounting & Outsourcing
Tax-Wise Ways to Take Cash From Your Corporation While Avoiding Dividend Treatment
Posted by Jessica L. Pagan, CPA on Mar 05, 2024
If you want to withdraw cash from your closely held corporation at a low tax cost, the easiest way is to distribute cash as a dividend. However, a dividend distribution isn’t tax efficient since it’s taxable to you to the extent of your corporation’s “earnings and profits,” but it’s not deductible by the corporation.
Posted in Business Tax
New Independent Contractor Rules: Do They Affect Your Employees?
Posted by Murry Guy, CPA on Feb 23, 2024
The Department of Labor's final rule for employee or independent contractor classification under the Fair Labor Standards Act rescinds the 2021 Independent Contractor Rule, replacing it with guidance on analysis that's more consistent with the FLSA as interpreted by longstanding judicial precedent and was scheduled to take effect March 11, 2024.
Posted in Business Advisory
The ways to pay employees — especially as money continues moving into the digital sphere — have proliferated. You have options. Choose the one that best fits your business. You may want to peruse the different methods to see which makes the most sense for your business in terms of costs and employer responsibilities.
Posted in Payroll, HR & Benefits
Taking Your Spouse on a Business Trip? Can You Write off the Costs?
Posted by Nick Wheeler, CPA on Feb 21, 2024
A recent report shows that post-pandemic global business travel is going strong. The market reached $665.3 billion in 2022 and is estimated to hit $928.4 billion by 2030, according to a report from Research and Markets. If you own your own company and travel for business, you may wonder whether you can deduct the costs of having your spouse accompany you on trips.
Posted in Business Tax