IRS suspends processing of ERTC claims
In the face of a flood of illegitimate claims for the Employee Retention Tax Credit (ERTC), the IRS has imposed an immediate moratorium through at least the end of 2023 on processing new claims for…
IRS issues guidance on new retirement catch-up contribution rules
In December 2022, President Biden signed the Setting Every Community Up for Retirement Enhancement (SECURE) 2.0 Act. Among other things, the sweeping new law made some significant changes to so-called catch-up contributions, with implications for both employers…
Take action now to reduce your 2023 income tax bill
A number of factors are making 2023 a confounding tax planning year for many people. They include turbulent markets, stabilizing but still high-interest rates, and significant changes to the rules regarding retirement planning. While much…
5 Ideas to Help Small Business Owners Reduce Taxes for 2023
As year end approaches, small business owners should review their tax situations to determine ways to lower federal income taxes for the current tax year — and beyond. Fortunately, no significant unfavorable federal tax law changes…
Advantages of Group Term Life Insurance as an Employee Benefit
Tax-favored fringe benefits can help your business attract and retain skilled workers. One benefit that’s been around for decades and is typically popular with employees is group term life insurance. With these plans, part or all…
2024 Cost-of-living Adjustments and Tax Planning
The 2024 cost-of-living adjustment numbers have been released: How do they affect your year-end tax planning? Dear Kent, The IRS recently issued its 2024 cost-of-living adjustments for more than 60 tax provisions. With inflation moderating…
5 Ways Financial Advisors Can Help Start-Ups Succeed
Every business starts with a “seed” idea that germinates into a fledging business under the right conditions. The decisions that owners make when launching a start-up will impact its financial well-being for years to come. Here…
Corporate Transparency Act: What You Should Know
Beginning 1/1/2024, most small businesses will be required to report information about the business entity, its beneficial owners and the company applicants who established the entity. Substantial fines and penalties apply if timely reports are…
Once the 2023 tax year is over?
Once the 2023 tax year is over and the numbers are generally set in stone, you can itemize deductions on your federal income tax return if your total allowable itemized write-offs for the year exceeds your…
The flat 21% corporate federal income tax rate
The flat 21% corporate federal income tax rate ushered in by the Tax Cuts and Jobs Act made the idea of operating your business as a C corporation more attractive than before. The flat 21% rate…