With a potential recession on the horizon, most small businesses, in particular, are looking for avenues to cut costs wherever they can. However, that doesn’t mean that your business can’t still grow – you just have to be savvy about …
Small Businesses Can Benefit from the Work Opportunity Tax Credit
The Work Opportunity Tax Credit (WOTC) is a general business credit that is jointly administered by the Internal Revenue Service (IRS) and the Department of Labor (DOL). The WOTC is available for wages paid to certain individuals who begin work …
You May Be Able to Donate Your Unused Employee Vacation, Sick, or Personal Leave to Ukrainian Relief
There is a little-known disaster provision of the tax code that, where if an employer has adopted a leave-based donation program, the employees can forgo paid vacation, sick, or personal leave in exchange for their employer making equivalent cash payments …
IRS Announces Mid-Year Optional Vehicle Mileage Rate Increase
With gas prices soaring it has been expected the IRS would increase the mileage rate that business owners can deduct for vehicle use instead of keeping a record of actual expenses. Sure enough, the IRS recently announced a 4-cent increase …
Why Employee Classification is of Paramount Importance
Not too long ago in Orlando, Florida, a federal investigation uncovered a situation where 22 workers were denied overtime by a Florida-based equipment rental company. The company was paying flat salaries to certain employees, regardless of how many hours they …
Owe the IRS Money? How Long Do They Have to Collect?
Have you ever wondered how long the IRS has to question and assess additional tax on your tax returns? For most taxpayers who reported all their income, the IRS has three years from the date of filing the returns to …
What Are Estimated Tax Payments?
Estimated tax payments are not just for the self-employed. They are for anyone whose withholding and tax credits are significantly less than their projected tax liability, and if used properly, can protect a taxpayer from underpayment penalties. Employees who will …
Managing Your Finances During an Inflationary Period
Managing Your Finances During an Inflationary Period It’s hard to ignore the real-life impacts inflation is having. While gas and grocery prices are having the most immediate effect, the price of almost everything is going up. People who are looking …
IRS Stops Using Facial Authentication Software for Access to Online Accounts
A prior blog article posting included an article about the IRS’ plans to use ID.me facial recognition software for taxpayers and others to authenticate access to their online accounts. Under pressure from privacy activists and several members of Congress, the …
Understanding the Taxation of Cryptocurrency Transactions
If you have purchased, owned, sold, gifted, made purchases with, or used cryptocurrency in business transactions, there are certain tax issues you need to know about. Unfortunately, there are some unanswered questions and little specific guidance offered by the IRS …