There’s a harsh tax penalty that you could be at risk for paying personally if you own or manage a business with employees. It’s called the “Trust Fund Recovery Penalty” and it applies to the Social Security and income taxes required to be withheld by a business from its employees’ wages. Because taxes are considered […]
Who in a small business can be hit with the “Trust Fund Recovery Penalty?” Read More »
Among the only certainties of business technology is that it will continue changing. One consequence of this is a regular need for companies to undertake IT projects such as developing custom software or upgrading network infrastructure. Much like a physical construction job, IT projects often look eminently feasible on “paper” but may get bogged down
Critical path method can propel IT projects Read More »
At many businesses, job descriptions have it easy. They were “hired” (that is, written) many years ago. They haven’t had to change or do anything, really, besides get copied and pasted into a want ad occasionally. They’re not really good at what they do, but they’re used again and again because everyone assumes they’re just
Are your company’s job descriptions pulling their weight? Read More »
Most of us are taught from a young age never to assume anything. Why? Well, because when you assume, you make an … you probably know how the rest of the expression goes. A dangerous assumption that many business owners make is that, if their companies are profitable, their cash flow must also be strong.
Don’t assume your profitable company has strong cash flow Read More »
Here are some of the key tax-related deadlines affecting businesses and other employers during the third quarter of 2021. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. Contact us to ensure you’re meeting all applicable deadlines and to learn more about the filing requirements. Monday,
2021 Q3 tax calendar: Key deadlines for businesses and other employers Read More »
As vaccination levels rise and major U.S. population centers fully reopen, business owners may find themselves pondering an intriguing thought: Should we have a company retreat this year? Although there are still health risks to consider, your employees may love the idea of attending an in-person event after so many months of video calls, emails
Pondering the possibility of a company retreat Read More »
If you’re claiming deductions for business meals or auto expenses, expect the IRS to closely review them. In some cases, taxpayers have incomplete documentation or try to create records months (or years) later. In doing so, they fail to meet the strict substantiation requirements set forth under tax law. Tax auditors are adept at rooting
Recordkeeping DOs and DON’Ts for business meal and vehicle expenses Read More »
If you’re a business owner and you hire your children this summer, you can obtain tax breaks and other nontax benefits. The kids can gain on-the-job experience, spend time with you, save for college and learn how to manage money. And you may be able to: Shift your high-taxed income into tax-free or low-taxed income,
Hiring your minor children this summer? Reap tax and nontax benefits Read More »
It’s happening. With vaccination rates rising and the more severe effects of the pandemic trending downward, several industries have announced in-person trade shows for later this year. Meanwhile, over the summer, businesses will likely see marketing opportunities in other events such as “sidewalk days” and local festivals. Are you and your team ready to get
Are you ready for the return of trade shows and other events? Read More »
Many businesses use independent contractors to help keep their costs down. If you’re among them, make sure that these workers are properly classified for federal tax purposes. If the IRS reclassifies them as employees, it can be a costly error. It can be complex to determine whether a worker is an independent contractor or an
Help ensure the IRS doesn’t reclassify independent contractors as employees Read More »