ERTC relief program for employers unveiled

Friday, February 02, 2024
Since July 2023, the IRS has taken a series of actions in response to what it has termed a “flood of ineligible claims” for the Employee Retention Tax Credit (ERTC). Most...... Read More

Why it is Important to Track Tools and Small Equipment?

Thursday, February 01, 2024
Is your business constantly replacing its tools and small equipment? Certain items that can fit in a backpack, pocket or even the armrest of a vehicle — such as power...... Read More

What you need to know about restricted stock awards and taxes

Tuesday, January 30, 2024
Restricted stock awards are a popular way for companies to offer equity-oriented executive compensation. Some businesses offer them instead of stock option awards. The reason: Options can lose most or...... Read More

What types of expenses can’t be written off by your business?

Monday, January 29, 2024
If you read the Internal Revenue Code (and you probably don’t want to!), you may be surprised to find that most business deductions aren’t specifically listed. For example, the tax...... Read More

Overview of the offsetting rules

Thursday, January 25, 2024
As companies explore hedging strategies in today’s uncertain economy, management might need to become familiar with the accounting rules for offsetting. Here are the basics, including what needs to be...... Read More

Contributing to your employer’s 401(k) plan: How it works

Tuesday, January 23, 2024
If you’re fortunate to have an employer that offers a 401(k) plan, and you don’t contribute to it, you may wonder if you should participate. In general, it’s a great...... Read More

The Social Security wage base for employees and self-employed people is increasing in 2024

Monday, January 22, 2024
The Social Security Administration recently announced that the wage base for computing Social Security tax will increase to $168,600 for 2024 (up from $160,200 for 2023). Wages and self-employment income...... Read More

Accounting for M&As

Thursday, January 18, 2024
Business merger and acquisition (M&A) transactions have significant financial reporting implications. Notably, the company’s balance sheet will look markedly different than it did before the business combination. Here’s some guidance...... Read More

Facing a future emergency? Two new tax provisions may soon provide relief

Tuesday, January 16, 2024
Perhaps you’ve been in this situation before: You have a financial emergency and need to get your hands on some cash. You consider taking money out of a traditional IRA...... Read More

Business automobiles: How the tax depreciation rules work

Monday, January 15, 2024
Do you use an automobile in your trade or business? If so, you may question how depreciation tax deductions are determined. The rules are complicated, and special limitations that apply...... Read More