As the end of 2023 quickly approaches, it's time for businesses to start gathering data that needs to be reported on Forms W-2. Here's a list of things to be aware of: Personal Use of Company Vehicles - If your employees drive a company-owned or leased vehicle and use it for personal reasons, you'll need to account for that as…
If you watch TV commercials, you may have noticed a lot of recent ads promoting payroll tax refunds available to employers through the Employee Retention Credit (ERC). The ERC was part of pandemic relief programs available to businesses who were shut down due to the COVID-19 pandemic or had a significant decline in gross receipts during the eligibility period. However,…
It's no secret that the government observes different holidays than many of us. Furthermore, the IRS observes holidays applicable to the District of Columbia, which can also throw a curveball. Here's the list of legal holidays observed by the IRS in 2023: January 2—New Year's Day (observed) January 16—Birthday of Martin Luther King, Jr. February 20—Washington's Birthday April 17—District of…
These days, it seems like everyone has an online presence. Whether it's Facebook, Twitter, Instagram, YouTube, TikTok, or just plain old websites, everybody has a story to tell and a product to sell. Financial "experts" are everywhere! But name recognition does not necessarily result in accurate information. In the midst of all those voices - especially charismatic and popular voices…
We recently met with our friends at Stephens Real Estate. We enjoyed fielding questions and providing information on several topics. Some of these had accompanying resources we have linked below. These are, of course, general resources. Contact your tax professional for guidance associated with your specific circumstances. Small Business Expensing under Code Section 179 Business Tax Deductions You Might Miss…
Different types of contributions require different types of recordkeeping. If you want to deduct charitable contributions, you need to substantiate those deductions with good records. Here are the requirements for different types of contributions: Cash Contributions This includes donations made using all forms of cash and cash equivalents - cash, checks, electronic transfer, online payments, debit cards, credit cards, payroll…
To download a handy chart of 2023 dollar limits for employee benefit plans and various tax items, click on the link below: 2023 Dollar Limits Flyer
The first rule of running a business is to keep your personal and business finances completely separate from each other. Your business is a distinctly separate entity and needs to be treated accordingly. If you don't follow this rule, your personal finances could be in jeopardy. How to Keep Finances Separate This includes keeping separate bank accounts for yourself and…
Every good movie has a sequel. In this case, the "movie" is SECURE Act 2.0 - a sweeping piece of legislation that if passed, will affect both individual and company-sponsored retirement plans. The Back Story In 2019, Congress passed the SECURE Act, which affected many aspects of retirement plans. One of its most memorable scenes was increasing the required minimum…
It's time to replace your Form 941 with a new one. Just in time before the end of Q2, the IRS has now issued a new version of Form 941 and its related schedules. If you have a March 2022 version sitting around, it can only be used for first quarter 2022 reporting. The new June 2022 revision should be…