If your business receives large amounts of cash or cash equivalents, you may be required to report these transactions to the IRS.
Perhaps you operate your small business as a sole proprietorship and want to form a limited liability company (LLC) to protect your assets. Or maybe you are launching a new business and want to know your options for setting it up. Here are the basics of operating as an LLC and why it might be appropriate for your business.
As we discussed in the first post in our 3-part 401(k) plan audit blog series, companies that have an employee benefit plan with 100 or more participants are required by ERISA (the Employee Retirement Income Security Act of 1974) to have an annual audit by an independent public accountant. However, in many cases plan managers may choose to engage in a limited-scope audit instead of a full-scope audit. In this last post in our series on 401(k) audits, we’ll discuss the differences between limited scope and full scope audits, and how to tell which is right for your company.
Do you play a major role in a closely held corporation and sometimes spend money on corporate expenses personally? These costs may wind up being nondeductible both by an officer and the corporation unless proper steps are taken. This issue is more likely to arise in connection with a financially troubled corporation.
The Small Business Administration (SBA) announced Tuesday that they have awarded more than $7.5 billion in Shuttered Venue Operator Grants (SVOG) to approximately 10,000 live entertainment venues, small businesses, and non-profits.
The IRS launched a new feature on their website this week giving taxpayers digital control over who can represent them or view their tax records. This groundbreaking new feature is one of many recent changes to the IRS’ online tools for individuals, making it easier than ever for taxpayers to manage their records online.
The Economic Growth and Tax Relief Reconciliation Act of 2001 introduced the Roth 401(k) as a retirement plan that employers may offer to their employees as of January 1, 2006. Of course, there are questions that need to be considered, the most important being, should you contribute to a Roth 401(k)?
The Commonwealth of Massachusetts has a new temporary sick leave program related to COVID-19. Under Chapter 16 of the Acts of 2021 (An Act Providing for Massachusetts COVID-19 Emergency Paid Sick Leave), employers are now required to make paid leave time available to employees for COVID-related illnesses, quarantine, and vaccinations. Employers may then apply for reimbursement from the state.
As mitigation measures related to COVID-19 ease, it will be interesting to see which practices and regulatory changes taken in response to the pandemic remain in place long-term. One might be relief from a sometimes-inconvenient requirement related to the administration of 401(k) plans.
Every year, the IRS publishes a list of the latest, most prevalent tax scams. This list, called the Dirty Dozen, serves as a warning to taxpayers, tax professionals and financial institutions, and the IRS urges everyone to remain vigilant in protecting themselves against these and other tax scams.
