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.
Some IRA planning and investment strategies may appear easy to execute, but errors can lead to unexpected taxes or penalties, loss of the IRA’s tax-exempt status, and even disinherited beneficiaries. Where can things go wrong? Here are five common IRA misconceptions, as well as tips for making a more informed choice.
The Work Opportunity Tax Credit (WOTC) is a Federal tax credit created as an incentive to employers to hire individuals from certain target groups that have consistently faced significant barriers to employment. The Consolidated Appropriation Act of 2021 extended the WOTC until December 31, 2025, giving employers additional time to make qualifying hires and claim the credit.
As vaccination levels rise and many areas of the country begin to fully reopen, business owners may find themselves wondering: Should we have a company retreat this year?
