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Determining Reasonable Compensation for S-Corp Owners
As an owner of an S-Corp, understanding the concept of reasonable compensation is crucial for tax planning and compliance. Learn about the IRS's reasonable compensation rules for determining how much should be taken in the form of wages versus pass-through income...
READ MOREWill You Need To Report Beneficial Ownership Information?
The Corporate Transparency Act will require most businesses to provide beneficial ownership information to the U.S. Department of Treasury to combat money laundering. Find out who needs to report, what information is required, and when the reports must be submitted...
READ MOREReducing Your Risk of an IRS Audit
Worried about getting audited by the IRS? Check out the statistics on IRS audits and tips to reduce your risk of being audited...
READ MOREEight Essential Money Tips for New Grads
Graduation is exciting, but it also means taking control of your finances. Learn how to manage your money like a pro with these eight tips for new grads...
READ MOREHiring Your Child Can Help You Save Big in Taxes
Hiring your child for your business can lead to significant tax savings by shifting income, reducing taxes, and reducing FICA and FUTA obligations. However, it's crucial to follow employment laws and withhold appropriate taxes. Learn more about the benefits and rules for hiring your child...
READ MOREBusiness Travel Expenses: Per Diem vs Actual Expenses
If your employees travel for work purposes, it’s important to understand the various methods of tracking and substantiating travel expenses so that you can maintain accurate records, control costs, and take advantage of potential tax benefits. Watch this video to learn about business travel...
READ MOREIRS Dirty Dozen Top Tax Scams To Avoid
Each year, the Internal Revenue Service publishes its annual Dirty Dozen list of tax scams highlighting various schemes that put taxpayers and their financial well-being at risk. In this video, we'll provide an overview of five of the top scams on the list...
READ MOREScams Regarding the CARES Act Employee Retention Credit
We wanted to remind you about a recent Internal Revenue Service (IRS) warning urging people to carefully review ...
READ MOREBusiness Interest Expense: How Much Can You Deduct?
The tax treatment of business interest expense is governed by Section 163(j) which places limits on the amount of interest businesses can deduct on their tax returns based on their income and other factors. Unfortunately, the calculation for determining a company's limit has changed starting with...
READ MORERetirement plan changes for long-term, part-time employees
SECURE 2.0 changes the rules for how long-term, part-time employees are treated for purposes of 401(k) and 403(b) retirement plans...
READ MORERequired minimum distributions after SECURE 2.0
SECURE 2.0 changes the rules governing how and when certain retirement savers can withdraw money from their retirement accounts and IRAs...
READ MOREExpired and Expiring Tax Provisions that May Impact You and Your Business
The Tax Cuts and Jobs Act of 2017 made several sweeping changes to the tax code. However, many provisions contained a “sunset” or expiration date. This article will review several provisions that have either recently expired or are scheduled to expire in the coming years...
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