FinCen Beneficial Ownership Reporting What is the Beneficial Ownership Information Reporting Rule? The upcoming implementation of the Financial Crimes Enforcement Network’s (FinCEN) Beneficial Ownership Information (BOI) reporting rules on January 1, 2024, may have raised questions for many small business owners.While navigating new regulations can be challenging, understanding the BOI rules and their implications is…
HOW TO PROTECT YOUR BUSINESS AND CUSTOMERS Cyberthieves are everywhere Everyone knows that having strong locks, a security alarm and perhaps a security guard will help protect your business from a physical break in. But what about the sneaky cyberthieves you can’t see coming? There are several things you must implement to protect yourself, your…
§179 vs. BONUS DEPRECIATION Either choice brings large deductions Eventually all business owners will need to purchase or replace assets. When this happens, they need to determine how the cost of those assets will be recovered. Typically, the cost of business assets is recovered over their expected life through depreciation. If your goal is to…
PAYROLL TAX DEFERRAL What this means for you On Aug. 8, 2020, a Presidential Memorandum was issued allowing employers the option to defer withholding and payment of the employee’s portion of Social Security tax if the employee’s wages are below $4,000 on a bi-weekly basis. The relief is available for employers and generally applies to…
HANDLING BUSINESS LOSSES CARES Act eases the rules In 2017, the Tax Cuts and Jobs Act (TCJA) provided that net tax losses from businesses in excess of an inflation-adjusted $500,000 for joint filers, or an inflation-adjusted $250,000 for other taxpayers, are to be treated as net operating loss (NOL) carryforwards in the following tax year….
WORKING FROM HOME? Know what’s deductible If you’re self-employed and use part of your home for business, you may be able to deduct expenses allocable to the business use. The home office deduction is available for homeowners and renters. To qualify for the deduction, you must use the space in your home regularly and exclusively…
DID YOU RECEIVE A PPP LOAN? Get ready to pay it back or pay the taxman. Many small businesses impacted by the coronavirus pandemic were eligible to apply for a loan through the Payroll Protection Program (PPP). These loans were essential for helping to keep employees working and businesses open. You’ve probably heard a lot…
Supreme Court opens door for States to Collect Sales Tax from Out of State Sellers Quill is Dead Long live Wayfair. In an 5-4 split decision on 06/21/2018 the Supreme Court rocked the on-line retail world by ruling in the case South Dakota v. Wayfair Inc. in favor of South Dakota to allow its new…
The coming affordable healthcare act penalty Open Enrollment at the website www.healthcare.gov starts tomorrow. This year it will be open from November 15, 2014 Until February 15, 2015 for health care coverage in 2015. This is the second year that the so called “marketplace” is open to the public for purchasing health insurance. Regardless of…
How to use your kids to save on taxes Choosing between a Flexible Savings Account for dependent care and the Household and Dependent care Tax Credit You might have seen this person before. A stressed out parent who seems to be juggling 20 things at once. For those of us with children who have to…