Information on taxes.

bonus depreciation

Bonus Depreciation - 5 key points for you here

Under current law, 100% bonus depreciation will be phased out in steps for property placed in service in calendar years 2023 through 2027. Thus, an 80% rate will apply to property placed in service in 2023, 60% in 2024, 40% in 2025, and 20%…
back to school

Back-to-school tax breaks on the books for parents

Despite the COVID-19 pandemic, students are going back to school this fall, either remotely, in-person or under a hybrid schedule. In any event, parents may be eligible for certain tax breaks to help defray the cost of education. Here is…

ESOPs offer businesses a variety of benefits

Wouldn’t it be great if your employees worked as if they owned the company? Employee stock ownership plan (ESOPs) could make this a reality. Under an ESOP, employee participants take part ownership of the business through a retirement savings…
health care accounts

Helping Employees Understand Their Health Care Account

Many businesses now offer, as part of their health care account benefits, various types of accounts that reimburse employees for medical expenses on a tax-advantaged basis. These include health Flexible Spending Accounts (FSAs), Health Reimbursement…
social security benefits

Will You Have to Pay Tax on Your Social Security Benefits?

If you’re getting close to retirement, you may wonder: Are my Social Security benefits going to be taxed? And if so, how much will you have to pay? It depends on your other income. If you’re taxed, between 50% and 85% of your benefits…
balance due notice

Did you receive a balance due notice from the IRS?

Many taxpayers have been receiving a balance due notice from the IRS even though they sent in their tax payments to the IRS months ago. At one point, the IRS had approximately 12 million pieces of unopened correspondence in its inventory.…
payroll tax deferral

The President’s Action on Payroll Tax Deferral

On August 8, President Trump signed four executive actions, including a Presidential Memorandum to defer the employee’s portion of Social Security taxes for some people. These actions on payroll tax deferral were taken in an effort to offer…
can't pay taxes

What Happens if an Individual Can’t Pay Taxes

While you probably don’t have any problems paying your tax bills, you may wonder: What happens in the event you (or someone you know) can’t pay taxes on time? Here’s a look at the options. Most importantly, don’t let the inability…
transaction reports

File cash transaction reports for your business

Does your business receive large amounts of cash or cash equivalents? You may be required to submit forms to the IRS to file these transaction reports. Filing requirements Each person engaged in a trade or business who, in the course of…