If you own or manage a business with employees, you could be at risk for paying a harsh tax penalty called the “Trust Fund Recovery Penalty.” The Trust Fund Recovery Penalty applies to the Social Security and income taxes businesses are required to withhold from their employees’ wages. The employer holds these taxes in “trust”…

If you work in an industry that takes raw materials and turns them into products for your customers, you know that production is a continuous process. Under U.S. Generally Accepted Accounting Principles (GAAP), any work you’ve started but haven’t yet completed by the end of the accounting period must be reported as work in progress…

You may be eligible to take the deduction for qualified business income (QBI), a valuable tax break also known as the pass-through deduction, QBI deduction, or Section 199A deduction. Here are 10 things to know about the deduction: The QBI deduction is available to owners of sole proprietorships, partnerships, S corporations, and single member limited…

When planning their estates, many people choose to divide their assets equally among their children—but an equal distribution may not always be the same as a fair one. Different families have different circumstances, and when it comes to providing for your grandchildren, equal division of your assets among children could result in unfairness. One example…

When it comes to financial reporting, timing matters. The end of the accounting period serves as a hard “cutoff” for recognizing revenue and expenses—but during the COVID-19 pandemic, managers may wish to show earnings or reduce losses, and may want to delay reporting expenses until the next period or extend revenue cutoffs beyond the period’s…

The American Rescue Plan Act (ARPA), enacted in March of 2021, extended and modified the Employee Retention Tax Credit (ERTC), a valuable tax break. Here’s a quick explanation of the rules involved. History of the ERTC Congress originally enacted The ERTC in March of 2020 as part of the CARES Act. It was intended to…

Estate planning doesn’t only determine what happens to your assets—it can also protect yourself and your loved ones. In the event that an illness or injury renders you unconscious or otherwise incapacitated, you’ll want a plan for making critical medical decisions in the event you’re unable to make them yourself. And as with any other…

You’ve probably already worked with your advisor on essential estate planning documents such as your will, a power of attorney, and various trusts—but you should also consider adding a “road map” to your estate plan. What to include In essence, your road map will be an informal document or letter that ensures your wishes are…

Retirement comes with changes in lifestyle and income sources and may have several important tax implications. The following is a quick explanation of four tax and financial issues many people deal with as they retire. Withdrawing your required minimum distributions Your required minimum distribution is the minimum amount you’re required to withdraw from your retirement…

Predicting the metrics that underlie your company’s accounting estimates can be a challenge, especially in today’s unprecedented market conditions. There are several important “unknowns,” including how much longer certain issues involving the COVID-19 pandemic will continue, how the economy will be affected by federal stimulus spending over the long term, and to what extent tax…

In the past, estate planning has tended to focus on objectives like protecting assets against creditors’ claims or lawsuits and minimizing gift and estate taxes. While these are still important goals, many affluent families are now turning their focus to less technical but equally important considerations, such as ensuring the younger generation’s education, preparing them…

Here are a few important tax-related deadlines for the third quarter of 2021 that will affect businesses and other employers. This isn’t an all-inclusive list, so keep in mind that other additional deadlines may apply to you. If you want to make sure you’re meeting all applicable deadlines or have questions about the filing requirements,…