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February 2, 2022
FICA Tax Credit: If Your Employees Receive Tips, Your Business May Be Eligible

If your business employs workers who receive tips for serving food and beverages and you pay Social Security and Medicare (FICA) taxes on tip income for these employees, you may qualify for a federal tax credit. The FICA credit This tax credit applies with respect to tips received by your employees in connection to providing […]

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February 1, 2022
How to account for change orders

Even though last-minute updates to contracts can be challenging for businesses, they provide a chance to increase profits—but they must be handled in accordance with appropriate accounting rules. However, with a strategic workflow in place, they don’t have to derail progress towards completing contract agreements.  Common contract issues One of the most common issues with […]

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January 28, 2022
Preventing Commission Fraud: How to Ensure Your Salespeople Aren’t Claiming More than They’ve Earned

Many workers receive at least part of their compensation from sales-related commissions—and some companies even allow for unlimited commissions in order to attract and retain the best talent. However, it’s an unfortunate fact that some employees abuse this system by falsifying sales or rates in order to receive higher compensation. Although the specific methods of […]

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January 17, 2022
Revised Tax Limits for 2022: How Will My Taxes Be Affected?

Although the Build Back Better Act wasn’t passed by Congress in 2021, your tax situation may still be affected by tax changes in the coming year, since some tax figures are adjusted for inflation annually. Your 2021 individual tax return is generally due by April 18 (assuming you didn’t file for an extension), so you’re […]

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January 11, 2022
Tax Obligations for Gig Workers

An increasing number of people have engaged in the “gig” or sharing economy over the past few years. In fact, 16% of Americans have earned money through online gig platforms at some time according to the Pew Research Center’s August 2021 survey. This gig work includes providing car rides, performing household tasks, walking dogs, shopping […]

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January 7, 2022
Defer tax with a like-kind exchange

If you’re looking to sell commercial or investment real estate that’s significantly appreciated, you may be able to defer the tax on the gain using a Section 1031 “like-kind” exchange.  In a like-kind exchange, real property held for investment or for productive use in your trade or business (relinquished property) is exchanged for like-kind investment, […]

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January 6, 2022
End-of-Year Tax Strategies for Stock Market Investors

Carefully structuring capital gains and losses may allow you to save taxes as the end of the year approaches. If you have any losses on investments this year, you may have certain opportunities to offset gains with losses. For instance, if you lost money on some stock this year but you have other stock that’s […]

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January 3, 2022
Thinking of Buying a Corporate Aircraft? Here Are the Tax Implications

Successful businesses that rely on frequent travel may benefit from buying a corporate aircraft, but aircraft ownership comes with a number of tax and non-tax implications. Here are a few of the basic tax rules that may apply. Aircraft used only for business When a company buys a plane for business use only, it can […]

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December 30, 2021
Tax Rules for Court Awards and Out-of-Court Settlements

There are a number of reasons why you may be provided with an award or settlement—including compensatory and punitive damage payments for discrimination, harassment, or personal injury. If so, some of the amount is subject to federal taxes and may also be taxed at the state level. Hopefully, you won’t ever experience a personal injury […]

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