December 1, 2021 / by Brett Hess / Deadlines, Newsletter, Small Business, Tax
In Notice 2021-61, the IRS recently announced 2022 cost-of-living adjustments to dollar limits and thresholds for qualified retirement plans. Here are some highlights: Elective deferrals. The annual limit on elective deferrals (employee contributions) will increase from $19,500 to $20,500 for 401(k), 403(b) and 457 plans, as well as for Salary Reduction Simplified Employee Pensions (SARSEPs). […]
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What businesses can expect from a DOL benefits plan audit
October 30, 2023 / by Brett Hess / Small Business
All but the smallest businesses today are generally expected to offer employees “big picture” benefits such as health insurance and a retirement plan. Among the risks of doing so is that many popular plan types must comply with the Employee Retirement Income Security Act (ERISA). That means lots of rules and much documentation. No matter […]
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Valuations can help business owners plan for the future
October 19, 2023 / by Brett Hess / Small Business
If someone was to suggest that you should have your business appraised, you might wonder whether the person was subtly suggesting that you retire and sell the company. Seriously though, a valuation can serve many purposes other than preparing your business for sale so you can head to the beach. Think of it as a checkup […]
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Keeping meticulous records is the key to tax deductions and painless IRS audits
February 3, 2022 / by Brett Hess / Newsletter, Small Business
If you operate a business, or you’re starting a new one, you know you need to keep records of your income and expenses. Specifically, you should carefully record your expenses in order to claim all of the tax deductions to which you’re entitled. And you want to make sure you can defend the amounts reported […]
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Review your strategic plan … and look aheadReview your strategic plan … and look ahead
December 29, 2021 / by Brett Hess / Small Business, Uncategorized
Business owners, year end is officially here. It may even be over by the time you read this. (If so, Happy New Year!) In any case, the end of one year and the beginning of another is always an optimal time to look back on the preceding 12 calendar months and ask a deceptively simple […]
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Gig workers should understand their tax obligations
December 28, 2021 / by Brett Hess / Newsletter, Small Business, Uncategorized
The number of people engaged in the “gig” or sharing economy has grown in recent years. In an August 2021 survey, the Pew Research Center found that 16% of Americans have earned money at some time through online gig platforms. This includes providing car rides, shopping for groceries, walking dogs, performing household tasks, running errands […]
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Providing a company car? Here’s how taxes are handled
December 23, 2021 / by Brett Hess / Newsletter, Small Business
The use of a company vehicle is a valuable fringe benefit for owners and employees of small businesses. This perk results in tax deductions for the employer as well as tax breaks for the owners and employees using the cars. (And of course, they get the nontax benefit of getting a company car.) Plus, current […]
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IRS announces adjustments to key retirement plan limits
December 1, 2021 / by Brett Hess / Deadlines, Newsletter, Small Business, Tax
In Notice 2021-61, the IRS recently announced 2022 cost-of-living adjustments to dollar limits and thresholds for qualified retirement plans. Here are some highlights: Elective deferrals. The annual limit on elective deferrals (employee contributions) will increase from $19,500 to $20,500 for 401(k), 403(b) and 457 plans, as well as for Salary Reduction Simplified Employee Pensions (SARSEPs). […]
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New digital asset reporting requirements will be imposed in coming years
November 24, 2021 / by Brett Hess / Deadlines, Newsletter, Small Business, Tax
The Infrastructure Investment and Jobs Act (IIJA) was signed into law on November 15, 2021. It includes new information reporting requirements that will generally apply to digital asset transactions starting in 2023. Cryptocurrency exchanges will be required to perform intermediary Form 1099 reporting for cryptocurrency transactions. Existing reporting rules If you have a stock brokerage […]
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Businesses can show appreciation — and gain tax breaks — with holiday gifts and parties
November 24, 2021 / by Brett Hess / Newsletter, Small Business, Tax
With Thanksgiving just around the corner, the holiday season will soon be here. At this time of year, your business may want to show its gratitude to employees and customers by giving them gifts or hosting holiday parties again after a year of forgoing them due to the pandemic. It’s a good time to brush […]
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The tax score of winning
October 6, 2021 / by Brett Hess / Deadlines, Newsletter, Small Business, Tax
Studies have found that more people are engaging in online gambling and sports betting since the pandemic began. And there are still more traditional ways to gamble and play the lottery. If you’re lucky enough to win, be aware that tax consequences go along with your good fortune. Review the tax rules Whether you win […]
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