Budgeting Success for the Construction Industry
When a construction business doesn’t have a clear idea of its annual budget, it runs the risk of spending more money than it earns that year. You may have been …
Payroll Tax Rates and Contribution Limits for 2023
Below are federal payroll tax rates and benefits contribution limits for 2023. Social Security tax In 2023, the Social Security tax rate is 6.2% for employers and employees, unchanged from …
IRS Clarifies Federal Taxes and State Payments
The IRS has recently announced that “in the interest of sound tax administration and other factors,” taxpayers in many states will not need to report various payments on their 2022 …
Supreme Court Rules HCEs May Be Eligible for Overtime
You may think that the terms “highly compensated worker” and “overtime pay” don’t belong in the same sentence, but the Supreme Court disagrees. HCEs can receive overtime if they are …
How To Create a Business Succession Plan
There is an unbelievable number of companies across a wide array of industries, which may lead you to believe that the creation of a succession plan must be a unique …
Special Compensation Rules for Business Owners
S corporations allow the business to pass corporate income, losses, deductions and credits through to their shareholders for federal tax purposes. But with those great advantages come many rules, including …