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 …
Gig Economy Taxes You Need to Know
The gig economy has a lot to recommend it, but in a recent notice, the IRS is reminding gig workers that taxes are still a requirement, even if they can …
75+ Tax Write-Offs for Business Owners
Our most frequently asked question during tax season is, “Can I write that off?” When it comes to tax deductions for business owners, the best way to ensure that an …