Why you might want to file early and answers to other tax season questions

The IRS announced it opened the 2023 individual income tax return filing season on January 23. That’s when the agency began accepting and processing 2022 tax year returns. Even if you typically don’t file until much closer to the mid-April deadline (or you file for an extension), consider filing earlier this year. The reason is you can potentially protect yourself from tax identity theft.

Is now the time for your small business to launch a retirement plan?

USD dollar sign print screen on alarm clock on wooden table with copy space , Money and time management concept.

Many small businesses start out as “lean enterprises,” with costs kept to a minimum to lower risks and maximize cash flow. But there comes a point in the evolution of many companies — particularly in a tight job market — when investing money in employee benefits becomes advisable, if not downright mandatory.

SECURE Act 2.0 – Part 2

Workplace retirement plans were also affected by the recently passed SECURE Act 2.0, which is where we start back up with part two of our SECURE Act 2.0 blog series.

The Secure Act 2.0 – Part 1

There are some major changes rolling out in the next few years related to many types of retirement accounts, courtesy of what is known as the SECURE Act 2.0. The first of the legislation will roll-out in fiscal year 2023, although the full impact may not be felt until 2033 when the last of these changes goes into effect. The SECURE Act 2.0 will be a game-changer that will affect employer and employee plans, as well as individual retirement account (IRA) owners and beneficiaries.

Employers should be wary of ERC claims that are too good to be true

Employee retention tax credit papers and folder.

The Employee Retention Credit (ERC) was a valuable tax credit that helped employers that kept workers on staff during the height of the COVID-19 pandemic. While the credit is no longer available, eligible employers that haven’t yet claimed it might still be able to do so by filing amended payroll returns for tax years 2020 and 2021.

Unused PTO a problem? Consider a contribution arrangement

PTO Paid Time Off Clock Vacation Hours Leave 3d Illustration

A new year has arrived. For many businesses, this means employees’ paid time off (PTO) arrangements have reset. And at companies with “use it or lose it” policies, workers have likely left a few or perhaps many unused hours on the table.

IRS delays $600 threshold for Form 1099-K reporting

Good news for anyone who uses one or more of the popular payment applications such as Venmo, PayPal, or CashApp: the new tax reporting requirement threshold that was scheduled to take effect for the 2022 tax year has been delayed!

SECURE 2.0 law may make you more secure in retirement

A new law was recently signed that will help Americans save more for retirement, although many of the provisions don’t kick in for a few years. The Setting Every Community Up for Retirement Enhancement 2.0 Act (SECURE 2.0) was signed into law on December 29, 2022.

Renting to a relative? Watch out for tax traps

If you own a home and rent it to a relative, you may be surprised to find out there could be tax consequences.

Inbound vs. outbound: Balancing your company’s sales strategies

Hand drawing Value Price scale business concept with white marker on transparent wipe board on dark blue background. Big value, small price.

It might sound like the lingo of air traffic controllers — inbound vs. outbound. But businesses of all types must grapple with these concepts and their associated challenges when developing sales strategies.