NEWSLETTER

2023 Health Insurance for S Corporation Owners: An Update Here’s an update on the latest developments in 2023 health insurance for S Corporation Owners. As a more-than-2-percent S Corporation Owner, you are entitled to some good news when it comes to your health...

Do you give money to 501(c)(3) charities? Do you get a tax benefit from those donations? Recent changes in the tax code have done much to destroy your benefits from church and other tax-deductible 501(c)(3) donations. But there’s a way to donate the way you want, get...

Your goal should be to get the IRS to owe you money .Of course, the IRS is not likely to cut you a check for this money (although in the right circumstances, that will happen), but you’ll realize the cash when you pay less in taxes. Here are six powerful business...

The big advantage of 529 plans is that qualified withdrawals are always federal-income-tax-free—and usually state-income-tax-free too. What you may not know is that not all 529 withdrawals are tax-free qualified withdrawals, even in years when you have heavy college...

It’s hard to imagine that a small business does not qualify for some or all of the employee retention credit(ERC). And remember, this is a tax credit—one of the very best things that tax law has to offer. True, it’s not as valuable as some other tax credits, because...

When you travel to a business location where you spend the night, you are in travel status. But will the tax rules make this a business or personal night? The rules also affect your costs during the day. When you have an overnight business travel day, you generally...

To be an eligible employee, your new hire must be certified as a member of a targeted group by the applicable State Workforce Agency (SWA). You, as the employer, can either   ·      obtain the certification by the day the employee begins work, or ·      complete...

Self-Employed During the Pandemic? Lawmakers Did Not Forget You Usually, in times of economic dislocation such as the COVID-19 pandemic, the self-employed get no special government help. For example, you generally do not receive benefits that employees get, such as...

This is likely it—your last chance to obtain first- and second-draw Paycheck Protection Program (PPP) monies.   A new law, the PPP Extension Act of 2021, extends the expiration date to the later of May 31 or when the money runs out. Note the phrase “when the...

The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) made many temporary changes in the tax law. The new Consolidated Appropriations Act (CAA) adjusted some of these and left others to die on December 31, 2020.   Below are insights into some of the...

Who Qualifies for First-Draw PPP Money Today?   Two things to know about the Paycheck Protection Program (PPP) first draw enacted on December 27, 2020:   ·      The first draw is for those who missed getting in on the original PPP, which expired on August 8,...

New Forgiveness Rules for Past, Current, and New PPP Money Good news: the new Paycheck Protection Program (PPP) law enacted with the stimulus package adds dollars to your pocket if you have or had PPP money. Note that the PPP money comes to you in what appears to be a...