Blog
Out-of-State Workers and/or Sales May Trigger State Nexus Laws
Does your company conduct sales in states in which you are not registered or in which you have not filed sales and use tax returns? Does your company ship goods or provide services to customers located in states where you have little or no in-state physical presence? Do you have
2021 Social Security Wage Base is Increasing
If your small business is planning for payroll next year, be aware that the “Social Security wage base” is increasing. The Social Security Administration recently announced that the maximum earnings subject to Social Security tax will increase from $137,700 in 2020 to $142,800 in 2021. For 2021, the FICA tax
How long should you keep tax records?
You likely have multiple years of tax-related documents piled up. Which tax records can you toss once you’ve filed each year? Now is a good time to go through old tax records and see what you can discard. The General Rules At minimum, you should keep tax records for as
Deducting Business Website Costs
Most businesses have had a website for many years, but surprisingly, the IRS hasn’t yet issued formal guidance on when Internet website costs can be deducted. Fortunately, established rules that generally apply to the deductibility of business costs, and IRS guidance that applies to software costs, provide business taxpayers launching
Your Estate Plan Needs a Health Care Power of Attorney
What happens if illness, injury or age-related dementia renders you unable to make decisions or communicate your wishes regarding your health care or financial affairs? Unless your estate plan addresses these situations, your family may be forced to seek a court-appointed guardian. Health care arrangements are particularly important because your
New Reporting Requirements for Nonprofits Gifts in Kind
On September 17, the Financial Accounting Standards Board (FASB) issued an accounting rule that will provide more detailed information about noncash contributions charities and other not-for-profit organizations receive known as “gifts in kind.” Here are the details. Need for change Gifts in kind can play an important role in ensuring a
Can investors who manage their own portfolios deduct related expenses?
In some cases, investors have significant related expenses, such as the cost of subscriptions to financial periodicals and clerical expenses. Are they tax deductible? Under the Tax Cut and Jobs Act, these expenses aren’t deductible through 2025 if they’re considered expenses for the production of income. But they are deductible
Choose the Right Level of Assurance for Your Business
The COVID-19 crisis is causing private companies to re-evaluate the type of financial statements they should generate for 2020. Some are considering downgrading to a lower level of assurance to reduce financial reporting costs — but a downgrade may compromise financial reporting quality and reliability. Others recognize the additional risks
Education Tax Breaks for Parents
Despite the COVID-19 pandemic, students are going back to school this fall, either remotely, in-person or under a hybrid schedule. In any event, parents may be eligible for certain tax breaks to help defray the cost of education. Available Education Tax Breaks Summary 1. Higher education tax credits. Generally, you
QuickBooks Tutorial Videos
QuickBooks provides many helpful and short "how to" videos for users of their accounting software. Click on these QuickBooks tutorial links to watch. How to Collect & Record Sales Tax How to Track & Pay Sales Tax How to Set Up Sales Tax How to Send Estimates, Quotes & Proposals