Insights

Employees in occupations where gratuities are common, such as restaurant waitstaff, have long fallen into a special category when it comes to minimum wage rules. Government regulations allow “an employer to satisfy a portion of its minimum wage obligation to a ‘tipped employee’ by taking a partial credit, known as a ‘tip credit,’ toward the…

Have you been deducting your R&D expenses as they occur? Starting in the new year, that option is obsolete pending any legislation change for year end. You will have to amortize them over multiple years. The IRS will require business owners to amortize Section 174 research expenses, which are qualifying research expenses or “QREs,” over…

As we near the end of another turbulent year, it’s time to discuss the steps you need to take to reduce your tax burden for 2021 (and beyond). Unlike other years, 2021 presents many unique moving parts to the tax puzzle and will require strategic planning to favorably position you for the future. This article…

2021 brought a wave of new tax changes for businesses, and 2022 could bring yet another surge. With the end of the year in sight, there’s a window of opportunity in the fourth quarter to make strategic tax planning moves that will reduce the amount of taxes owed come tax time. Potential tax increases continue…

The Main Street Hiring Credit has been reenacted for 2021, bringing financial relief to small businesses disrupted by COVID. Qualifying small businesses can reserve their credit between Nov. 1 – Nov. 30, or sooner if the $70 million cap is reached first. This year’s hiring credit has been expanded to allow more businesses to qualify…

Every day that passes marks less time for private companies to get ready for ASC 842, the new lease accounting standard. Private companies will have to comply with this standard in fiscal years beginning after December 15, 2021, and interim periods within fiscal years beginning after December 15, 2022. ASC 842 is intended to “increase…

The IRS is reminding families about the Credit for Other Dependents, a tax credit available to taxpayers for each of their qualifying dependents who cannot be claimed for the Child Tax Credit. The maximum credit amount is $500 for each dependent who meets certain conditions, including: Dependents who are age 17 or older. Dependents who have individual…

If you work for a nonprofit that’s funded by grants or donations, you need to keep iron-clad records in order to account for every penny if you’re ever audited. However, that doesn’t mean you need to retain all your files forever. Nobody has the storage space for that. Here’s a handy guide to how long…

President Biden’s proposed infrastructure plan does not explicitly raise estate taxes. Instead, it ends the step-up in basis that wealthy taxpayers often use to minimize the tax on inherited wealth. The step-up in basis allows heirs to calculate their capital gains rate using the fair market value of assets at the time they are transferred…

The “race to the bottom” of international tax rates may soon come to an end. The Organisation for Economic Cooperation and Development (OECD) is working with countries across the globe on a framework designed to level the playing field. Leaders from 130 countries backed a broad outline last month that will seek to overhaul rules for taxing international corporations. In an effort…