Insights
Should you set up voluntary withholding for your social security payments?
Unsure whether to set up voluntary withholding for your social security payments? This guide breaks down the concept of voluntary withholding, showing how it can help spread your tax liability over the year and make budgeting simpler.
Exploring holding companies: how they work and why they matter
Holding companies offer benefits such as tax efficiency, liability protection, and privacy, but they also present challenges and complexity. This article provides an overview of what holding companies are, how they work, and their pros and cons.
Understanding the Form 8300 e-filing requirements for cash transactions over $10,000
Understand the IRS's new e-filing system for Form 8300, designed to simplify the reporting of cash transactions over $10,000. Learn who must file, the e-filing requirements, and how to apply for a waiver if e-filing is challenging for your business.
Building sustainable wealth: 5 key considerations for emerging high earners
Get valuable insights on how to build sustainable wealth as an emerging high-earner. This article dives deep into managing lifestyle creep, understanding income tax, and making tax-efficient investments. Learn how to leverage everyday expenses to lower your tax bill and preserve wealth.
The CTA ruling: implications for beneficial ownership reporting in the wake of legal challenges
The U.S. District Court for the Northern District of Alabama recently ruled that the Corporate Transparency Act exceeded Congress's legislative powers listed in the Constitution. Learn about the ruling and how this might affect the reporting requirements for your business.
Recent changes: retirement plan eligibility for long-term part-time employees
As of 2024, certain long-term part-time employees are eligible to participate in 401(k) plans. This article provides a detailed understanding of the changes to retirement plan rules brought about by the SECURE Acts.
IRS cautions against companies misrepresenting wellness and nutrition expenses as medical costs
The IRS has issued a warning against companies misrepresenting personal health and wellness expenses as medical expenses. Understand the potential tax implications and how to use your health spending accounts responsibly. Keep yourself informed and avoid falling victim to these misrepresentations.
Understanding the new guidance on pension-linked emergency savings accounts
The SECURE 2.0 Act of 2022 introduced PLESAs, a new type of savings account linked to defined contribution plans. This article provides an overview of the benefits, eligibility criteria, tax implications, and employer responsibilities associated with PLESAs.
Rollout of the IRS’s $1 billion penalty relief program
The IRS is offering a penalty relief program to taxpayers affected by its operational difficulties during the pandemic. Find out if you qualify for this program that is expected to impact around 5 million tax returns.
Is a PEO right for your business? Understanding the pros and cons.
Are you struggling with HR management and compliance issues? Explore how partnering with a PEO can provide a strategic solution, enhancing your operational efficiency and reducing risks.
Self-employed? Here’s how to pick between a SEP IRA and Solo 401(k) for your retirement
Explore two popular retirement plans, SEP IRA and Solo 401(k), for the self-employed in this overview, focusing on their benefits, drawbacks, and the strategic considerations for choosing between them. Learn about higher contribution limits, flexibility, and tax advantages these plans offer. Get insight into which plan best fits your retirement goals and business structure.
From partnerships to side gigs, who really owes self-employment taxes?
Explore the impact of a recent legal shift that broadens the scope of self-employment taxes, including limited partners and gig workers. Learn how everyday activities could land you in the self-employment tax bracket and how to avoid potential penalties.
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