Are you a partner in a business? You may have come across a situation that’s puzzling. In a given year, you may be taxed on more partnership income than was distributed to you from the… Read More »Partners may have to report more income on tax returns than they receive in cash

Many people own Series E and Series EE bonds that were bought many years ago. They may rarely look at them or think about them except on occasional trips to a file cabinet or safe… Read More »The ins and outs of Series EE savings bond taxation

It’s a dilemma that’s been in the news and on business owners’ minds for a while now. The COVID-19 pandemic, along with other world events, have strained supply chains both global and national. And, throwing… Read More »Supply chain software can help digitize the dilemma

Businesses should be aware that they may be responsible for issuing more information reporting forms for 2022 because more workers may fall into the required range of income to be reported. Beginning this year, the… Read More »Businesses: Prepare for the lower 1099-K filing threshold

Are you a charitably minded individual who is also taking distributions from a traditional IRA? You may want to consider the tax advantages of making a cash donation to an IRS-approved charity out of your… Read More »IRA charitable donations: An alternative to taxable required distributions

Keeping up with employment regulations and health care benefits can be a struggle for many small to midsize businesses. One potential solution is engaging a professional employer organization (PEO). PEOs employ experts who understand the… Read More »Could your business benefit from a PEO?

The IRS recently released guidance providing the 2023 inflation-adjusted amounts for Health Savings Accounts (HSAs). High inflation rates will result in next year’s amounts being increased more than they have been in recent years. HSA… Read More »Inflation enhances the 2023 amounts for Health Savings Accounts

Taking care of an elderly parent or grandparent may provide more than just personal satisfaction. You could also be eligible for tax breaks. Here’s a rundown of some of them. 1. Medical expenses. If the… Read More »Caring for an elderly relative? You may be eligible for tax breaks

While many economic indicators remain strong, the U.S. economy is still giving business owners plenty to think about. The nation’s gross domestic product unexpectedly contracted in the first quarter of 2022. Rising inflation is on… Read More »Tighten up billing and collections to mitigate economic uncertainties

The IRS has begun mailing notices to businesses, financial institutions and other payers that filed certain returns with information that doesn’t match the agency’s records. These CP2100 and CP2100A notices are sent by the IRS… Read More »Businesses may receive notices about information returns that don’t match IRS records