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Exploring Employee Benefit Plans

Part 1: Eligible Compensation Common Finding Plans have the ability to define the Plan’s eligible or ineligible compensation. It is vital that those involved in payroll are well aware of these delineations. The Company’s payroll calculations for employee retirement withholdings and employer match or profit-sharing benefit need to agree with…

February 29, 2024

Bonus Depreciation Update

Under current law, bonus depreciation is limited to 80% of the cost of eligible property placed into service in 2023. As of the date of this publication, there is pending legislation (The Tax Relief for American Families and Workers Act of 2024) which includes a provision that would retroactively change…

February 20, 2024

New Incentives to Trade in your Gas Guzzler

The Inflation Reduction Act of 2022 encourages taxpayers to consider switching from gas powered vehicles to electric vehicles by expanding the New Clean Vehicle Credit and introducing the Used Clean Vehicle Credit. Requirements of both credits include purchasing the vehicle from a dealer, using the vehicle primarily within the United…

February 13, 2024

2024 Tax Season Officially Underway

The IRS began accepting and processing individual tax returns on January 29. This year’s filing deadline for individual returns is April 15, 2024. The IRS expects to receive more than 146 million individual tax returns for 2023 during the next two and a half months. If you haven’t already, now…

January 30, 2024

Avoiding the Year End Scramble

An African proverb states, “The best way to eat an elephant in your path is to cut him up into little pieces.” Preparing for business taxes at the end of the year can seem like eating an elephant – an overwhelming task. Cutting up the work into smaller pieces, and…

January 22, 2024

Top 10 Tax Questions

10. I contributed money to my kids’ 529 education plans. What is the deduction for that? A: Federally, none. The money grows tax free and comes out tax free as long as it’s used for qualified educational expenses. In certain states with a state income tax, there are possible deductions…

January 22, 2024