This past year has been one of the more challenging we have faced. Going forward, for as long as it’s useful, we will bring you a regular round up of relevant COVID-19 relief information highlighting what you need to know to manage through this crisis. Click here for key updates. Checklists for Paycheck Protection Credits […]
Author Archive: rudleradmin
Every Business Needs a Strong Accounts Receivable Policies and Procedures
Are you a small, mid-size or large business? No matter the size or shape of a business, one really can’t overstate the importance of sound accounts receivable policies and procedures. Without a strong and steady inflow of cash, even the most wildly successful company will likely stumble and could even collapse. If your accounts receivables […]
How taxpayers who manage their own investment portfolios deduct related expenses?
Are you a investor or a trader? If you have significant investment activities you could be considered a trader and qualify as someone who is involved in a trade of business and possibly deduct investment related expenses. Do you have significant investment-related expenses, including the cost of subscriptions to financial services, home office expenses […]
“Trust Fund Recovery Penalty”, who is your small business can be affected by it?
The Trust Fund Recovery Penalty is an extremely severe penalty and should not be taken lightly. It applies to the Social Security and income taxes required to be withheld by a business from its employees’ wages. Here are some answers to questions about the penalty so you can safely avoid it. This money withheld […]
Administrative relief for 401(k) plans has been extended by the IRS
As measures set forth due to COVID-19 start to ease, some of them will stay in place long term. One of the possible changes that may be made permanent is the relief from a requirement related to the administration of 401(k) plans. A virtual solution In IRS Notice 2021-40, the IRS recently announced […]
IRS audits were down for 2020 but may be on the rise
Even though the IRS just released statistics showing that fewer returns were audited for the 2020 fiscal year compared to prior years, the IRS will still examine thousands of returns this year. With proper planning, you may fare well even if you’re one of the unlucky ones. Latest statistics Overall, just 0.5% of individual […]
10 facts about the qualified business income deduction to help you know if you qualify
Are you a business owner and wondering if you are eligible to take the deduction for qualified business income (QBI)? Here are 10 facts that can help you determine if you are eligible for this valuable tax break. It’s available to owners of sole proprietorships, single member limited liability companies (LLCs), partnerships and S […]
The advantages of the Critical Path Method in IT projects
Regarding business technology, the only sure thing is that change is the main constant. That is why companies need to regularly undertake IT projects such as developing custom software or upgrading network infrastructure. One potential solution to keeping IT projects on schedule and within budget is to follow an approach called the critical path method […]
Nonworking spouses have the ability to contribute to an IRA, don’t miss out!
In general, an IRA contribution is allowed only if a taxpayer earns compensation. However, there’s an exception involving a “spousal” IRA. This exception allows contributions to be made for nonworking spouses. For 2021, the amount that an eligible married couple can contribute to an IRA for a nonworking spouse is $6,000, which is the […]
Businesses that are eligible can benefit from the powerful Employee Retention Tax Credit
The Employee Retention Tax Credit (ERTC) is a valuable tax break that was extended and modified by the American Rescue Plan Act (ARPA), enacted in March of 2021. Following are the guidelines. Background Back in March of 2020, Congress originally enacted the ERTC in the CARES Act to encourage employers to hire and retain […]