Business meal and vehicle expense deductions receive a higher level of scrutiny from the IRS. In some cases, taxpayers are caught recreating supporting documents months or years after they occurred. When doing this, they fail to meet the strict substantiation requirements set forth under tax law. As illustrated by one recent U.S. Tax Court case, […]

If your company has been around for a while, you might assume that you are familiar with who your customers are. However, as they say “ life comes at you fast”! Demographics, consumer preferences and customer desires can all change suddenly. One way to mitigate this risk is to conduct a targeted marketing campaign. This […]

Many workers in recent years have become involved in the “gig“ economy. This category of workers may include food delivery services, walk dogs and ride sharing services. There are tax consequences when performing jobs that don’t involve taxes being deducted from a regular paycheck. The bottom line: If you receive income from freelancing or from […]

The IRS recently released guidance providing the 2024 inflation-adjusted amounts for Health Savings Accounts (HSAs). HSA fundamentals An HSA is a a type of personal savings account that you can set up to pay qualified medical expenses. An HSA can only be put in place to assist a qualified individual who is insured under high […]

Similar to identity theft for individuals, brandjacking is when a hacker tries to hijack your company’s brand. Essentially, a fraudster copies or recreates a business’s digital assets and then uses them to perpetrate fraud against customers, suppliers, employees or other stakeholders. Here are some ways to battle back: The assets in question can include the […]

Retirement brings a lot of changes, many exciting. In this time of change taxes may be the last thing on your mind. We want to help you understand and prepare for tax issues that may pop up upon retirement so that you can get back to enjoying retirement as quickly as possible. Here is a […]

Independent contractors can serve as a valuable resource and as a potential cost savings measure, especially in these times of staff shortages and inflationary pressures. If you use independent contractors though, be careful that these workers are properly classified for federal tax purposes. If the IRS reclassifies them as employees, it can be an expensive […]

Now more than ever the issue of pay equity is being called out for businesses. As a business it is important to fully understand what pay equity is and thoroughly respond to it to make sure your practices are aligned. First, fully understanding what pay equity is and whether and how it’s played out at […]

You may breath a huge sigh of relief once your taxes are filed for the year, but some other questions may start to linger. We’ve answered the top three questions we tend to receive around this time to save you the headspace. When will your refund arrive? The IRS has an online tool that can […]

Business losses can happen whether you are a new business or it’s just been a tough year, but if/when they do, these losses may help you in future years to relieve some of your tax burden. The federal tax code allows businesses to apply prior year losses to offset taxable income in future years, subject […]