Advanced Child Tax Credit Payments 2021

The IRS has sent letters to certain eligible taxpayers regarding changes to the Child Tax Credit (CTC). Rather than take the credit at the end of the year, the IRS is offering to send a portion of the credit directly to you each month unless you opt out. As a firm, we recommend that you […]

Endow Kentucky Tax Credit Available July 1st

The credits are issued on a first come first served basis and many times run out the first week of July so it is important to get your application in by July 1st. Kentucky offers a state tax credit of up to 20% of an endowment gift to a qualified community foundation, county-specific component fund, […]

Employee Retention Credit: The Little-Known Provision That Can Produce Big Savings on Quarterly Payroll Taxes

There is an overlooked element included in the Consolidated Appropriations Act (CAA) that can help organizations receive potentially large tax credits on quarterly payroll tax returns: The Employee Retention Credit (ERC). At a time where few employers can afford to leave money on the table, understanding what ERC is and the basics of qualify for […]

Have you given thought to a company retreat?

Now that the public and businesses are opening back up, it is safe to say that people are looking forward to resuming in-person activities and events. Business owners may start to ask themselves: is this the year that we finally have a firm retreat? Although there are still health risks to consider, your employees may […]

4 Items to Consider When Facing Retirement

Something that many people look forward to is retirement. There are various things that one needs to consider and plan for when moving into this phase of life, some of which could have tax implications. Here is a brief rundown of four tax and financial issues that you may find yourself dealing with when you […]

Recordkeeping the right way: Business Meals & Vehicle Expenses

A good system for keeping business records is crucial, especially If you are claiming deductions for business meals or auto expenses.  The IRS likes to keep a close eye on these types of expenses. Tax auditors are adept at rooting out inconsistencies, omissions, and errors in taxpayers’ records, as illustrated by one recent U.S. Tax […]

Let’s put the “success” in your succession planning.

Positioning your business to succeed must involve a plan on who steps up when their name is called, we want to make sure the next person is engaged and ready. It may seem unnecessary for those that are relatively young and have no intention of surrendering control. However, if the past year or so have […]

Security for employees’ retirement based on new law.

To start the new year, Congress has made considerable changes to individual retirement savings, whether it be with an IRA or other plan. With the passing of the SECURE ACT, these four changes have been made to individual retirement plans. As we head into a new year, the federal government has made beneficial legislative changes […]