Employee Retention Credits

Employee Retention Credits Last year, the CARES Act introduced an Employee Retention Credit (ERC) to provide reimbursement of wages for businesses affected by the COVID-19 virus and incentivize employers to maintain a pre-pandemic level workforce. Although it was expanded and scheduled to expire at the end of the second quarter of 2021, it is ARPA…

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R&D Credits

R&D Credits Is your organization working to improve existing products, processes, or software? Or are you developing new ones? The research and development (R&D) tax credit has the potential to benefit your organization by providing valuable tax savings. The Research and Development (R&D) Tax Credit remains one of the best opportunities for businesses to substantially reduce their…

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How Secure is Your Client Data?

How Secure is Your Client Data? As the digital world continues to expand, we must protect all of the information and valuables associated. Having faulty cybersecurity leaves a window of opportunity for cyber theft and data corruption. We have a team of certified specialists to identify weaknesses and implement the proper tools to prevent an…

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Six Steps to Protect Against Taxpayer ID Theft

Six Steps to Protect Against Taxpayer ID Theft Tax-related identity theft occurs when someone uses a taxpayer’s stolen personal information, such as a Social Security number, to file a tax return claiming a false refund. Thieves are actively working to steal taxpayer information and identities, and everyone should do everything they can to prevent identity…

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What to Know About Backup Withholding

What to Know About Backup Withholding Backup withholding is a federal tax on income that otherwise typically doesn’t require tax withholding, such as 1099 and W2-G income. Taxpayers who receive this type of income may have backup withholding deducted from their payments. Here is what you should know about backup withholding: Backup withholding is required…

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Employee Relocation: What Happens to Your Home?

Employee Relocation: What Happens to Your Home? Employees and small business owners often have questions about what to do with an employee’s home – and what the tax consequences might be – when they move to a new job location. Here are some answers: Employees Most employers want to protect the employee from being relocated…

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Advance Child Tax Credit Payments Start This Month

Advance Child Tax Credit Payments Start This Month The Internal Revenue Service has started sending letters to more than 36 million American families who, based on tax returns filed with the agency, may be eligible to receive monthly Child Tax Credit payments starting July 15, 2021. Here’s what families need to know: Background The expanded…

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Tips for Students with a Summer Job

Tips for Students with a Summer Job If your child is a student with a summer job, the income your child earns over the summer is considered taxable income. Here’s what they should know: Form W-4. When anyone gets a new job, they need to fill out a Form W-4, Employee’s Withholding Allowance Certificate. Employers use this…

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HSA Limits Increase for 2022

HSA Limits Increase for 2022 Contributions to a Health Savings Account (HSA) are used to pay current or future medical expenses of the account owner, his or her spouse, and any qualified dependent and are adjusted annually for inflation. For 2022, the annual inflation-adjusted contribution limit for a Health Savings Account (HSA) increases to $$3,650…

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Refunds for Nontaxable Unemployment Compensation

Refunds for Nontaxable Unemployment Compensation The IRS is automatically refunding money to eligible people who filed their tax return reporting unemployment compensation before the recent changes made by the American Rescue Plan. Background Typically, when an individual receives unemployment compensation it is taxable. However, under a recent law change (American Rescue Plan), taxpayers who earned…

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Avoiding Tax Surprises When Retiring Overseas

Are you approaching retirement age and wondering where you can retire to make your retirement nest egg last longer? Retiring abroad may be the answer. But first, it’s important to look at the tax implications because not all retirement country destinations are created equal. Taxes on Worldwide Income Leaving the United States does not exempt…

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Saving for Education: Understanding 529 Plans

Saving for Education: Understanding 529 Plans Many parents are looking for ways to save for their child’s education and a 529 Plan is an excellent way to do so. Even better, is that thanks to the passage of tax reform legislation in 2017, 529 plans are now available to parents wishing to save for their…

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