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11 Jan, 2017

Help prevent tax identity theft by filing early

If you’re like many Americans, you might not start thinking about filing your tax return until close to this year’s April 18 deadline. You might even want to file for an extension so you don’t have to send your return to the IRS until October... Read More

09 Jan, 2017

New HRA offers small employers an attractive, tax-advantaged health care option

In December, Congress passed the 21st Century Cures Act. The long and complex bill covers a broad range of health care topics, but of particular interest to some businesses should be the Health Reimbursement Arrangement (HRA) provision. Specifically, qualified small employers can now use HRAs... Read More

05 Jan, 2017

Are you able to deduct medical expenses on your tax return?

Medical expense deductions can be difficult for many taxpayers to claim. That’s because most people can only deduct qualified medical expenses, which haven’t been reimbursed by insurance, to the extent they exceed 10% of adjusted gross income (AGI). However, if either you or your spouse... Read More

04 Jan, 2017

2017 Q1 tax calendar: Key deadlines for businesses and other employers

Here are some of the key tax-related deadlines affecting businesses and other employers during the first quarter of 2017. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. Contact us to ensure you’re meeting all applicable... Read More

28 Dec, 2016

Few changes to retirement plan contribution limits for 2017

Retirement plan contribution limits are indexed for inflation, but with inflation remaining low, most of the limits remain unchanged for 2017. The only limit that has increased from the 2016 level is for contributions to defined contribution plans, which has gone up by $1,000. Nevertheless,... Read More

27 Dec, 2016

Reminder: Jan. 31 is the due date for W-2 and Certain 1099-MISC forms

Reminder: Jan. 31 is the due date for W-2 and certain 1099-MISC forms. Unlike in prior years, 2016 W-2 forms (“Wage and Tax Statement”) that report employee compensation and all 1099-MISC forms (“Miscellaneous Income”) that report nonemployee compensation must be filed by Jan. 31, 2017... Read More

21 Dec, 2016

Want to save for education? Make 2016 ESA contributions by December 31

There are many ways to save for a child’s or grandchild’s education. But one has annual contribution limits, and if you don’t make a 2016 contribution by December 31, the opportunity will be lost forever. We’re talking about Coverdell Education Savings Accounts (ESAs). How ESAs... Read More

16 Dec, 2016

Qualified Small Employer HRA

New law creates new type of HRA. The 21st Century Cures Act was recently signed into law. It creates a new type of health reimbursement arrangement (HRA) called a “qualified small employer HRA” that isn’t considered a group health plan for most tax law purposes... Read More

15 Dec, 2016

Your company’s balance sheet makes great reading this time of year

Year end is just about here. You know what that means, right? It’s a great time to settle in by a roaring fire and catch up on reading … your company’s financial statements. One chapter worth a careful perusal is the balance sheet. Therein may... Read More

14 Dec, 2016

Year-end tax strategies for accrual-basis taxpayers

The last month or so of the year offers accrual-basis taxpayers an opportunity to make some timely moves that might enable them to save money on their 2016 tax bill. Record and recognize The key to saving tax as an accrual-basis taxpayer is to properly... Read More