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Are you unfairly burdened by a spouse’s tax errors? You may qualify for “innocent spouse relief”
Navigating the complexities of tax law can be difficult, especially when faced with an unexpected tax bill due to the errors of a spouse or ex-spouse. The reason for such a bill has to do with the concept of “joint and several” liability. When a married couple files a...
Documenting employee disciplinary actions demands attention to detail
In the best of all possible worlds, every employee is engaged, productive and compliant with organizational policies. Back here on Planet Earth, most employers must occasionally take disciplinary action against employees. When this situation arises at your...
Do you owe estimated taxes? If so, when is the next one due?
Federal estimated tax payments are designed to ensure that certain individuals pay their fair share of taxes throughout the year. If you don’t have enough federal tax withheld from your paychecks and other payments, you may have to make estimated tax payments. This is...
The tax implications of disability income benefits
Many Americans receive disability income. Are you one of them, or will you soon be? If so, you may ask: Is the income taxed and if it is, how? It depends on the type of disability benefit and your overall income. The key issue is: Who paid for the benefit? If the...
Cash flow management fundamentals for construction businesses
Construction companies have always faced challenges when it comes to cash flow. The difficulty largely springs from the often-lengthy gaps between winning projects, doing the work and receiving payments. As a result, it’s critical for construction business owners and...
Employers considering new 401(k) plans should review auto-enrollment rules
Is your organization considering “taking the plunge” and sponsoring a 401(k) plan? If so, you’ll want to review the concept and rules regarding auto-enrollment — that is, automatically enrolling employees in the plan and letting them decide whether to opt out. This...
Want to launch a manufacturing company? Factor in the tax treatment of start-up costs
Starting a manufacturing company isn’t a decision to be taken lightly. But given the current demand for innovative, technology-driven solutions to an array of challenging problems, there are many new opportunities for entrepreneurs to grasp. Of course, getting a...
Financial statements of many employer-sponsored benefit plans must be audited
The term “audit” is most commonly associated with tax returns, but it has other applications as well. One type of audit that many employers must familiarize themselves with applies to the financial statements associated with the health care and retirement plans they...
Further investing in automated equipment may be the right move for manufacturers
If your manufacturing plant has invested in automated equipment, such as robots, you’re not alone. In fact, according to the International Federation of Robotics, U.S.-based manufacturers invested in 44,303 robotic units in 2023, up 12% from 2022. Another study from...
7 ways construction companies can address materials costs
Although the overall costs of construction materials nationwide have stabilized somewhat this year, many contractors still likely face challenges in this area. The price of specific types of materials continues to fluctuate, and local markets are subject to turbulence...
Manufacturers should consider these 7 midyear tax-reduction moves now
July marks the halfway point of the year and is generally an ideal time for manufacturers to assess their tax situation and plan appropriate strategies for reducing their 2024 tax liability. Bearing in mind that every company’s situation is unique, here are seven...
Planning your estate? Don’t overlook income taxes
The current estate tax exemption amount ($13.61 million in 2024) has led many people to feel they no longer need to be concerned about federal estate tax. Before 2011, a much smaller exemption resulted in many people with more modest estates attempting to avoid it....
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