Newsletters
Prior Articles
What is “transparency” of health care coverage?
Many employers, particularly large companies, pride themselves on being transparent about how and with whom they do business. The term “transparency,” however, isn’t limited to this widely discussed and debated topic. It also applies to group health plans. More...
Small businesses: Cash in on depreciation tax savers
As we approach the end of the year, it’s a good time to think about whether your business needs to buy business equipment and other depreciable property. If so, you may benefit from the Section 179 depreciation tax deduction for business property. The election...
IRS releases final instructions for payroll tax form related to COVID-19 relief
In response to the COVID-19 pandemic, the federal government enacted legislation that includes deferral of the employer’s portion of Social Security tax. The IRS then significantly revised Form 941-X, “Adjusted Employer’s Quarterly Federal Tax Return or Claim for...
Our offices will be closed in observance of Thanksgiving
In observance of Thanksgiving, our offices will be closed from Wednesday, November 25th through Sunday, November 29th. We will resume normal business hours on Monday, November 30th.
The importance of S corporation basis and distribution elections
S corporations can provide tax advantages over C corporations in the right circumstances. This is true if you expect that the business will incur losses in its early years because shareholders in a C corporation generally get no tax benefit from such losses....
2021 COLAs for popular fringe benefits
The IRS recently released 2021 cost-of-living adjustments (COLAs) for a wide variety of tax-related limits, including those related to many popular fringe benefits. Here are some highlights to be aware of: Health Flexible Spending Accounts (FSAs). For 2021, the dollar...
Health Savings Accounts for your small business
Small business owners are well aware of the increasing cost of employee health care benefits. As a result, your business may be interested in providing some of these benefits through an employer-sponsored Health Savings Account (HSA). Or perhaps you already have an...
Agencies issue final regs addressing a COVID-19 vaccine and more
The IRS, U.S. Department of Labor and Department of Health and Human Services recently issued interim final regulations addressing group health plan coverage of COVID-19 preventive services — including vaccinations — and testing. The regulations are effective...
Do you want to withdraw cash from your closely held corporation at a low tax cost?
Owners of closely held corporations are often interested in easily withdrawing money from their businesses at the lowest possible tax cost. The simplest way is to distribute cash as a dividend. However, a dividend distribution isn’t tax-efficient, since it’s taxable...
2021 dollar limits and thresholds for 401(k)s and similar plans
The IRS recently announced the 2021 dollar limits and thresholds for retirement plans, reflecting the latest cost-of-living adjustments. Here are some relevant amounts for 401(k)s and similar plans: Annual contributions. The limit on annual contributions to 401(k) and...
Tax responsibilities if your business is closing amid the pandemic
Unfortunately, the COVID-19 pandemic has forced many businesses to shut down. If this is your situation, we’re here to assist you in any way we can, including taking care of the various tax obligations that must be met. Of course, a business must file a final income...
Using an employee survey to assess the pandemic’s impact
In the pre-pandemic world, employee surveys were helpful tools in evaluating engagement and gathering input. Now, as employers continue to soldier on through the COVID-19 crisis, conducting a survey could be a mission critical move to assess the impact of this year’s...
Dedicated, Mindful and Accountable.
DMA Accountancy Corporation
1400 N. Harbor Blvd., Ste #605
Fullerton, CA 92835