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Launching a small business? Here are some tax considerations
While many businesses have been forced to close due to the COVID-19 pandemic, some entrepreneurs have started new small businesses. Many of these people start out operating as sole proprietors. Here are some tax rules and considerations involved in operating with that...
4 ways to kickstart your diversity and inclusion program
Among the hottest HR issues of the last year or two has been diversity and inclusion. The term refers to an employer’s conscious and conscientious effort to create a working environment in which all employees — regardless of background, identity or beliefs — are...
Work Opportunity Tax Credit extended through 2025
Are you a business owner thinking about hiring? Be aware that a recent law extended a credit for hiring individuals from one or more targeted groups. Employers can qualify for a tax credit known as the Work Opportunity Tax Credit (WOTC) that’s worth as much as $2,400...
Pension plan sponsors may need to search for “lost” participants
For employers that still maintain a pension plan, losing contact with former employees who are vested can be problematic. The issue typically becomes most acute when it’s time for those participants to begin receiving their required minimum distributions (RMDs)....
If you run a business from home, you could qualify for home office deductions
During the COVID-19 pandemic, many people are working from home. If you’re self-employed and run your business from your home or perform certain functions there, you might be able to claim deductions for home office expenses against your business income. There are two...
When to worry about an employee’s outside-of-work actions
For employers, the events of the past year have been a great accelerator. Workplace changes that may have otherwise taken years to evolve have occurred quickly. One example is remote work. Many employees who wouldn’t have seriously considered working remotely had to...
What are the tax implications of buying or selling a business?
Merger and acquisition activity in many industries slowed during 2020 due to COVID-19. But analysts expect it to improve in 2021 as the country comes out of the pandemic. If you are considering buying or selling another business, it’s important to understand the tax...
2021 adjusted penalties for health benefits and other employer plans
The U.S. Department of Labor (DOL) recently announced the 2021 annual adjustments to civil monetary penalties for a wide range of benefits-related violations. Legislation enacted in 2015 requires annual adjustments to certain penalty amounts by January 15 of each...
Reminder Tax Season officially opens Friday, February 12th!
As you get ready to file your 2020 tax return, you should start by gathering your records. Gather all year-end income documents to help ensure you file a complete and accurate 2020 tax return and avoid refund delays. You should have all necessary records handy, such...
Many tax amounts affecting businesses have increased for 2021
A number of tax-related limits that affect businesses are annually indexed for inflation, and many have increased for 2021. Some stayed the same due to low inflation. And the deduction for business meals has doubled for this year after a new law was enacted at the end...
Prevent presenteeism with clear policies, good benefits
The problem of presenteeism isn’t new. It has been estimated as costing U.S. employers more than $150 billion annually, according to “the American Productivity Audit,” a 2019 phone survey of 29,000 adult employees by a Pennsylvania health system. And that was before...
The cents-per-mile rate for business miles decreases again for 2021
This year, the optional standard mileage rate used to calculate the deductible costs of operating an automobile for business decreased by one-and-one-half cents, to 56 cents per mile. As a result, you might claim a lower deduction for vehicle-related expenses for 2021...
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DMA Accountancy Corporation
1400 N. Harbor Blvd., Ste #605
Fullerton, CA 92835