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...

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.

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....

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...

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...

In a Revenue Procedure, the IRS recently provided information regarding the inflation-adjusted maximum dollar amount that may be made for excepted benefit Health Reimbursement Arrangements (HRAs) or other account-based group health plans next year. More specifically,...

If you recently launched a business, you may want to set up a tax-favored retirement plan for yourself and your employees. There are several types of qualified plans that are eligible for these tax advantages: A current deduction from income to the employer for...