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The importance of S corporation basis and distribution elections

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

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

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

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...

2021 dollar limits and thresholds for 401(k)s and similar plans

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

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

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...

IRS announces max dollar amount for excepted benefit HRAs

IRS announces max dollar amount for excepted benefit HRAs

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,...

New business? It’s a good time to start a retirement plan

New business? It’s a good time to start a retirement plan

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...

The 2021 “Social Security wage base” is increasing

The 2021 “Social Security wage base” is increasing

If your small business is planning for payroll next year, be aware that the “Social Security wage base” is increasing. The Social Security Administration recently announced that the maximum earnings subject to Social Security tax will increase from $137,700 in 2020 to...

Employers, don’t overlook invisible disabilities

Employers, don’t overlook invisible disabilities

When encountering the phrase “employee with a disability,” you might immediately envision a person with an obvious physical impairment. Even the internationally used symbol for accessible areas is a human being in a wheelchair. However, many disabilities aren’t so...

Dedicated, Mindful and Accountable.

DMA Accountancy Corporation
1400 N. Harbor Blvd., Ste #605 
Fullerton, CA 92835

Mon-Thur: 9 a.m.-5:30 p.m. | Fri: 9 a.m. to 4:30 p.m.

(714) 462-5290

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