TechNet, a bipartisan group of tech executives from companies such as Apple, Amazon and Google, communicated its tax priorities to lawmakers in a recent letter. To encourage “innovation, spur economic growth and strengthen the global competitiveness of American businesses,” TechNet… Read more »
Read Full Newsletter »Business owners, beware. Identity theft is a growing threat that can cripple your business or shut it down forever. Signs of business identity theft include the inability to file a tax return because a return has already been filed using… Read more »
Read Full Newsletter »If your business is in the market for new wheels this year, you should know the IRS has released the 2025 depreciation limits for “luxury” business vehicles. For vehicles placed in service in 2025, depreciation limits are as follows: $20,200… Read more »
Read Full Newsletter »To help encourage more people to save for retirement, the SECURE 2.0 Act requires employers with newly established 401(k) and 403(b) plans to enroll workers automatically, starting in 2025. Recently proposed IRS regulations stipulate that automatic enrollment is mandatory for… Read more »
Read Full Newsletter »A valuable business tax credit As of January 2025, the unemployment rate was reported to be 4%. Employers facing hiring challenges may benefit from a valuable one-time federal tax credit available through 2025. The Work Opportunity Tax Credit (WOTC) incentivizes… Read more »
Read Full Newsletter »2025 Depreciation limits for business vehicles, beware identity theft, Federal Tax News for Businesses, small business stock, tax treatment corporations
The Financial Independence, Retire Early (FIRE) movement is a hot trend among Millennials. The idea is to make money fast, save it and grow it quickly to retire as early as possible. This approach requires sacrifices. FIRE advocates recommend living… Read more »
Read Full Newsletter »Fill up your 2024 IRA If you forgot or didn’t have the resources to contribute the maximum amount to your IRA or Roth IRA plan in 2024, there’s still time! Eligible participants have until April 15, 2025, to contribute as… Read more »
Read Full Newsletter »Profit-sharing plans (PSPs) have been around for decades. Employers may use them to attract and retain workers and incentivize employee productivity. However, PSPs have gradually faded into the background as 401(k) plans gained popularity. In today’s tight labor market, some… Read more »
Read Full Newsletter »If you’re establishing or buying a business with one or more other co-owners, consider implementing a buy-sell agreement to prevent unwanted ownership changes and ensure business continuity if an owner withdraws or dies. A properly drafted agreement can make your… Read more »
Read Full Newsletter »Buy Sell Agreements, Taxes for Businesses, Taxes for Businesses with Co Owners
Tax-deferred retirement plans, such as traditional 401(k)s and IRAs, were designed to make building up a retirement nest egg easier. So they’re structured with both carrots (tax-deferred compounding in the account) and sticks (taxes and sometimes penalties on withdrawals) to… Read more »
Read Full Newsletter »One of the most common misconceptions about filing an income tax return is the distinction between deductions and credits. Deductions lower a taxpayer’s taxable income before the tax is calculated. For instance, on an individual return, you can either claim… Read more »
Read Full Newsletter »Federal Tax for Individuals, Tax Credits, tax deductions, VWC CPA's
Give Your New Business a Strong Start Many people dream of being their own bosses. If you’re hoping to launch a business, get off to a strong start by making good decisions. For example, which business structure will you use… Read more »
Read Full Newsletter »business tax, Federal Tax, Title: Federal Tax News for Businesses
Attention: Your businessmay soon have to meet new reporting requirements that take effect on January 1, 2024. Under the Corporate Transparency Act (CTA), which was enacted in 2021, certain companies are required to provide information related to their “beneficial owners” —… Read more »
Read Full Newsletter »Cryptocurrencies have gone mainstream. You can now invest in them and use them to buy and sell many products and services. However, crypto transactions have important federal tax implications that may not be well understood by everyone. Here’s an update on… Read more »
Read Full Newsletter »cryptocurrency, Defining Cryptocurrency, Reporting Crypto Purchases and Payments, Reporting Crypto Receipts, What Taxpayers Need to Know
Tax Scams are Year-Round Tax season is long over, but tax scams are thriving. The IRS is warning taxpayers about emails and text messages that promise refunds and credits, but that actually result in identity theft. Many current schemes involve… Read more »
Read Full Newsletter »cryptocurrency, Federal Tax News for Individuals, Gambling Winnings, IRS Deadlines, Post-High School Costs, Tax Scams
If you have a tax-favored retirement account, you generally must take required minimum distributions (RMDs) each year after you reach the “magic” age. If you don’t take RMDs, you’ll be hit with an expensive federal tax penalty, unless an exception applies…. Read more »
Read Full Newsletter »10-Year Account Liquidation, Changes to the RMD Start Date, Reduced Penalty for Failure to Take RMDs, SECURE Act, tax-favored retirement account, Update on Retirement Account RMDs
Is it time to close your small business? Unfortunately, closing isn’t as simple as handing over the keys to a landlord or even selling a building you own. You still have various responsibilities to meet as you wind down, including some… Read more »
Read Full Newsletter »C Corporations, Federal Tax Obligations, Federal Tax Obligations When a Business Shuts Down, Income Tax Requirements, Medicare Tax, Pass-through Entities, Records Retention, Single-Member LLCs, Social Security tax, Sole Proprietorships
Avoid Last-Minute Tax Filing Did you request an extension to file your tax return after the standard April 18, 2023, deadline? If so, you now have until Oct. 16 to prepare and file it with the IRS. Don’t wait until the last… Read more »
Read Full Newsletter »Avoid Last-Minute Tax Filing, Be on the Lookout for a New Fraud Scam, Federal Tax News for Individuals, Revised Dates for Required IRA Distributions, Some Tax Help with the Cost of Kids, What can Happen When Taxes Go Unpaid?
Summer isn’t just for barbeques and baseball. It’s also a good time to think about ways to cut your 2023 business tax bill. Here are four planning ideas for small business owners to consider, assuming there won’t be any changes to… Read more »
Read Full Newsletter »Establish a Tax-Favored Retirement Plan, Maximize the QBI Deduction, Midyear Tax Planning for Small Businesses and Owners, Take Advantage of Generous Depreciation Tax Breaks, Time Business Income and Deductions for Tax Savings, Which Purchases Are Eligible for Sec. 179 Deductions?