2023 Health Insurance for S Corporation Owners: An Update
February 2023 If you operate your business as an S corporation, you continue to enjoy good news in 2023 when it comes to your health insurance. In this article, we give you the ins and outs of what you need to do with your S corporation to ensure your health insurance deductions and also avoid […]
$80 Billion to the IRS: What It Means for You
For the business owner and tax practitioner, the most important part of the Inflation Reduction Act of 2022 was not the tax credit for flashy new electric cars. It was something much more basic: a long-term budget commitment to help the struggling, failing IRS. The Inflation Reduction Act invests an additional $80 billion in the […]
Update 105-HRAs, MSAs, and FSAs to Allow Over-the- Counter Drugs
Here’s good news. The CARES Act reinstated the ability of health reimbursement arrangements (HRAs) to reimburse and deduct the cost of over-the-counter drugs and added a new deduction for menstrual care products. The changes apply retroactively (yes, retroactively) to amounts paid after December 31, 2019. Business Wins As you likely know, individual taxpayers who itemize […]
More on Earning 9.62 Percent Tax-Deferred
You may remember from last month’s article that you can buy from now through October 31, 2022, Series I bonds from the U.S Treasury that pay 9.62 percent tax-deferred interest. If you buy now, you earn that 9.62 percent for six months, guaranteed. At the end of six months, the Treasury Department adds the interest […]
Act Now: Claim Your 2020 and 2021 Employee Retention Credit (ERC)
During much of 2020 and 2021, you may have qualified for the Employee Retention Credit (ERC). With the ERC, you found (or could find) tax credits of up to $26,000 per employee. That’s a lot. With 10 employees, that’s $260,000. Key point. If you have not claimed the ERC, you can amend your 2020 and […]
Alert: A Massive New FinCEN Filing Requirement Is Coming
Do you own a corporation, limited liability company (LLC), limited partnership, limited liability partnership, limited liability limited partnership, or business trust? Or are you planning to form one of these entities? If so, be alert. There’s a new federal filing requirement coming. Back in 2021, Congress passed a new law called the Corporate Transparency Act […]
IRS increases mileage rate for remainder of 2022
WASHINGTON — The Internal Revenue Service today announced an increase in the optional standard mileage rate for the final 6 months of 2022. Taxpayers may use the optional standard mileage rates to calculate the deductible costs of operating an automobile for business and certain other purposes. For the final 6 months of 2022, the standard […]
2021 Last-Minute Year-End General Business Income Tax Deductions
The purpose of this article is to get the IRS to owe you money. Of course, the IRS is not likely to cut you a check for this money (although in the right circumstances, that will happen), but you’ll realize the cash when you pay less in taxes. This article gives you six powerful business […]
New Wisconsin Tax Laws Affect 2020 Wisconsin Tax Returns
On February 18, 2021, Governor Tony Evers signed 2021 Wisconsin Acts 1 and 2, which provide the following significant changes for 2020 Wisconsin income/franchise tax returns. The tax form instructions are being updated and more information will be published next week in Wisconsin Tax Bulletin 212. Earned Income Tax Credit Wisconsin adopted section 211 of […]
Good News If Your PPP Loan Is for $50,000 or Less
As you likely know by now, the Paycheck Protection Program (PPP) loan and its forgiveness process have been an ever-changing (and often confusing) ride so far. With the new rules for PPP loans of $50,000 or less, you escape the most difficult part of the loan forgiveness if you had to consider employees. And you […]