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cybersecurity guidance

Cybersecurity Guidance for Plan Sponsors

September 27, 2021

Are you putting the Department of Labor’s (DOL) cybersecurity guidance into practice? In April, the DOL issued guidance providing tips and best practices to help retirement plan sponsors and fiduciaries better manage cybersecurity risks. Recently, the DOL has begun an audit initiative focused on cybersecurity practices of retirement plan sponsors and fiduciaries. In the past few months,…

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Tax Depreciation Rules

What You Need to Know About Tax Depreciation Rules for Business Automobiles

September 23, 2021

If you use an automobile in your trade or business, you may wonder how depreciation tax deductions are determined. The rules are complicated, and there are special limitations that apply to vehicles classified as passenger autos (which include many pickups and SUVs) that can result in it taking longer than expected to fully depreciate a…

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employer tax credit

Have You Utilized the Management Letter From Your Audit Team?

September 20, 2021

A useful tool that accompanies an auditor’s annual report for an organization is the management letter. It may provide suggestions on how to fortify internal control systems, streamline operations and reduce expenses. Managers generally appreciate the suggestions found in management letters, but they may not have time to implement those suggestions because they’re concentrating on…

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PPP

It’s National Small Business Week! Here Are 3 Tax Breaks To Consider

September 15, 2021

The Small Business Administration declared September 13-17 as National Small Business Week. To commemorate the week, here are three tax breaks to consider for your business. 1. Claim bonus depreciation or a Section 179 deduction for asset additions Under current law, 100% first-year bonus depreciation is available for qualified new and used property that’s acquired…

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tax related actions

Tax Relief for Ida Victims in New York and New Jersey

September 13, 2021

The IRS is giving victims of Hurricane Ida in parts of New York and New Jersey until January 3, 2022, to file various individual and business tax returns and make tax payments. Victims located in areas designated by the Federal Emergency Management Agency as qualifying for individual or public assistance can take advantage of the…

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self-employed ppp

IRS Allows More Time To Use Digital Signatures on Some Tax Forms

September 7, 2021

The IRS is extending the capability to digitally sign tax forms through the end of the year. Taxpayers can use electronic or digital signatures on certain paper forms they cannot file electronically. Acceptable electronic signature methods include: A typed name typed on a signature block A scanned or digitized image of a handwritten signature that’s…

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