Privately Held & Family-Owned Business

independent contractors

Does Your Business Hire Independent Contractors? Make Sure They’re Properly Classified

October 18, 2021

Many businesses use independent contractors to help keep their costs down. If you’re among them, make sure that these workers are properly classified for federal tax purposes. It can be a costly error if the IRS reclassifies them as employees. It can be complex to determine whether a worker is an independent contractor or an…

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covid-19 relief

How Does COVID-19 Affect Financial Reporting and Auditing? Here Are 10 Financial Statement Areas To Watch

October 11, 2021

The COVID-19 pandemic is still adversely impacting many businesses and nonprofit organizations. Has your organization factored the effects of the pandemic into its financial statements? You might not have considered this question since last year if your organization prepares statements that comply with U.S. Generally Accepted Accounting Principles only at year-end. It’s time to evaluate…

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tax deadline

Tax Calendar: Key Deadlines for Businesses and Other Employers in Q4 2021

October 4, 2021

Here are some of the key tax-related deadlines impacting businesses and other employers during the fourth quarter of 2021. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. Monday, November 1 Report income tax withholding and FICA taxes for the third quarter of 2021 (Form 941)…

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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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