Top 6 Year-End Tax Considerations for Business, 2023
Here is an overview of key tax planning strategies to consider this year, and a recap of business tax due dates and other key deadlines for 2023 taxes. 1. Time Income and Deductions Businesses using the cash method of accounting have some ability to affect the timing of year-end income and expenses. If you anticipate…
Year-End Bonuses: Tax Issues for Employers and Employees
Bonuses are an important part of rewarding employee performance, but they also raise a variety of tax issues for both employers and employees. Here’s what you need to know if you give or receive a bonus. Deducting Bonuses Paid to Employees Employers can generally deduct the cost of bonuses paid to employees before year end,…
2023 Year-End Tax Planning Resources
We’ve compiled some year-end tax planning resources to help you prepare for your 2023 returns. Bookmark this page! More resources will be added as they become available. On demand webinar: Key Tax Planning Considerations for the 2023 Tax Year View slides and presentation Top 10 Year-End Tax Considerations for Individuals, 2023 Read the…
Unlimited PTO: Is it Right for Government Contractors?
The continuing challenges of recruiting and retention have prompted some government contractors to revisit their employee benefits and consider offering unlimited paid time off (PTO). Increasingly, companies are making a strategic decision to provide unlimited PTO to compete for the best talent by offering better work-life balance. While only 6% of employers currently provide unlimited PTO, a 2023 US News article profiled some well-known companies like Netflix, Oracle and LinkedIn who now offer unlimited vacation days.1
A Guide to Third Party Risk Management
Understanding and mitigating third party risk has become more important than ever, which makes now the perfect time for your organization to implement a third-party risk management program. This guide covers several aspects of third-party risk management, including steps for developing a program, tips for vetting new vendors, and the new risks presented by AI tools.
Tax Rules for Holiday Parties and Gifts
The holidays are just around the corner, and now is the time for employers to start thinking about treating their employees with holiday parties and gifts. Such gestures are always a nice idea. Plus in a tight labor market, they can be a smart way to show appreciation and boost retention. But you need to…
New Business Travel Per Diem Rates Effective October 1
Are you and your employees frustrated by the time-consuming task of documenting and reviewing travel expenses? The IRS offers simplified methods for reimbursing employees’ out-of-town lodging, meals and incidental expenses. Here’s what you’ll need to know to determine if this simplified approach is right for your business. High-Low Method Under the “high-low method,” the IRS…
What’s the Proper Tax Treatment for Intangible Assets?
Intangible assets have become increasingly vital to the value of many companies. While their benefits may be obvious to business owners, their tax treatment often isn’t. Taxpayers may be surprised by the expansive IRS definition of “intangible asset” and the impact it can have on their tax bills.
Options for Unused 529 College Savings Accounts
Section 529 plans can be a tax-smart way to save for college and other qualified education expenses. Contributions to these plans aren’t deductible for federal tax purposes, but earnings and gains accumulate federal-income-tax-free. Then you can take federal-income-tax-free withdrawals to cover qualified education expenses. What happens if a 529 account turns out to be overfunded…
Tax Considerations When Adding a New Partner
Learn the tax rules that may apply if you bring a new owner into a partnership, or into a limited liability company that’s treated as a partnership for tax purposes.