What You Need to Know About Taxes and Gig Work
The COVID-19 pandemic has seen an expansion of the so-called “gig economy,” also known as the sharing or access economy. According to the Pew Research Center, 16% of U.S. workers have ever earned money through an online gig platform, such as Uber, DoorDash or Instacart. The opportunity to be your own boss or simply to make…
Small Business Alert: Take Advantage of the WOTC for New Hires
In today’s tight labor market, small businesses may need to think outside the box to find employees to fill open positions. In some cases, you may have to sweeten the deal with higher salaries or extra benefits. But you may be able to offset higher compensation costs with a lucrative federal tax credit for hiring members…
10 Tax Tips for Volunteers
Donating time to a charity can be a rewarding experience — both for you and people (or animals) who benefit from the organization’s mission. But your efforts may also provide you with some well-deserved tax breaks if you itemize deductions on your tax return. Although you can’t deduct the “value” of your services, here are…
Enterprise-Quality Financial Planning and Analysis with Excel
By CTCPA Advisory Council Chair Jim Norton This article was printed in the Summer 2022 issue of Connecticut CPA Magazine Go to most midsize or above business software pages right now and keep track of how many times they talk about “outgrowing Excel” and the urgent need to replace Excel. In reality, try as we…
Insider Tip to Reduce Procurement Requirements Under Uniform Guidance
If your organization follows Uniform Guidance requirements for procurement under 2CFR 200.320, you might be able to increase the threshold for making micro-purchases, or purchases that do not require stringent account processing for compliance.
Good News: IRS Boosts Standard Mileage Rates for Second Half of 2022
The IRS recently announced it will be increasing the standard mileage rate for qualified business drivers for the second half of 2022. The adjustment reflects rising costs at the gas pumps this year. It’s accompanied by a hike in the standard mileage rate for medical expenses for all taxpayers and moving expenses for active-duty military…
Tax Tips on Spousal IRAs
Have you recently left the job market to raise your kids, care for an elderly parent or pursue personal interests? Regardless of why you left, you might still want to save for retirement while your spouse continues working. If so, tax-favored traditional IRAs and Roth IRAs might be good options for you and your employed…
Valuing Employee Stock Ownership Plans (ESOPs)
Employee stock ownership plans (ESOPs) provide tax-saving opportunities for business owners who want to cash out and transfer ownership to employees without immediately giving up control of the business. However, valuing stock held by an ESOP is an ongoing challenge for the fiduciaries who administer them, especially when the sponsoring company is privately held. Valuation…
Work or Pleasure: The Tax Rules for Hybrid Travel
With business travel picking up again and summer fast approaching, many business owners may be mulling trips that combine work with vacation or other personal activities. A quick refresher on the IRS rules related to deducting business vs. personal travel costs can help you reduce your tax bill next year. General Requirements Business expenses must…
ACFE Study: Knowledge Is Power in the Fight Against Occupational Fraud
The 2022 ACFE study on occupational fraud estimates that a typical organization loses 5% of its revenues each year to fraud.