The Internal Revenue Service (IRS) encourages low- and moderate-income taxpayers to take advantage of the Saver’s Credit—a valuable tax incentive that rewards contributions to retirement accounts. By saving for your future today, you could reduce your tax bill or increase your refund in 2025 and beyond. What Is the Saver’s Credit? Also known as the Retirement Savings Contributions Credit, the … Read More

Try as you might to do the right thing, you may still end up coming face to face with a disagreement with the IRS. Did you know there was an independent organization whose mission is to help you and act as a taxpayer’s voice.  The Taxpayer Advocate Service is an independent organization within the IRS. TAS protects taxpayers’ rights by striving … Read More

An educational assistance program that is offered by an employer must be one that is a written plan PDF to provide employees with undergraduate or graduate-level educational assistance. These programs allow employers to pay student loan debt and other education expenses tax-free. Eligible expenses Educational assistance programs can help pay for: Loan payments These programs can be used to pay principal and interest … Read More

The Internal Revenue Service (IRS) has issued a critical alert regarding an emerging fraudulent scheme involving the misappropriation of clean energy tax credits established under the Inflation Reduction Act (IRA). This sophisticated scam exploits the transferability provisions of the IRA, which allow for the purchase of eligible federal income tax credits derived from clean energy investments. Unscrupulous tax preparers are … Read More

Fun Accounting Facts you may not have known about!Accounting tends to be much of an afterthought in today’s society. Maybe seen as a little boring? Try running a business without it, or see how well your own household finances fair neglecting it. However, accounting is a discipline that crucial to our economy and way of life. Accounting can be traces … Read More

Taxpayers have the right to pay no more than the correct amount of taxThe IRS works hard to make sure taxpayers pay no more than the correct amount of tax. Taxpayers have the right to pay only the amount of tax legally due, including interest and penalties, and to have the IRS apply all tax payments properly. This is one … Read More

What taxpayers need to know about digital asset reportingTaxpayers filing 2023 tax returns must check a box indicating whether they received digital assets as a reward, award or payment for property or services or disposed of any digital asset that was held as a capital asset through a sale, exchange or transfer.A digital asset is a digital representation of value … Read More

So what is an IRS Audit?  Usually you hear the term audit and you cringe at the thought. If it isn’t part of some TV sitcom punchline, you want no part of it. Audits can be brutal or they can just be a necessary nuisance. So here is what an IRS audit entails. An IRS audit constitutes a thorough assessment … Read More

In 2014 the IRS adopted a Taxpayer Bill of Rights. It applies to all taxpayers in their dealings with the IRS. The Taxpayer Bill of Rights groups the existing rights in the tax code into ten fundamental rights, and makes them clear, understandable, and accessible. The Taxpayer Bill of Rights is the 10 rights all taxpayers have any time they interact with … Read More

Tax credits and deductions change the amount of a person’s tax bill or refund. People should understand which credits and deductions they can claim and the records they need to show their eligibility. Tax credits A tax credit reduces the income tax bill dollar-for-dollar that a taxpayer owes based on their tax return. Some tax credits, such as the Earned Income Tax Credit, … Read More

Maximizing Your Tax Efficiency In the ever-evolving landscape of taxation, finding ways to minimize your tax burden legally is essential for both individuals and businesses. TYS is here to guide you through the most important strategies to help you optimize your tax efficiency while staying within the bounds of the law. In this comprehensive guide, we will explore key tax-saving … Read More

Things to consider when choosing a tax return preparer Once you have selected a tax preparer, look for these traits. Good preparers ask to see records and receipts. They’ll also ask questions to determine the client’s total income, deductions, tax credits and other items. As a taxpayers should avoid a tax return preparer who e-files using pay stubs instead of … Read More

The Internal Revenue Service has been going through some changes in order to modernize and consolidate how it operates. The latest in that effort is a major policy change that will end most unannounced visits to taxpayers by agency revenue officers to reduce public confusion and enhance overall safety measures for taxpayers and employees. The change reverses a decades-long practice … Read More

With 2022 well in the rearview mirror, it is time to get ready for filing your taxes. Yes, I know it can be intimidating, but your taxes are due on April 18 this year. Before you know it, Tax Day will be here. So, it’s a good idea to start getting ready for tax season as soon as possible. Here … Read More

Regarding taxes, what you don’t know can cost you. Looking for a way to minimize your tax liability? Look no further than our tax accounting services! We specialize in helping our clients manage their income tax obligations in the most efficient way possible.Taxes are an unavoidable obligation whether you’re a business or an individual. And while they may not be … Read More

Careful and keep an eye out for scammers Tax season is in full swing and the IRS wants to remind taxpayers to be on the lookout for tax scams. Criminals continue to make aggressive calls posing as IRS agents in hopes of stealing taxpayer money or personal information. Here are some red flags that should alert you that you may … Read More

Tax season front and center. Some people have gotten their taxes done, good for you. This article is for the other part of the population that is still putting together the information they need to file, and those who haven’t moved a muscle to get started. Unless you are an accountant it might be hard to tell what is taxable … Read More

Social Security Benefits & Taxes: The FactsSocial Security benefits include monthly retirement, survivor, and disability benefits; they do not include Supplemental Security Income (SSI) payments, which are not taxable. Generally, you pay federal income taxes on your Social Security benefits only if you have other substantial income in addition to your benefits.Examples include wages, self-employment, interest, dividends, and other taxable … Read More

RELIEF FOR TAXPAYERS STRUGGLING WITH TAX DEBTSWhile there have always been payment options available from the IRS to help taxpayers struggling to pay tax debts, the new IRS Taxpayer Relief Initiative was put into place to expand these options and offer relief during the pandemic. These revised COVID-related collection procedures will help taxpayers, especially those who have a record of … Read More

Fraudulent Federal Tax Returns are on the rise!Starting in January 2021, In order to help combat this, the IRS Identity Protection PIN Opt-In Program will be expanded to all taxpayers who can properly verify their identity. Previously, IP PINs were only available to identity theft victims.WHAT IS AN IDENTITY PROTECTION PIN?An identity protection personal identification number (IP PIN) is a … Read More

Retirement Contribution Limits for 2021Cost of living adjustments affecting dollar limitations for pension plans and other retirement-related items for 2021 are as follows:401(k), 403(b), 457 plans, and Thrift Savings Plan Contribution limits for employees who participate in 401(k), 403(b), most 457 plans, and the federal government’s Thrift Savings Plan remain unchanged at $19,500. The catch-up contribution limit for employees aged … Read More

    As we close out the year and get ready for tax season, here’s what individuals and families need to know about tax provisions for 2020. Personal Exemptions Personal exemptions are eliminated for tax years 2018 through 2025. Standard Deductions The standard deduction for married couples filing a joint return in 2020 is $24,800. For singles and married individuals … Read More

Taxpayers receiving certain types of income typically reported on certain Forms 1099 and W-2G may need to have backup withholding deducted from these payments. Here are three tips to help taxpayers understand backup withholding: 1. Backup withholding is required on certain non-payroll amounts when certain conditions apply. The payer making such payments to the payee doesn’t generally withhold taxes, and … Read More

Businesses often need to hire workers on a seasonal or part-time basis. For example, some businesses may need seasonal help for the harvest, holidays, commercial fishing, or sporting events. Whether you are getting paid or paying someone else, questions can often arise over whether these seasonal workers affect employers with regard to the Affordable Care Act (ACA). For the purposes … Read More

HOW THE EDUCATOR EXPENSE DEDUCTION WORKS Even with COVID-19 in full swing, schooling in-person or virtual is moving on. Educators should be aware that they can deduct up to $250 of unreimbursed business expenses. If both spouses are eligible educators and file a joint return, they may deduct up to $500, but not more than $250 each. According to the … Read More

We have seen in recent times how quickly our lives can be upended by natural & man made disasters. As such, it’s always a good idea to plan for what to do in case of a disaster. Here are some simple steps you can take right now to prepare: Backup Records Electronically. Many people receive bank statements by email. This … Read More

Surviving the Recession  If you are a small business owner, it has rarely been a cake walk. But, with the Pandemic still raging, it has been made incredibly challenging. It is more important than ever to get your company financially fit. The basic rules still apply for guiding you out of this financial stress test.  Know the Numbers We believe … Read More

Most people file a tax return because they have to, but even if you don’t, there are times when you should – because you might be eligible for a tax refund and not know it. The tax tips below should help you determine whether you’re one of them. GENERAL FILING RULES Whether you need to file a tax return this … Read More

Every year, it’s a sure bet that there will be changes to current tax law and this year is no different. From standard deductions to health savings accounts and tax rate schedules, here’s a checklist of tax changes to help you plan the year ahead. INDIVIDUALS – THE TAX CHANGES In 2020, a number of tax provisions are affected by … Read More

Small-business owners secured a major recruitment tool Small-business owners secured a major recruitment tool and an enhanced tax credit offering with the passage of the Setting Every Community Up for Retirement Enhancement (SECURE) Act by the U.S. Senate. The bill, signed by President Trump on Friday, Dec. 20, 2019, is the most significant retirement savings reform legislation in nearly 15 years. Many … Read More

Like many industries, food industry folks can benefit from some simple yet effective strategies that stress organization and efficiency. And while they may seem tedious or pesky, they can make your business more profitable and less stressful in the long term. Some of these tips are “one and done!” Others require more time and attention, but they are all incredibly helpful in making sure you’re on top of the financial part of your business.

Reforms under the 2018 tax bill have created significant changes for individual and business owners alike. But, happily, the new law makes few changes to investment income taxes. In fact, dividends and capital gains will stay where they were in 2017. For capital gains and qualified dividends, that means a maximum tax rate of 15% for taxpayers in the lower … Read More

While many aspects of the current tax reform bill are controversial, one of the most talked about part of the Tax Cut & Jobs Act also know as the Trump tax breaks is the Child Tax Credit provision.  Married couples everywhere delighted with the announced increase in the child tax credit for 2018. This is the credit that taxpayers receive … Read More

“Keeping talented people engaged involves some form of ownership.” –Forbes.com What motivates your employees to “give their best” at work, collaborating with a sense of purpose and passion, instead of just showing up and stewing till quitting time? The traditional answer–straight-up salary increases or equity stake–are rarely feasible in today’s culture of budget constraints, and research shows the temporary boost … Read More

How much do you sit on a typical day? How your employee health can adversely affect your business. If you drive to work, remain at your desk, drive home, eat dinner and then watch TV, you’re likely sitting for more hours than you’re sleeping. In today’s culture of always remaining available for clients or colleagues, eating lunch at our desks, … Read More

Let’s continue to explore the DISC concept, a feature of employee recruitment and training in businesses from government agencies to Fortune 500 companies. The “DISC” aspect stands for the four traits addressed by this model: Dominance, Influence, Steadiness and Conscientiousness. The concept of “DISC-Flex” introduces the idea that we can dial up or dial down certain behaviors to adapt to … Read More

The House of Representatives voted on a significant tax reform bill. For many in Congress, the stakes of tax reform have soared after lawmakers failed to repeal and replace Obamacare, with healthcare reform failing to garner enough support. Tax reform would create a palpable impact for Republicans before next year’s midterm elections. Still undergoing a flurry of changes, the House … Read More

President Trump signed an executive order to provide “Obamacare relief” from the Affordable Care Act, relaxing rules regarding enrollment in short-term health insurance and health care coverage offered by small businesses. Among the mandates he issued is to “consider proposing regulations or revising guidance” on options for plans that small businesses may offer and sell—including “association health plans” and low-cost, … Read More

“Can I have your number?” The age-old question acquires new meaning when it describes performance metrics. Measuring everything that can be measured has become a key aspect of data gathering in the business world. Beyond basic tracking of revenue or expenses, the careful study of employee performance is now a guiding principle for industries, from hedge funds to hospitality to … Read More

Employee incentive programs don’t have to take the form of “Employee of the Month” mug shots or birthday cake in the break room. Nor do they need to include cash bonuses or even tangible rewards to drive results, which is good news for companies strapped for cash. In fact, the best programs to keep employees “engaged, productive and invested,” according … Read More