Travel Deductions, learn to get it right. With inflation on the rise, business travel can be costly. Hotel, airfare, train tickets, cab fare, public transportation, meals – it can all add up fast. The good news is business travelers may be able to off-set some of those costs by claiming business travel deductions when they file their taxes. Good record keeping … Read More
What businesses need to know about reporting non-employee compensation and backup withholding to the IRS
When a business hires an independent contractor, the employer is generally not responsible for withholding income taxes, Social Security, or Medicare taxes from their compensation. However, by law, business taxpayers who pay non-employee compensation of $600 or more must report these payments to the IRS. They do this using Form 1099-NEC, Non-employee Compensation. Generally, payers must file Form 1099-NEC by January … Read More
Should you hire a professional accountant?
Knowing when it is time to hire a professional accountant. If you run your own business or are part of the gig economy you may be wondering if it is finally time to hire an accountant. What are the signs that it is time to hire a professional and why would you want to? Professional accountants can do more than just … Read More
Choosing the Right Tax Professional
Choosing the Right Tax Professional:As taxpayers begin to prepare to file their 2022 tax return, they may be considering hiring a tax return preparer. Based on your needs and situation, it is important to find a good fit. Remember, you are responsible for all the information on the return, regardless of who prepares it. A tax preparer with experience, knowledge … Read More
The Taxpayer Bill of Rights Part 1
Your rights as a taxpayer, what you need to know.If you have ever received a letter from the IRS, it’s natural for you to feel a little apprehension as you open it. You might even feel a little nausea if that letter states that you owe money. When you believe that you don’t owe the government money and the government … Read More
Relief for Taxpayers Struggling with Tax Debt
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
Surviving the Recession: Things you can do to keep afloat
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
CARES ACT & SBA Loans
Learn more about the CARES ACT & the available Loans from the SBA (Small Business Administration) and what that might mean to you and your business, just watch this video of a recent webinar. Co-founder and partner of TYS LLP Glen Thomas, discuss with Terence L. Lau, JD Dean College of Business California State University, Chico explore who can benefit … Read More
Important Tax Changes for Businesses
Learn about the Important Tax Changes for Businesses that in store. Tac changes in tax credits, expensing & deductions have changed for 2020.
Tax Season is Coming: Five Steps to Get Ready
Tax Day? What are you talking about? Tax season is not for a while yet. That may be true, but it comes quickly. The Tax Season will be here before you know it! Why not start getting ready now? 2019 could be the year you are totally prepared. In order to help you get there, TYS LLP has laid out … Read More
Sitting is the new smoking
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
Employee Incentives create performance teams
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