The high cost of worker misclassification: tax implications and risks
Thu, May 1, 2025

The consequences of misclassifying an employee as an independent contractor can be costly. The business could be liable for back taxes (including the employee’s shares of unpaid payroll and income taxes), penalties and interest. This article details the tax consequences. A sidebar looks at remote worker classification.

Traveling with your spouse on business? Know what’s deductible
Thu, May 1, 2025

A company owner who travels on business accompanied by his or her spouse may be able to deduct all the travel expenses incurred by the spouse — but only in specific, limited circumstances. This article provides an overview of the rules.

Your return is filed! 3 things to keep in mind post-filing
Thu, May 1, 2025

Most people feel relieved after filing their tax returns each year. However, even after taxpayers have successfully filed their 2024 return with the IRS, there may still be some issues to remember. This article looks at how taxpayers can track their refunds while they wait, what to know about filing an amended return, and how long to keep records after filing.

Helping a family member buy a home
Thu, May 1, 2025

Making a family loan isn’t the only way to assist a loved one with purchasing a home. This short article looks at other options and their potential tax consequences.

Tax season cleanup: Which records can you toss?
Tue, Apr 1, 2025

The mountain of paper and electronic records needed to support a tax return may include receipts, bank and investment account statements, K-1s, W-2s, and 1099s. How long must the records be saved? This article provides an overview.

Payroll fraud threats inside and outside your company
Tue, Apr 1, 2025

Payroll fraud schemes aren’t uncommon and can be costly. According to a recent Association of Certified Fraud Examiners study, the median loss generated by payroll fraud incidents is $50,000. It’s essential to know the payroll schemes making the rounds and how to prevent them – or at least catch them before they go on very long. Here are highlights of common schemes and tips for reducing payroll fraud risks.

The tax side of gambling
Tue, Apr 1, 2025

Whether an individual is a casual or professional gambler, their winnings are taxable. However, the Treasury Inspector General for Tax Administration reports that gambling income is vastly underreported. Failing to report winnings accurately can lead to back taxes, interest, and penalties. Here’s what taxpayers need to know to stay compliant and potentially minimize their tax bills.

Stuck in the Middle: Life in the Sandwich Generation
Tue, Apr 1, 2025

The term “sandwich generation” was coined to describe baby boomers caught between caring for their aging parents and their children. The term now applies to whichever generation is grappling with the problem, today most commonly Generation Xers and older Millennials. For those in the middle of the sandwich, it may be time for honest discussions about pressing issues with the other parties.

 

Tax Calendar
Tue, Apr 1, 2025

This calendar notes important tax deadlines for the second quarter of 2025.

Year-end tax planning strategies for businesses
Fri, Nov 1, 2024

As 2024 is nearing its end, now is a good time for businesses to consider year-end moves that can help reduce their tax bills. This article explores several year-end tax planning strategies for businesses to consider. A brief sidebar answers the question of whether companies can write off bad business debts.

Year-end tax planning moves for individuals
Fri, Nov 1, 2024

It’s almost holiday season, so taxes probably aren’t top of mind for taxpayers. But along with the festivities, it’s also a good time to consider tax strategies that may reduce this year’s tax bill — and possibly future years’ tax bills as well. Here are three tax planning moves that might trim the fat off a 2024 tax bill.

Want to find out what IRS auditors know about your industry?
Fri, Nov 1, 2024

To prepare for a business audit, an IRS examiner generally researches the specific industry and issues on the taxpayer’s return. Examiners may use IRS Audit Techniques Guides (ATGs) to do so. A little-known secret is that these guides are available to the public on the IRS website. In other words, a business can use the same guides to gain insight into what the IRS is looking for in terms of compliance with tax laws and regulations.

Seniors: A taxwise alternative to selling your appreciated home
Fri, Nov 1, 2024

In recent years, the residential real estate market has surged in many areas. That means there are more seniors with highly appreciated homes than ever before. Here’s one tax-saving strategy to consider for seniors who may be wondering whether they should sell or stay in their home — and may be concerned about the tax bill.