Part of the government funding legislation that the President recently signed into law included a provision repealing Section 512(a) (7), commonly referred to as “the parking tax.” The repeal of the parking tax was included in the ‘Further Consolidated Appropriations Act of 2020,’ which contained a number of tax provisions. Section 512(a) (7) was originally…Read More
Employer-sponsored retirement plans and IRAs are valuable tools successfully used by millions of Americans to help save for retirement. Attached to the spending bill passed by Congress was the Setting Every Community Up For Retirement Enhancement Act of 2019 (SECURE Act). The intent of the law is to make it easier for Americans to use…Read More
Year end is right around the corner! Federal regulations require all 1099’s to be to the recipients and the government by 1/31/2020.
Every year we ask the question: Did you have any taxable fringe benefits that need to be reported on your employee’s W-2’s? A lot of employers aren’t sure how to do this properly, so we are here to help. Some of the most common taxable benefits are: Bonuses– considered a part of an employee’s compensation.…Read More
In today’s world, there’s an app for everything, and everything seems to be stored in the cloud. This is also true when it comes to accounting. There are numerous options out there, but I would like to spotlight two that our firm consistently uses for our business clients. Those products are QuickBooks Online and Receipt…Read More