by Joan Buchman Miller | Jan 23, 2023 | 1099"s, Accounting, tax planning, W-2's
With the 2023 filing season deadline drawing near, be aware that the deadline for businesses to file information returns for hired workers is even closer. By January 31, 2023, employers must file these forms: Form W-2, Wage and Tax Statement. W-2 forms show the wages... 
by Joan Buchman Miller | Jan 17, 2023 | Accounting, tax planning
If your small business has a retirement plan, and even if it doesn’t, you may see changes and benefits from a new law. The Setting Every Community Up for Retirement Enhancement 2.0 Act (SECURE 2.0) was recently signed into law. Provisions in the law will kick in over... 
by Joan Buchman Miller | Jan 9, 2023 | Accounting, tax planning
The Employee Retention Credit (ERC) was a valuable tax credit that helped employers that kept workers on staff during the height of the COVID-19 pandemic. While the credit is no longer available, eligible employers that haven’t yet claimed it might still be able to do... 
by Joan Buchman Miller | Jan 3, 2023 | Accounting, tax planning
Although the national price of gas is a bit lower than it was a year ago, the optional standard mileage rate used to calculate the deductible cost of operating an automobile for business will be going up in 2023. The IRS recently announced that the 2023 cents-per-mile... 
by Joan Buchman Miller | Dec 27, 2022 | Accounting, S Corporation, tax planning
If you’re considering converting your C corporation to an S corporation, be aware that there may be tax implications if you’ve been using the last in, first out (LIFO) inventory method. That’s because of the LIFO recapture income that will be triggered by converting... 
by Joan Buchman Miller | Dec 19, 2022 | Accounting, deadlines, tax planning
Here are some of the key tax-related deadlines affecting businesses and other employers during the first quarter of 2023. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. If you have questions about filing...