Category: Business Owners

Business Owners

The Rules Employers Must Know for Reimbursing Remote Workers by Adam Cohen, CPA


Posted on July 15, 2021 by Adam Cohen

Whether employers welcome staff back to their offices or allow the continuation of remote-work arrangements, they must be prepared to address a myriad of tax issues, including employee expense reimbursement requirements. Generally, employees are not entitled to reimbursements for commuting expenses they incur for travel between their homes and their offices or other primary places […]

When Can Business Owners Deduct Travel Expenses? by Angie Adames, CPA


Posted on June 29, 2021 by Angie Adames

There is a very fine line between business and pleasure when it comes to how the IRS treats business-travel expenses, including airfare, meals and lodging. In general, some or all of these costs may be deductible only when they are deemed reasonable, necessary and directly attributed to the taxpayer’s active conduct of a trade or […]

Employer Tax Credits for Paid Sick and Family Leave Extends to Vaccines by Joanie Stein, CPA


Posted on June 21, 2021 by Joanie Stein

The IRS issued important guidance concerning an expansion of the COVID-19-related paid sick and family leave tax credits available to employers under the American Rescue Plan (ARP) enacted earlier this year. Background Congress introduced the emergency paid sick leave and family and medical leave programs in 2020 as part of the Families First Coronavirus Response […]

Planning Around 10-Year Withdrawal Requirements from Inherited IRAs by Jeffrey M. Mutnik, CPA/PFS


Posted on June 15, 2021 by Jeffrey Mutnik

The 2019 Setting Every Community Up for Retirement Enhancement Act (SECURE Act) killed off a popular estate-planning strategy that had allowed IRA owners to pass retirement savings tax-free to their heirs and provide beneficiaries with tax-deferred growth and distribution payments over their lifetimes. Under the new law, however, non-spouse IRA beneficiaries must withdraw the entirety […]

Now May Be a Good Time to Consider a Roth Conversion by Rick Bazzani, CPA


Posted on May 26, 2021 by Rick Bazzani

When it comes to retirement savings, taxpayers generally have a choice: pay taxes on their contributions today or pay taxes on their withdrawals in retirement. For high-net-worth taxpayers, this decision is already determined by the U.S. tax code. However, with the prospect of higher taxes under the Biden Administration, wealthy individuals have a small window […]

How Biden’s Tax Plan May Affect Real Estate Investors, Developers


Posted on May 18, 2021

President Biden’s $1.8 trillion American Families Plan intended to help low- and middle-income families “cover basic expenses, lower health insurance premiums and reduce childhood poverty” calls for significant changes to the tax code, including higher tax rates and fewer loopholes for wealthy taxpayers. As Congress now debates whether any of the provisions included in the […]

UPDATED – Which COVID-19-Related Payroll Tax Credit Is My Business Eligible to Receive? by Cherry Laufenberg, CPA


Posted on May 17, 2021 by Cherry Laufenberg

In the wake of the COVID-19 pandemic, the U.S. enacted various laws providing a variety of financial-relief measures to support businesses through the crisis period. Key among those provisions are tax credits for those businesses that retain and continue to pay qualifying wages to employees despite interruptions or their normal business operations. It is critical […]