Articles

Starting January 1, 2024, a significant number of businesses will be required to comply with the Corporate Transparency Act (“CTA). The CTA was enacted into law as part of the National Defense Act for Fiscal Year 2021. The CTA requires the disclosure of the beneficial ownership information (otherwise known as “BOI”) of certain entities from […]

The following chart provides some important federal tax information for 2024, as compared with 2023. Social Security/ Medicare 2024 2023 Social Security Tax Wage Base $168,600 $160,200 Medicare Tax Wage Base No limit No limit Employee portion of Social Security 6.2% 6.2% Employee portion of Medicare 1.45% 1.45% Individual Retirement Accounts 2024 2023 Roth IRA Individual, […]

With 2024 right around the corner, your shareholders might be thinking about year-end bonuses or distributions. Before doing so, it’s important to review the potential tax implications and requirements. Distributions vs. Bonuses S corporations don’t pay income tax at the entity level. Rather, income, gains, losses and deductions generally pass through to the shareholders who report […]

If you operate a business that collects payroll taxes from employees, here’s a warning: Regardless of what your corporate financial situation is, don’t borrow from the withholding tax fund. If that money isn’t there when it’s due, Uncle Sam will crack down hard. All businesses face downturns when cash flow dries up. It may be tempting […]

Interest rates rise and fall periodically, but the tax rules for deducting interest expenses remain the same — unless Congress changes them. Generally, the current rules have been in place for years, although the Tax Cuts and Jobs Act of 2017 (TCJA) did include some significant modifications. Whether or not you can deduct interest expenses, and […]