Many businesses are spending more time and resources on supporting the well-being of their employees. This includes recognizing and addressing issues related to diversity, equity and inclusion (DEI). A thoughtfully designed DEI program can do more than just head off potential conflicts and disruptions among coworkers; it can help you attract good job candidates, retain … Read More
To a thief, your personal identity is a gold mine, waiting to be looted. That’s why the IRS is reminding the public of a free, opt-in program you can use to help protect yourself from tax-related identity theft. It’s an Identity Protection Personal Identification Number (IP PIN). An IP PIN is a six-digit number that … Read More
Most business owners would likely agree that strategic planning is important. Yet many companies rarely engage in active measures to gather and discuss strategy. Sometimes strategic planning is tacked on to a meeting about something else; other times it occurs only at the annual company retreat when employees may feel out of their element and … Read More
The Democratic leaders of the House Ways and Means Committee and the Senate Finance Committee are looking to curb what they describe as the exploitation of IRAs by extremely rich taxpayers. The legislators released statistics to back up their contentions. Based on a report from the Government Accountability Office, there has been a threefold increase … Read More
The COVID-19 pandemic has dramatically affected the way people interact and do business. Even before the crisis, there was a trend toward more digital interactions in sales. Many experts predicted that companies’ experiences during the pandemic would accelerate this trend, and that seems to be coming to pass. As this transformation continues, your business should … Read More
If you have an Employer Identification Number (EIN), you may hear from the IRS soon. Calling this a “key security issue,” the IRS announced that it will contact about 100,000 taxpayers with EINs, if certain information on file appears outdated. An EIN is a unique nine-digit number the IRS issues to taxpayers that must file … Read More
No matter the size or shape of a business, one really can’t overstate the importance of sound accounts receivable policies and procedures. Without a strong and steady inflow of cash, even the most wildly successful company will likely stumble and could even collapse. If your collections aren’t as efficient as you’d like, consider these five … Read More
Some small businesses that received loans under the Paycheck Protection Program are facing a deadline to apply for loan forgiveness. So the Small Business Administration (SBA) has taken action to streamline the application process. If these borrowers don’t apply for forgiveness, their loans will become standard loans, and they could be responsible for repaying the … Read More
COVID-19 pandemic relief laws created and expanded a refundable payroll tax credit called the Employee Retention Credit (ERC). The IRS just released more guidance on the credit. Notice 2021-49 defines a full-time employee and explains how tips are treated for purposes of the credit. It also provides details about whether wages paid to majority owners … Read More
As mitigation measures related to COVID-19 ease, it will be interesting to see which practices and regulatory changes taken in response to the pandemic remain in place long-term. One of them might be relief from a sometimes-inconvenient requirement related to the administration of 401(k) plans. A virtual solution In IRS Notice 2021-40, the IRS recently … Read More