Our latest issue of our Small Business Newsletter is full of timely and important information, including our popular Tools, Tips and Tidbits column and our Annual Payroll and Form 1099 Update to get you ready for 2023. Read/download a copy of the newsletter here. … [Read more...] about New – Fall 2022 Small Business Newsletter
Small Business
Federal Unemployment Tax Increasing in New York State and Others
On November 10, 2022, the United States Department of Labor announced that California, Connecticut, Illinois and New York will be credit reduction states for purposes of 2022 FUTA payments. A state is a credit reduction state if it has taken loans from the federal government to meet its state … [Read more...] about Federal Unemployment Tax Increasing in New York State and Others
Federal Reserve Funds Rate Increase
On September 21, 2022, the Federal Reserve Open Market Committee raised the target for the Federal Funds Rate to between 3% and 3.25%. The Federal Reserve stated that, "inflation remains elevated, reflecting supply and demand imbalances related to the pandemic, higher food and energy prices, and … [Read more...] about Federal Reserve Funds Rate Increase
Simple Internal Controls for Small Businesses
Internal controls are essential in any company but are even more critical in a small business environment. Without any controls or oversight, it is like leaving the door unlocked with the cash register drawer open hoping that no one will steal any money. Small business owners should consider the … [Read more...] about Simple Internal Controls for Small Businesses
Research and Experimental Expenses: Major Changes in 2022
A provision of the Tax Cuts and Jobs Act (TCJA) took effect on January 1, 2022, requiring taxpayers to change the way they treat research and experimental (R&E) expenses. Taxpayers may no longer elect to currently deduct R&E expenses, but now must capitalize and amortize these expenditures … [Read more...] about Research and Experimental Expenses: Major Changes in 2022
Taxpayer Advocate Service – the “Taxpayer’s Voice” at the Internal Revenue Service (IRS)
It would be safe to say that no one wants to deal with the Internal Revenue Service regarding an unresolved tax issue. It can be quite daunting and, in some instances, lead to no results despite your best efforts. When such a situation exists, there may be another option available to resolve your … [Read more...] about Taxpayer Advocate Service – the “Taxpayer’s Voice” at the Internal Revenue Service (IRS)