On the federal level, employer-only taxes include Social Security tax, Medicare tax, and federal unemployment (or FUTA) tax, which are administered by the Internal Revenue Service (IRS). On the state level, employers are on the hook for state unemployment (or SUTA) tax, which is administered by the state workforce agency. Although these employer payroll taxes.. read more →

Thinking that maybe an outside expert can help you solve an internal business problem? Here are the positives to hiring a business consultant. They can Be a source of specialized knowledge, bringing skills and experience. Help with marketing, sales development, business expansion, and improvements and aid in executing these ideas and recommendations. Bridge a gap.. read more →

A Medicaid trust can help you qualify for Medicaid while preserving your estate. But they’re complicated, and you need to know the kinds of trusts available, and how they work. Medicaid trusts fall into the general categories of revocable and irrevocable trusts. Most elder lawyers are partial to irrevocable trusts because they can’t be changed.. read more →

What’s in a word? A world of tax consequences when the word is “business” or “hobby.” In a nutshell: If you and the IRS determine that an activity is a business, you’ll owe taxes on profits and will be allowed to deduct expenses for conducting that business. But if your passion for, say, making quilts.. read more →

By:  James S. Rollinson, Jr., CPA Two old court cases were very favorable to the online retailer but unfortunately, do not reflect the digital world we live in today. “National Bellas Hess, Inc. v. Department of Revenue of Illinois” in 1967 and “Quill Corporation v. North Dakota” in 1992. Both cases provided a precedent that in.. read more →

By:  Hahn Trinh The number of senior financial scam cases are increasing exponentially.  Senior citizens are at the highest risk of fraud.  Being the generation with financial stability as well as the generation not as up-to-date with the ever-growing uses of technology, they have become the target of most financial scams.  Seniors are often less.. read more →

In response to the Federal “Tax Cuts and Jobs Act”, and its limitation on the deductibility of State and Local Taxes, the State of Connecticut legislature passed, and the governor signed a bill on May 31, 2018, that changes the Connecticut taxation of partnerships (including multi-member LLC’s) and S-Corporations (pass-through entities).  Effective for tax years beginning.. read more →

14 Jun 2018
June 14, 2018

How OSHA Can Affect Your Business

0 Comment

The Occupational Safety and Health Administration was established within the Department of Labor and authorized to regulate health and safety conditions for all employers. (Similar state agencies may augment or supplant OSHA.) OSHA was created to: Encourage you and your employees to reduce workplace hazards and implement or improve existing safety and health standards. Provide.. read more →

14 Jun 2018
June 14, 2018

Steps to Choosing a Charity

0 Comment

Before you open your checkbook, volunteer your time or even open that mail from another charity, you need to clarify your values: What’s important to you? Your neighborhood? Region? The nation? The globe? Do you want to support a large or small charity, a new or old one? Your next step is to find charities.. read more →

Depreciation of tangible property — buildings, machinery, vehicles, furniture and equipment, even cell phones — as well as intangible property, such as patents, copyrights and computer software, in some situations, is allowed by the IRS and can be used to offset income from your business. Does your property meet these requirements? You own the property… read more →