Inflation means you and your employees can save more for retirement in 2023
How much can you and your employees contribute to your 401(k)s next year — or other retirement plans? In Notice 2022-55, the IRS recently...
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ConnollySteele
- Oct 17, 2022
- 2 min
Providing fringe benefits to employees with no tax strings attached
Businesses can provide benefits to employees that don’t cost them much or anything at all. However, in some cases, employees may have to...
ConnollySteele
- Aug 8, 2022
- 2 min
Is your business required to report employee health coverage?
As you’re aware, certain employers are required to report information related to their employees’ health coverage. Does your business...
ConnollySteele
- May 25, 2022
- 0 min
ConnollySteele
- Mar 20, 2022
- 0 min
ConnollySteele
- Mar 9, 2022
- 3 min
Lost your job? Here are the tax aspects of an employee termination
Despite the robust job market, there are still some people losing their jobs. If you’re laid off or terminated from employment, taxes are...
ConnollySteele
- Jan 20, 2022
- 2 min
Numerous tax limits affecting businesses have increased for 2022
Many tax limits that affect businesses are annually indexed for inflation, and a number of them have increased for 2022. Here’s a rundown...
ConnollySteele
- Dec 27, 2021
- 2 min
Will the standard business mileage rate go up in 2022? Yes!
After two years of no increases, the optional standard mileage rate used to calculate the deductible cost of operating an automobile for...
ConnollySteele
- Dec 4, 2021
- 2 min
With year-end approaching, 3 ideas that may help cut your tax bill
If you’re starting to worry about your 2021 tax bill, there’s good news — you may still have time to reduce your liability. Here are...
ConnollySteele
- Nov 23, 2021
- 2 min
Infrastructure law sunsets Employee Retention Credit early
The Employee Retention Credit (ERC) was a valuable tax credit that helped employers survive the COVID-19 pandemic. A new law has...
ConnollySteele
- Nov 15, 2021
- 2 min
Businesses can show appreciation — and gain tax breaks — with holiday gifts and parties
With Thanksgiving just around the corner, the holiday season will soon be here. At this time of year, your business may want to show its...
ConnollySteele
- Oct 26, 2021
- 3 min
Thinking about participating in your employer’s 401(k) plan? Here’s how it works
Employers offer 401(k) plans for many reasons, including to attract and retain talent. These plans help an employee accumulate a...
ConnollySteele
- Oct 19, 2021
- 3 min
You may owe “nanny tax” even if you don’t have a nanny
Have you heard of the “nanny tax?” Even if you don’t employ a nanny, it may apply to you. Hiring a house cleaner, gardener or other...
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