ConnollySteeleNov 9, 20222 minInflation means you and your employees can save more for retirement in 2023How 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...
ConnollySteeleOct 17, 20222 minProviding fringe benefits to employees with no tax strings attachedBusinesses can provide benefits to employees that don’t cost them much or anything at all. However, in some cases, employees may have to...
ConnollySteeleAug 8, 20222 minIs 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...
ConnollySteeleMar 9, 20223 minLost your job? Here are the tax aspects of an employee terminationDespite the robust job market, there are still some people losing their jobs. If you’re laid off or terminated from employment, taxes are...
ConnollySteeleJan 20, 20222 minNumerous tax limits affecting businesses have increased for 2022Many tax limits that affect businesses are annually indexed for inflation, and a number of them have increased for 2022. Here’s a rundown...
ConnollySteeleDec 27, 20212 minWill 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...
ConnollySteeleDec 4, 20212 minWith year-end approaching, 3 ideas that may help cut your tax billIf 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...
ConnollySteeleNov 23, 20212 minInfrastructure law sunsets Employee Retention Credit earlyThe Employee Retention Credit (ERC) was a valuable tax credit that helped employers survive the COVID-19 pandemic. A new law has...
ConnollySteeleNov 15, 20212 minBusinesses can show appreciation — and gain tax breaks — with holiday gifts and partiesWith Thanksgiving just around the corner, the holiday season will soon be here. At this time of year, your business may want to show its...
ConnollySteeleOct 26, 20213 minThinking about participating in your employer’s 401(k) plan? Here’s how it worksEmployers offer 401(k) plans for many reasons, including to attract and retain talent. These plans help an employee accumulate a...
ConnollySteeleOct 19, 20213 minYou may owe “nanny tax” even if you don’t have a nannyHave 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...