Plan sponsors that have already or are considering reducing or suspending contributions to their safe harbor 401(k) or 403(b) plans as a result of the coronavirus pandemic now have helpful relief thanks to new guidance from the Internal Revenue Service (IRS).
Marty Williams, CPA
Recent Posts
IRS Delivers Temporary Midyear Relief to 401(K) and 403(B) Safe Harbor Plans
Posted by Marty Williams, CPA on Aug 10, 2020
Posted in Business Advisory
The Coronavirus Aid, Relief, and Economic Security (CARES) Act eliminates some of the tax-revenue-generating provisions included in a previous tax law. Here’s a look at how the rules for claiming certain tax losses have been modified to provide businesses with relief from the novel coronavirus (COVID-19) crisis.
Posted in Business Tax
Do You Run Your Business From Home? You Might Be Eligible for Home Office Deductions
Posted by Marty Williams, CPA on Mar 04, 2020
If you’re self-employed and work out of an office in your home, you may be entitled to home office deductions. However, you must satisfy strict rules.
Posted in Individual Tax, Business Tax
2 Valuable Year-End Tax-Saving Tools for Your Business
Posted by Marty Williams, CPA on Dec 11, 2019
At this time of year, many business owners ask if there’s anything they can do to save tax for the year. Under current tax law, there are two valuable depreciation-related tax breaks that may help your business reduce its 2019 tax liability. To benefit from these deductions, you must buy eligible machinery, equipment, furniture or other assets and place them into service by the end of the tax year. In other words, you can claim a full deduction for 2019 even if you acquire assets and place them in service during the last days of the year.
Posted in Business Tax
In financial reporting, investors and business owners tend to focus on four key metrics: 1) revenue, 2) net income, 3) total assets and 4) net worth. But, when it comes to gauging short-term financial performance and creditworthiness, the trump card is cash flow.
Posted in Audit & Assurance
What’s the purpose of a corporation? For the last 50 years, the answer was “to maximize shareholder value.” But, on August 19, CEOs of 181 leading U.S. businesses, including Amazon, Apple, General Motors and Walmart, pledged to broaden the scope.
Posted in Audit & Assurance
The use of a company vehicle is a valuable fringe benefit for owners and employees of small businesses. This benefit results in tax deductions for the employer as well as tax breaks for the owners and employees using the cars. (And of course, they get the nontax benefits of driving the cars!) Even better, recent tax law changes and IRS rules make the perk more valuable than before.
Posted in Business Tax
It's a Good Time to Buy Business Equipment and Other Depreciable Property
Posted by Marty Williams, CPA on Jul 16, 2019
There’s good news about the Section 179 depreciation deduction for business property. The election has long provided a tax windfall to businesses, enabling them to claim immediate deductions for qualified assets, instead of taking depreciation deductions over time. And it was increased and expanded by the Tax Cuts and Jobs Act (TCJA).
Posted in Business Tax
Tax-smart Domestic Travel: Combining Business With Pleasure
Posted by Marty Williams, CPA on Jun 19, 2019
Summer has just begun, so you might be thinking about getting some vacation time. If you’re self-employed or a business owner, you have a golden opportunity to combine a business trip with a few extra days of vacation and offset some of the cost with a tax deduction. But be careful, or you might not qualify for the write-offs you’re expecting.
Posted in Business Tax
Consider a Roth 401(k) Plan - and Make Sure Employees Use It
Posted by Marty Williams, CPA on May 13, 2019
Roth 401(k) accounts have been around for 13 years now. Studies show that more employers are offering them each year. A recent study by the Plan Sponsor Council of America (PSCA) found that Roth 401(k)s are now available at 70% of employer plans, up from 55.6% of plans in 2016.
Posted in Business Advisory