Numerous tax limits affecting businesses have increased for 2020
February 28, 2020
An array of tax-related limits that affect businesses are annually indexed for inflation, and many have increased for 2020. Here are some that may be important to you and your business. Social Security tax The amount of employees’ earnings that are subject to Social Security tax is capped for 2020 at $137,700 (up from $132,900 […]
Continue readingCents-per-mile rate for business miles decreases slightly for 2020
February 24, 2020
This year, the optional standard mileage rate used to calculate the deductible costs of operating an automobile for business decreased by one-half cent, to 57.5 cents per mile. As a result, you might claim a lower deduction for vehicle-related expense for 2020 than you can for 2019. Calculating your deduction Businesses can generally deduct the […]
Continue readingNew rules will soon require employers to annually disclose retirement income to employees
February 21, 2020
As you’ve probably heard, a new law was recently passed with a wide range of retirement plan changes for employers and individuals. One of the provisions of the SECURE Act involves a new requirement for employers that sponsor tax-favored defined contribution retirement plans that are subject to ERISA. Specifically, the law will require that the […]
Continue readingNew law helps businesses make their employees’ retirement secure
February 17, 2020
A significant law was recently passed that adds tax breaks and makes changes to employer-provided retirement plans. If your small business has a current plan for employees or if you’re thinking about adding one, you should familiarize yourself with the new rules. The Setting Every Community Up for Retirement Enhancement Act (SECURE Act) was signed […]
Continue readingNew law provides a variety of tax breaks to businesses and employers
February 14, 2020
While you were celebrating the holidays, you may not have noticed that Congress passed a law with a grab bag of provisions that provide tax relief to businesses and employers. The “Further Consolidated Appropriations Act, 2020” was signed into law on December 20, 2019. It makes many changes to the tax code, including an extension […]
Continue readingThe SECURE Act changes the rules for employers on retirement plans
February 10, 2020
The Setting Every Community Up for Retirement Enhancement (SECURE) Act is the first significant retirement-related legislation in more than a dozen years. It brings many changes that affect employers of all sizes, including some that could be particularly beneficial for smaller employers that sponsor retirement plans. Some of the changes, however, may increase the burden […]
Continue reading2020 tax calendar
February 7, 2020
To help you make sure you don’t miss any important 2020 deadlines, we’ve provided this summary of when various tax-related forms, payments and other actions are due. Please review the calendar and let us know if you have any questions about the deadlines or would like assistance in meeting them. © 2020
Continue readingSpending bill extends tax breaks, adds retirement account provisions
February 3, 2020
With its winter recess looming before it, Congress has engaged in a flurry of activity. Most notably, it reached agreement on a massive governmentwide spending package titled the Further Consolidated Appropriations Act, 2020. The legislation extends certain income tax provisions that had expired, as well as some that were due to expire at the end […]
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2019 – 12/23 – Wayfair revisited — It’s time to review your sales tax obligations
January 17, 2020
Does your business make online, phone or mail-order sales in states where it lacks a physical presence? If so, it’s critical to find out if those states have economic nexus laws and determine whether your activities are enough to trigger them. http://bit.ly/2ZnOMcN
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