Our Financial Blog
FTC Bans Noncompete Agreements
The U.S. Federal Trade Commission (FTC) today approved a proposed final rule banning most new noncompete clauses in employment contracts—a sweeping rule affecting millions of workers. The rule also makes all existing noncompete agreements except for those covering...
DOL Publishes Overtime Final Rule
The U.S. Department of Labor’s (DOL’s) Wage and Hour Division (WHD) published its updated federal overtime rule. The rule, Defining and Delimiting the Exemptions for Executive, Administrative, Professional (EAP), Outside Sales and Computer Employees, was initially...
Missed the April tax-filing deadline? File quickly to avoid penalties and interest; those owed a refund also shouldn’t forget to file
The Internal Revenue Service encourages taxpayers who missed the April tax-filing deadline to file a tax return as soon as they can. The IRS offers different resources to help those who may be unable to pay their tax bill in total. Those who missed the deadline to...
Proving Noncash Charitable Contributions
Tax legislation passed in late 2017 nearly doubled the standard deduction for years 2018 through 2025, and now about 90% of individuals filing a tax return are taking advantage of the higher standard amount and are not itemizing their deductions. For the 10% of filers...
Navigating Economic Storms: 10 Strategies for Business Survival and Success
As the winds of economic uncertainty continue to blow, many businesses find themselves sailing through turbulent waters. With high interest rates and mounting consumer debt, fears of an impending recession loom large. But amid these challenges lies an opportunity for...
How Overstaffing Can Impact Your Small Business
In the bustling world of small businesses, where every decision can significantly impact your bottom line, overstaffing can be a major problem. One of the main reasons for this is that hiring too many employees can happen before you even realize it – you might be...
Securing Your Business’s Future: Mastering Succession Planning
For many business owners, the future is uncertain. Would you like to ensure the long-term success of your enterprise, reducing stress and providing peace of mind? That’s where succession planning comes in. Every successful business gets to that point thanks to careful...
The Tax-Filing Deadline Is Drawing Near
As a reminder to those who have not yet filed their 2023 tax returns, April 15, 2024, is the due date to either file a return (and pay the taxes owed) or file for an automatic extension (and pay an estimate of the taxes owed). Taxpayers in Maine and...
5 Essential Personal Finance Tips Every Millennial Should Know
As Millennials continue to navigate their financial journeys, understanding key tax and personal finance topics is crucial for achieving long-term prosperity. In this article, we'll explore some of the most important issues facing Millennials today, providing valuable...
Treasury, IRS finalize rules on elective payments of certain clean energy credits under the Inflation Reduction Act
The Department of the Treasury and Internal Revenue Service issued final regulations for applicable entities that earn certain clean energy credits and choose to make an elective payment election. For tax years beginning after Dec. 31, 2022, applicable entities can...
Who Needs to File a Tax Return in 2024
Most U.S. citizens and permanent residents who work in the United States need to file a tax return if they make more than a certain amount for the year. This includes U.S. citizens and permanent residents working outside the U.S. ...
The Importance of Separating Personal and Business Finances
One fundamental financial practice that often gets overlooked, yet holds immense importance, is the separation of personal and business finances. By maintaining distinct bank accounts and credit cards for business transactions, small business owners can streamline...
New Employee vs Independent Contractor Rule Effective March 11
The U.S. Department of Labor (DOL) announced on Jan. 9, 2024, the issuance of its final rule regarding whether a worker is an employee or an independent contractor under the federal Fair Labor Standards Act (FLSA). The new rule, which becomes effective March 11, 2024,...
Education Credits Aren’t Just for Children’s Tuition
If you think that education credits are just for sending your children to college, think again; the credits are available to you, your spouse (if you are married), and your dependents. Even if you or your spouse only attend school part time, you still may qualify for...
Checking the Status of Your Federal Tax Refund Is Easy
If your 2023 federal tax return has already been filed and you are due a refund, you can check the status of your refund online. “Where’s My Refund?” is an interactive tool on the IRS website at IRS.gov. Whether you have opted for direct deposit into one account,...
Who Needs to File a Tax Return in 2024
Most U.S. citizens and permanent residents who work in the United States need to file a tax return if they make more than a certain amount for the year. This includes U.S. citizens and permanent residents working outside the U.S. ...
Are You Taking Advantage of Your Employer’s Fringe Benefits?
The tax code allows employers to provide their employees with a variety of tax-free fringe benefits. Not all employers will offer all, or even some, of the possible fringe benefits. But you should check with your employer to see what, if any, fringe benefits might be...
Navigating the Tax Implications of Remote Work for SMBs: A Comprehensive Guide
In the wake of the pandemic, remote work has become the new norm for many American workers. As businesses across a wide range of industries have shifted to a remote model, employees and employers alike have experienced numerous benefits such as reduced overhead costs,...
Common IRS Audit Triggers for Small Businesses: How to Avoid Them
As a small business owner, the word 'audit' can be a source of anxiety. However, understanding the common triggers for an IRS audit and taking proactive steps can significantly reduce the likelihood of facing one. This article explores the factors that could lead to...
2024 tax filing season set for January 29; IRS continues to make improvements to help taxpayers
The Internal Revenue Service announced Monday, Jan. 29, 2024, as the official start date of the nation's 2024 tax season when the agency will begin accepting and processing 2023 tax returns. The IRS expects more than 128.7 million individual tax returns to be filed by...