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Your Annual Reminder to File Worker 1099s

by Admin | Dec 7, 2022 | Business Taxes, Entrepreneurial, Individual Taxes, Tax Planning

This is our annual reminder that if you use workers other than employees to perform services for your business and pay them $600 or more for the year, you are required to issue each one a Form 1099-NEC after the end of the year to avoid facing the loss of the...

Tax Consequences of Employee Holiday Gifts

by Admin | Dec 7, 2022 | Business Taxes, Entrepreneurial, Tax Planning

It is common practice this time of year for employers to give their employees gifts. Where a gift is infrequently offered and has a fair market value so low that it is impractical and unreasonable to account for it, the gift’s value would be treated as a de minimis...

Planned Minimum Wage Increase for Virginia 2023

by Admin | Nov 29, 2022 | Business Taxes, Entrepreneurial, Tax Planning

The new minimum wage in Virginia increases to $12 on Jan. 1, 2023. Unlike other states, Virginia does not exempt tipped workers from the state mandated minimum wage. Tipped employees (those who regularly receive more than $30.00 a month in tips) may be paid at the...

Tax Benefits for Holiday Family Employment

by Admin | Nov 27, 2022 | Business Taxes, Entrepreneurial

Along with the holidays comes a lot of extra work for many family-run businesses, which may require putting the kids to work and having a spouse help out over the busy time. There are special tax rules when hiring your children and also for your spouse, depending on...

Steps Your Business Can Take to Survive a Recession

by Admin | Nov 23, 2022 | Business Taxes, Entrepreneurial, Tax Planning

According to one recent study, there is a 96% chance that the United States will experience some form of economic recession within the next 12 months. If you needed a single statistic to underline the importance of planning ahead when it comes to your business, let it...

Employers warned to beware of third parties promoting improper Employee Retention Credit claims

by Admin | Nov 17, 2022 | Business Taxes, COVID-19

The Internal Revenue Service warned employers to be wary of third parties who are advising them to claim the Employee Retention Credit (ERC) when they may not qualify. Some third parties are taking improper positions related to taxpayer eligibility for and computation...
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