If you’re a parent, you may be confused about the rules for claiming the Child Tax Credit (CTC). The rules and credit amounts have changed significantly over the last six years. This tax break became… Read More »Child tax credit: The rules keep changing but it’s still valuable
Merger and acquisition activity dropped dramatically last year due to rising interest rates and a slowing economy. The total value of M&A transactions in North America in 2022 was down 41.4% from 2021, according to… Read More »Key tax issues in M&A transactions
Many businesses in certain industries employ individuals who receive tips as part of their compensation. These businesses include restaurants, hotels and salons. Tip definition Tips are optional payments that customers make to employees who perform… Read More »Have employees who receive tips? Here are the tax implications
Many people are more concerned about their 2022 tax bills right now than they are about their 2023 tax situations. That’s understandable because your 2022 individual tax return is due to be filed in 10… Read More »Answers to your questions about 2023 limits on individual taxes
Most retirement plan distributions are subject to income tax and may be subject to an additional penalty if you take an early withdrawal. What’s considered early? In general, it’s when participants take money out of… Read More »Retirement plan early withdrawals: Make sure you meet the requirements to avoid a penalty
The construction industry continues to face supply chain slowdowns, labor shortages and inflation — though the latter of the three has generally moderated a bit as of late. To monitor and optimally respond to rising… Read More »8 ways to insulate your construction company against rising costs
An array of tax-related limits that affect businesses are indexed annually, and due to high inflation, many have increased more than usual for 2023. Here are some that may be important to you and your… Read More »Many tax limits affecting businesses have increased for 2023
The IRS announced it opened the 2023 individual income tax return filing season on January 23. That’s when the agency began accepting and processing 2022 tax year returns. Even if you typically don’t file until… Read More »Why you might want to file early and answers to other tax season questions
With the 2023 filing season deadline drawing near, be aware that the deadline for businesses to file information returns for hired workers is even closer. By January 31, 2023, employers must file these forms: Form W-2,… Read More »Forms W-2 and 1099-NEC are due to be filed soon
If you have a child or grandchild in college — congratulations! To help pay for the expenses, many parents and grandparents saved for years in tax-favored accounts, such as 529 plans. But there are also… Read More »Tax-saving ways to help pay for college — once your child starts attending
Does your construction business work in the residential sector? If so, there are some powerful tax incentives in effect right now that could generate revenue for your company. However, many property owners may not be… Read More »Residential construction companies should get the word out about home energy tax credits
If your small business has a retirement plan, and even if it doesn’t, you may see changes and benefits from a new law. The Setting Every Community Up for Retirement Enhancement 2.0 Act (SECURE 2.0)… Read More »How the new SECURE 2.0 law may affect your business