Hiring independent contractors? Make sure they’re properly classified
Many businesses turn to independent contractors to help manage costs, especially during times of staffing shortages and inflation. If you’re among them, ensuring these workers are properly classified for federal tax purposes is crucial. Misclassifying employees as independent contractors can result in expensive consequences such as audits, back taxes, penalties and even lawsuits. Our business advisors can also consult with you on this topic.
The tax rules for legal awards and settlements: What recipients should know
If you receive a court award or out-of-court settlement, do you have to pay tax on it? The answer is … it depends. The way a settlement is structured can significantly affect your tax liability, making professional guidance essential. We can help you understand the rules, ensure proper reporting and potentially reduce your tax burden. Contact our tax advisors to discuss how a court award or out-of-court settlement may affect your taxes.
Crowdfunding for your nonprofit can be easy, but the tax implications may not be
Crowdfunding campaigns can help nonprofits raise money for individuals or causes. But it’s critical that your organization and its supporters understand the tax implications. Contact our nonprofit advisors for more information.
If you’re married, ensure that you and your spouse coordinate your estate plans
Unintended consequences can result if you and your spouse fail to properly coordinate your estate plans. By working on your estate plans together, you and your spouse can take full advantage of the marital deduction and applicable gift and estate tax exemptions. This can help minimize the overall tax burden on both estates. Contact our estate planning consultants with questions.
Can you turn business losses into tax relief?
Having a tough year? Find out how net operating losses (NOL) can convert today’s setbacks into brighter tax savings in the future. Also, read more about the changes and limits on the Tax Cuts and Jobs Act (TCJA). Contact our business tax advisors with questions.
Why choosing the right trustee matters
When drafting a trust, you must appoint a trustee. This can be an individual or a financial institution. Several qualities help make someone an effective trustee. Read here to know what to look for in a trustee. Contact our estate planning advisors for guidance.
Still have questions after you file your tax return?
If you’ve successfully filed your tax return with the IRS, you may think you’re done with taxes for another year. But some questions may still crop up about the return. Here are answers to some questions that we’re frequently asked about tax returns at this time of year.
Automate that! How AI and other software can help improve efficiency in your nonprofit
To improve your nonprofit’s efficiency, reduce repetitive work, improve donor engagement and optimize fundraising, consider increasing automation. Technology investments might seem like a luxury when your resources are limited, but they ultimately can pay off with increased financial support. Contact our nonprofit advisors for help with your nonprofit's efficiency goals.
3 ways to receive payments in QuickBooks Online
Got customer payments coming in? QuickBooks Online has multiple ways to accept and record them. Continue reading or contact our QuickBooks advisors for help.
Determine a reasonable salary for a corporate business owner
Are you a corporate business owner? Make sure your compensation passes IRS scrutiny! Determining “reasonable compensation” is a critical issue for owners of C corporations and S corporations. If the IRS believes an owner’s compensation is unreasonably high or low, it may disallow certain deductions or reclassify payments, potentially leading to penalties, back taxes and interest. Contact our business advisors for guidance on setting or reviewing your compensation.