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ESTIMATED TAX PAYMENTS: WHO OWES THEM AND WHEN?

By |2023-06-23T13:52:14-04:00July 24th, 2023|Accounting and Auditing, Business, Taxation|

If you don’t have enough federal tax withheld from your paychecks and other payments, you may have to make estimated tax payments.  This is the case if you have taxable income from sources such as interest, dividends, self-employment, capital gains or other income.  Here are the applicable rules for paying estimated tax without triggering the [...]

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ARE SCHOLARSHIPS TAXABLE?

By |2023-06-23T13:45:47-04:00July 17th, 2023|Accounting and Auditing, Business, Taxation|

If your child has been awarded a scholarship, that’s cause for celebration.  For some students, it will mean the difference between going to the college of their choice or starting at community college – or even not going at all.  But be aware that scholarship may bring tax implications. GENERALLY, BUT NOT ALWAYS Scholarships (and [...]

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FAMILY BUSINESSES MUST BEWARE OF FRAUD

By |2023-06-21T15:36:17-04:00July 10th, 2023|Accounting and Auditing, Business|

Family businesses make up a huge percentage of companies in the United States and produce much of the country’s gross domestic product.  Often defined as companies that are majority owned by a single family with two or more members involved in their management, family businesses can be a significant source of wealth.   However, for [...]

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LOST YOUR JOB? HERE ARE THE TAX ASPECTS OF AN EMPLOYEE TERMINATION

By |2023-06-21T15:34:00-04:00July 3rd, 2023|Accounting and Auditing, Business, Taxation|

Despite the robust job market, some people are still losing their jobs.  If you’re laid off or terminated from employment, taxes are probably the last thing on your mind.  However, you may face tax implications due to your changed personal and professional circumstances.  Depending on your situation, these can be complex and require you to [...]

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TAX CALENDAR

By |2023-06-23T13:47:33-04:00July 1st, 2023|Accounting and Auditing, Business, Taxation|

July 10 Employees must report June tip income of $20 or more to employers (Form 4070).   July 31 Employers must report income tax withholding and FICA taxes for second-quarter 2023 (Form 941) and pay any tax due.   July 31 Employers must file a 2023 calendar-year retirement plan report (Form 5500 or Form 5500-EZ) [...]

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APPRECIATING THE HELPFUL BALANCE OF BONDS

By |2023-05-22T15:23:34-04:00June 26th, 2023|Accounting and Auditing, Taxation|

Stock market and interest rate uncertainty may cause some investors to turn to bonds.  Perhaps the most “user friendly” bond is a U.S. government savings bond.  Buying one means you’re essentially lending the federal government money under certain terms, in exchange for a future return.  U.S. savings bonds don’t offer as high a yield as [...]

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