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Q2 2022 Tax Deadlines

Here are some of the key tax-related deadlines that apply to businesses and other employers during the second quarter of 2022. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. Contact us to ensure you’re meeting all applicable deadlines and to

2022-04-05T12:12:07-06:00April 5th, 2022|

Establish a Tax-Favored Retirement Plan

If your business doesn’t already have a retirement plan, now might be a good time to take the plunge. Current retirement plan rules allow for significant tax-deductible contributions. For example, if you’re self-employed and set up a SEP-IRA, you can contribute up to 20% of your self-employment earnings, with a

2022-03-23T14:25:06-06:00March 23rd, 2022|

When Inheriting Money, Be Aware of “Income in Respect of a Decedent” Issues

Once a relatively obscure concept, “income in respect of a decedent” (IRD) may create a surprising tax bill for those who inherit certain types of property, such as IRAs or other retirement plans. Fortunately, there may be ways to minimize or even eliminate the IRD tax bite. Basic Rules For

2022-03-23T14:14:39-06:00March 23rd, 2022|

The Four Types of Audit Opinions

The first page of audited financial statements is the auditor’s report. This is an important part of the financials that shouldn’t be overlooked. It contains the audit opinion, which indicates whether the financial statements are fairly presented in all material respects, compliant with Generally Accepted Accounting Principles (GAAP) and free

2022-03-23T13:28:03-06:00March 23rd, 2022|

Making Withdrawals From Your Closely Held Corporation That Aren’t Taxed as Dividends

Do you want to withdraw cash from your closely held corporation at a minimum tax cost? The simplest way is to distribute cash as a dividend. However, a dividend distribution isn’t tax-efficient since it’s taxable to you to the extent of your corporation’s “earnings and profits.” It’s also not deductible

2022-03-15T09:38:55-06:00March 15th, 2022|
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