College Athletes: Know Your Tax Obligations in NIL Agreements

Collegiate athletics is a competitive and popular multibillion dollar business industry. With television rights deals, conference realignment, recruitment, and much more, collegiate athletics garner significant media coverage. One topic receiving significant recent attention is the area of Name, Image, and Likeness (NIL) agreements, which allow student-athletes to financially benefit from their NIL. Due to the…

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Upcoming Tax Changes for 2024

Individuals and businesses need to be aware of the upcoming tax changes that will impact their financial planning. From adjustments in tax rates to updates in deductions and credits, understanding these changes can help taxpayers prepare and make informed decisions. In this overview, we will discuss the key tax changes that take effect in 2024, providing…

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LIFO Can Still Provide Tax Savings for 2023

While inflation is not at the high levels seen in the last couple of years, if you haven’t elected LIFO previously, now is the time to look at Last-In-First-Out (LIFO) accounting. If you have inventories of machinery and equipment, glass products or any concrete or cement inventory, there could be tax savings for 2023. Whether…

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7 Important Tax Tips for Small Businesses

tax-tips-if-you-are-starting-a-business

Starting a small business is no easy feat for owners, that’s why you have to be smart when it comes to finances if you want your company to grow. But when handling your employees or taking care of your products and services, it can get easy to forget to sort out your taxes amidst the…

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Employers: What is Form 940 and Do I Need to FiLe it?

Did you employ workers at your small business this year? If yes, you need to deal with employment taxes, like federal unemployment (“FUTA”) taxes.  For each employee, you must pay a percentage of his or her wages for federal unemployment taxes, deposit the tax with the IRS, and report your tax liability on Form 940.…

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Employers: IRS Changes Payroll Tax Form 941 for Q1 2021

5-tax-issues-that-cause-irs-trouble-for-1099-workers

In 2020, to combat the economic effects on small businesses caused by the COVID-19 pandemic, new legislation/executive actions drastically changed the format of Form 941, expanding it from two to three pages, and adding 58 new data fields.  Many the new relief measures were extended for businesses into 2021 (but not all). While the first…

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