http://cpahfa.com/ Take a look at our recent blog posts and client newsletter articles. en-us Mon, 01 Apr 2024 09:00:00 +0000 Mon, 01 Apr 2024 09:00:00 +0000 http://www.cpahfa.com/newsletter.php#1 Generally, the IRS has three years to audit a tax return, from the later of the due date of the return or the date you file. You can also file an amended return within this time frame if you overlooked something. Mon, 01 Apr 2024 09:00:00 +0000 http://www.cpahfa.com/newsletter.php#1 http://www.cpahfa.com/newsletter.php#3 Businesses shut down for many reasons. Examples include an owner’s retirement, a lease expiration, staffing shortages, partner conflicts and increased supply costs. If you’ve decided to close your business, you might need assistance with some steps in the process, including handling various tax obligations. Mon, 01 Apr 2024 09:00:00 +0000 http://www.cpahfa.com/newsletter.php#3 http://www.cpahfa.com/newsletter.php#2 If you own a C corporation, you know there’s a tax advantage to taking money out as compensation rather than as dividends. The reason: A corporation can deduct the salaries and bonuses that it pays executives, but it can’t deduct dividend payments. Therefore, if funds are paid as dividends, they’re taxed twice, once to the corporation and once to the recipient. Money paid out as compensation is taxed only once, to the recipient employee. Mon, 01 Apr 2024 09:00:00 +0000 http://www.cpahfa.com/newsletter.php#2 http://www.cpahfa.com/newsletter.php#1 If you’re looking for a retirement plan for yourself and your employees but worried about the financial commitment and administrative burdens involved, there are some options to consider. One possibility is a Simplified Employee Pension (SEP). This plan, which comes with relative ease of administration and the discretion to make or not make annual contributions, is especially attractive for small businesses. Fri, 01 Mar 2024 09:00:00 +0000 http://www.cpahfa.com/newsletter.php#1 http://www.cpahfa.com/newsletter.php#2 If you’re a business owner or manager who is seeking to hire, you should be aware of the details of a valuable tax credit for hiring individuals from one or more targeted groups. Employers can qualify for the Work Opportunity Tax Credit (WOTC), which is worth as much as $2,400 for most eligible employees (higher or lower for certain employees). The credit is limited to eligible employees who begin work for an employer before January 1, 2026. Fri, 01 Mar 2024 09:00:00 +0000 http://www.cpahfa.com/newsletter.php#2 http://www.cpahfa.com/newsletter.php#3 At one time, life insurance played a much larger part in an estate plan than it does now. Why? Families would often use life insurance payouts to pay estate taxes. But with the federal gift and estate tax exemption at $13.61 million for 2024, far fewer families currently are affected by estate tax. Fri, 01 Mar 2024 09:00:00 +0000 http://www.cpahfa.com/newsletter.php#3