The Social Security Administration recently announced that the 2022 Social Security wage base for computing tax will increase to $147,000 (up from $142,800 for 2021). Wages and self-employment income above this threshold aren’t subject to Social Security tax. Background Information The Federal Insurance Contributions Act (FICA) imposes two taxes on employers, employees and self-employed workers … Continue reading “Employers: The Social Security Wage Base Is Increasing in 2022”
Month: October 2021
Get Your Piece Of The Depreciation Pie Now With A Cost Segregation Study
If your business is depreciating over a 30-year period the entire cost of constructing the building that houses your operation, you should consider a cost segregation study. It might allow you to accelerate depreciation deductions on certain items, thereby reducing taxes and boosting cash flow. And under current law, the potential benefits of a cost … Continue reading “Get Your Piece Of The Depreciation Pie Now With A Cost Segregation Study”
4 Ways To Refine Your Cash Flow Forecasting
Run a business for any length of time and the importance of cash flow becomes abundantly clear. When payroll is due, bills are piling up and funds aren’t available, blood pressure tends to rise. For this reason, being able to accurately determine your cash flow forecasting is critical. Here are four ways to refine your … Continue reading “4 Ways To Refine Your Cash Flow Forecasting”
New Per Diem Business Travel Rates Became Effective On October 1
Are employees at your business traveling again after months of virtual meetings? In Notice 2021-52, the IRS announced the fiscal 2022 “per diem” rates that became effective October 1, 2021. Taxpayers can use these business travel rates to substantiate the amount of expenses for lodging, meals and incidental expenses when traveling away from home. (Taxpayers … Continue reading “New Per Diem Business Travel Rates Became Effective On October 1”
Remind Your Sales Team About The Power Of Storytelling
Everyone loves a story. It’s why movies are still big business and many of us spend hours on the couch binge-watching our favorite television shows. What’s important to keep in mind, and to remind your sales team, is that effective storytelling can also improve the sales process. This doesn’t mean devising fanciful, fictional tales to … Continue reading “Remind Your Sales Team About The Power Of Storytelling”
2021 Q4 Tax Calendar: Key Deadlines for Businesses and Other Employers
Here are some of the key tax-related deadlines affecting businesses and other employers during the fourth quarter of 2021. 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 learn more about the filing requirements. Note: … Continue reading “2021 Q4 Tax Calendar: Key Deadlines for Businesses and Other Employers”
Is Your Business Tracking Website Metrics?
In today’s data-driven world, business owners are constantly urged to track everything. And for good reason! Having accurate, timely information displayed in an easy-to-understand format can allow you to spot trends, avoid risk and take advantage of opportunities. This includes tracking website metrics of your company’s website. Although social media drives so much of the … Continue reading “Is Your Business Tracking Website Metrics?”
M&A Transactions: Be Careful When Reporting To The IRS
Low interest rates and other factors have caused global mergers and acquisitions (M&A) activity to reach new highs in 2021, according to Refinitiv, a provider of financial data. It reports that 2021 is set to be the biggest in M&A history, with the United States accounting for $2.14 trillion worth of transactions already this year. … Continue reading “M&A Transactions: Be Careful When Reporting To The IRS”