Understanding Individual Coverage HRAs When it comes to providing health benefits, employers today have more options than ever. One that’s gaining serious traction is the Individual Coverage Health Reimbursement Arrangement, or ICHRA. Unlike traditional group health plans, ICHRA allows employers…
Safeguarding Your Organization from Possible ACH Disbursement Fraud While the benefits of using Automated Clearing House (ACH) payments for disbursements are numerous (i.e., less expensive than using checks, automated and time efficient), without strong, established internal controls in place, companies can…
False Start Why Newly Formed Online Businesses Should be Cautious When Deducting Business Expenses Under IRC Sec. 162, taxpayers are allowed to deduct expenses related to the carrying on of a trade or business, provided the expenses are both ordinary…
Are You a “Real Estate Professional?” Being a real estate professional can provide significant tax benefits. Taxpayers who qualify may be able to prevent the application of the passive activity loss (“PAL”) limitation rules while the rental income may be…
Working in the Office 5 Days a Week to Build Company Culture is a Myth, PwC Report Says A new report from PwC suggests that the move to full-time in-office work could have a different effect than the one intended.…
IRS Offers Tax Relief to Florida After Hurricane Milton In the aftermath of Hurricane Milton, the IRS announced tax relief for individuals and businesses in 51 counties in Florida. Milton came two weeks after another storm, Hurricane Helene’s deadly strike in…
The 2025 Expiration of the Benefits of the Tax Cuts and Jobs Act 2025 will be a fiscal cliff year at the end of which all of the Tax Cuts and Jobs Act (TCJA) provisions are scheduled to expire. Some…
IRS Commences Processing of Employee Retention Credit Claims; Moves End Date on Processing New Claims to Jan. 1, 2024 The IRS announced that it is accelerating Employee Retention Credit (ERC) payments as well as continuing to work on denials of improper ERC…
Converting an LLC or S Corporation to a QSBS C Corporation to Avoid Federal Taxes on Gain on Sale of Business There is a way for qualifying LLCs and S corporations to convert to a C corporation to take advantage…
New York State Launches Corporate Transparency Act New York State has launched the New York LLC Transparency Act (“LLCTA”), which is their own version of the Federal Corporate Transparency. Entities formed on or after January 1, 2026 will have to…