Wayfair revisited — It’s time to review your sales tax obligations In its 2018 decision in South Dakota v. Wayfair, the U.S. Supreme Court upheld South Dakota’s “economic nexus” statute, expanding the power of states to collect sales tax from remote sellers. Today, nearly every state with a sales tax has enacted a similar law, so if your […]
Small Business Tax Advice
New law provides a variety of tax breaks to businesses and employers
New law provides a variety of tax breaks to businesses and employers While you were celebrating the holidays, you may not have noticed that Congress passed a law with a grab bag of provisions that provide tax relief to businesses and employers. The “Further Consolidated Appropriations Act, 2020” was signed into law on December 20, […]
New law helps businesses make their employees’ retirement secure
New law helps businesses make their employees’ retirement secure A significant law was recently passed that adds tax breaks and makes changes to employer-provided retirement plans. If your small business has a current plan for employees or if you’re thinking about adding one, you should familiarize yourself with the new rules. The Setting Every Community […]
New rules will soon require employers to annually disclose retirement income to employees
New rules will soon require employers to annually disclose retirement income to employees As you’ve probably heard, a new law was recently passed with a wide range of retirement plan changes for employers and individuals. One of the provisions of the SECURE Act involves a new requirement for employers that sponsor tax-favored defined contribution retirement […]
Cents-per-mile rate for business miles decreases slightly for 2020
Cents-per-mile rate for business miles decreases slightly for 2020 This year, the optional standard mileage rate used to calculate the deductible costs of operating an automobile for business decreased by one-half cent, to 57.5 cents per mile. As a result, you might claim a lower deduction for vehicle-related expense for 2020 than you can for […]
Numerous tax limits affecting businesses have increased for 2020
Numerous tax limits affecting businesses have increased for 2020 An array of tax-related limits that affect businesses are annually indexed for inflation, and many have increased for 2020. Here are some that may be important to you and your business. Social Security tax The amount of employees’ earnings that are subject to Social Security tax […]
