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Category: Blog

Paying the Price for Vice: The Evolving Landscape of Excise Taxes in America - Jan. 01, 2021

Paying the Price for Vice: The Evolving Landscape of Excise Taxes in AmericaWhile excise or vice taxes have long been a part of the American tax landscape related to alcohol and cigarettes, the recent invention of vaping and legalization of marijuana and other substances is changing the landscape. What Are Excise Taxes? Excise taxes are taxes on specific types of consumable products such as alcohol or tobacco […] read more

COVID-19 Vaccination Considerations for Employers - Jan. 01, 2021

COVID-19 Vaccination Considerations for EmployersLooking at a 2009 letter from the U.S. Department of Labor, Occupational Safety and Health Administration (OSHA), employers may be able to require their employees to take the COVID-19 vaccine, with a few exceptions (such as the likelihood of a life-threatening reaction to it). With the COVID-19 vaccine being rolled out, how can employers balance […] read more

What To Know About Filing For Bankruptcy - Jan. 01, 2021

What To Know About Filing For BankruptcyAbout one million Americans file for personal bankruptcy each year, with one in 10 households having filed at some point. Given the loss of jobs, reduced income, and the coronavirus recession in 2020, those numbers could increase this year if the economic recovery is not both swift and omnipresent. There are two main types of […] read more

Deciding if a Roth IRA Conversion is For You - Jan. 01, 2021

Deciding if a Roth IRA Conversion is For YouRoth IRAs can be a powerful tax tool, but they are often misunderstood and misused. Investment income in Roth IRAs compound tax-free and most distributions are tax-free as well. Another benefit is that there are no required minimum distributions (RMDs) throughout the original owner’s life. Long-term Roth distributions are tax-free to the beneficiaries who inherit […] read more

2021 Social Security Tax and Benefit Increases Announced - Dec. 01, 2020

The Social Security Administration recently announced 2021 increases to both benefits and the taxable wage base for FICA taxes. Increases Announced for 2021 Workers are facing a 3.7 percent increase in the taxable wage base subject to Social Security taxes, increasing the amount from $137,700 up to $142,800. This means high earners who make as much […] read more

How Businesses Can Adapt, Grow During COVID-19 - Dec. 01, 2020

In order to survive – and even thrive – during these unprecedented times, small businesses have had to find new ways to make money. The UPS Store’s Small Biz Buzz survey found that 41 percent of small businesses in the United States took steps to modify their businesses in hopes of survival. Fifteen percent provided […] read more

Last Minute Financial Moves for Year's End - Dec. 01, 2020

There are certain year-end financial transactions that must clear by Dec. 31 to be reported on the 2020 tax return. It’s important to take a good look at your financial portfolio in light of the plethora of unusual events that occurred this year. Now is a good time to see if you have fallen off […] read more

COVID-19 Vaccine Rollout: Where We Are So Far - Dec. 01, 2020

While the pandemic is not over, we do have some good news. There are vaccines and they will be available soon. Here’s where we are in terms of an overall plan and where states are with distributing the vaccines. Operation Warp Speed The current administration has already purchased hundreds of millions of doses of several […] read more

Our Top 6 Year-End Tax Planning Tips - Nov. 01, 2020

This has been a year of economic and tax uncertainty with the impact of the COVID-19 pandemic, potential stimulus bills and the presidential election. As a result, tax planning may be more important than usual this year. To help guide you, we will cover six year-end tax planning strategies – three for individuals and three […] read more

How to Effectively On-board & Train Employees Virtually - Nov. 01, 2020

With COVID-19 still requiring remote working, companies that effectively on-board new workers retain their workers longer, have better worker performance and increase their profits by almost 100 percent, according to the U.S. Chamber of Commerce. However, there are many considerations that companies should take during this important process. For remote orientations, a welcome package that […] read more