If you own an unincorporated small business, you probably don’t like the size of your self-employment (SE) tax bills. No wonder! For 2023, the SE tax is imposed at the painfully high rate of 15.3%… Read More »Use an S corporation to mitigate federal employment tax bills
“Thousands of people have lost millions of dollars and their personal information to tax scams,” according to the IRS. The scams may come in through email, text messages, telephone calls or regular mail. Criminals regularly… Read More »Emil @ CPA-LA wrote – That email or text from the IRS: It’s a scam!
In the construction industry, supply-chain challenges are nothing new. They’ve just gotten much more media attention over the last few years. Increased globalization, a pandemic and geopolitical strife have all contributed to some notable slowdowns,… Read More »Emil @ CPA-LA gives you 3 big inventory issues for construction companies
The U.S. Department of Labor (DOL) recently announced that a jury in a landmark case, Walsh v. East Penn Manufacturing Co, Inc., DC-PA, has awarded more than $22 million in back wages to about 7,500… Read More »CPA-LA: Jury awards more than $22 million in back pay to manufacturing employees
The IRS recently released its audit statistics for the 2022 fiscal year and fewer taxpayers had their returns examined as compared with prior years. But even though a small percentage of returns are being chosen… Read More »CPA-LA: The best way to survive an IRS audit is to prepare
If you own or manage a business with employees, there’s a harsh tax penalty that you could be at risk for paying personally. The Trust Fund Recovery Penalty (TFRP) applies to Social Security and income… Read More »CPA-LA>The Trust Fund Recovery Penalty: Who can it be personally assessed against?
When one spouse in a married couple is not earning compensation, the couple may not be able to save as much as they need for a comfortable retirement. In general, an IRA contribution is allowed… Read More »Are you married and not earning compensation? You may be able to put money in an IRA
Construction business owners are regularly urged to buy the latest and greatest software. But no such tool is perfect. Off-the-shelf products don’t always provide the specific functionality needed or “play well” with other systems. All… Read More »CPA-LA>Should your construction business invest in custom software?
Here are some of the key tax-related deadlines affecting businesses and other employers during the third quarter of 2023. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply… Read More »2023 Q3 tax calendar by CPA-LA: Key deadlines for businesses and other employers
If you’re age 65 and older and have basic Medicare insurance, you may need to pay additional premiums to get the level of coverage you want. The premiums can be costly, especially for married couples… Read More »CPA-LA: When can seniors deduct Medicare premiums on their tax returns?
Your business may be able to claim big first-year depreciation tax deductions for eligible real estate expenditures rather than depreciate them over several years. But should you? It’s not as simple as it may seem.… Read More »CPA-LA: Advantages and disadvantages of claiming big first-year real estate depreciation deductions
High-income taxpayers face a regular income tax rate of 35% or 37%. And they may also have to pay a 3.8% net investment income tax (NIIT) that’s imposed in addition to regular income tax. Fortunately,… Read More »Emil @ CPA-LA explain how to reduce the impact of the 3.8% net investment income tax