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Many businesses provide education fringe benefits so their employees can improve their skills and gain additional knowledge. An employee can receive, on a tax-free basis, up to $5,250 each year from his or her employer for educational assistance under a “qualified educational assistance program.”
For this purpose, “education” means any form ... read more
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Owners of incorporated businesses know that there’s a tax advantage to taking money out of a C corporation as compensation rather than as dividends. The reason: A corporation can deduct the salaries and bonuses that it pays executives, but not dividend payments. Thus, if funds are paid as dividends, they’re ... read more
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Are you thinking about setting up a retirement plan for yourself and your employees, but you’re worried about the financial commitment and administrative burdens involved in providing a traditional pension plan? Two options to consider are a “simplified employee pension” (SEP) or a “savings incentive match plan for employees” (SIMPLE).
SEPs ... read more
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As a business owner, you should be aware that you can save family income and payroll taxes by putting your child on the payroll.
Here are some considerations.
Shifting Business Earnings
You can turn some of your high-taxed income into tax-free or low-taxed income by shifting some business earnings to a child as ... read more
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Senior Accountant/Supervisor – Ag & Agribusiness Services
Acuity Advisors and CPAs LLP, Lancaster, PA, is a well-established, growing accounting and advisory services firm committed to a consultative, comprehensive, and holistic approach for each client. For more than 30 years, Acuity has been serving the region in accounting, tax, and consulting across ... read more
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Federal
The Internal Revenue Service (IRS) announced that the federal income tax filing due date for individuals for the 2020 tax year will be automatically extended to May 17, 2021.
Pennsylvania
The PA Department of Revenue announced that the deadline for taxpayers to file their 2020 Pennsylvania personal income tax returns has been ... read more
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The American Rescue Plan Act of 2021 (ARPA, 2021) signed into law last week extends and expands provisions found in the Families First Coronavirus Relief Act (FFCRA), Coronavirus Aid, Relief and Economic Security (CARES) Act, and the Consolidated Appropriations Act, 2021 (CAA).
Paycheck Protection Program (PPP)
Allocates an additional $7.25 billion towards ... read morePosted on:
The American Rescue Plan Act of 2021 (ARPA, 2021) signed into law last week extends and expands provisions found in the Families First Coronavirus Relief Act (FFCRA), Coronavirus Aid, Relief and Economic Security (CARES) Act, and the Consolidated Appropriations Act, 2021 (CAA).
Employee Retention Credit (ERC)
Extends the ERC from June 30, ... read morePosted on:
The American Rescue Plan Act of 2021 (ARPA, 2021) signed into law last week extends and expands provisions found in the Families First Coronavirus Relief Act (FFCRA), Coronavirus Aid, Relief and Economic Security (CARES) Act, and the Consolidated Appropriations Act, 2021 (CAA).
Families First Coronavirus Relief Act (FFCRA)
Extends the FFCRA paid ... read more