Employee Retention

An education plan can pay off for your employees — and your business

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April 28, 2025
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Your business can set up an educational assistance plan that can give each eligible employee up to $5,250 in annual federal-income-tax-free and federal-payroll-tax-free benefits. These tax-favored plans are called Section 127 plans after the tax code section that allows them. Plan basics Sec. 127 plans can cover the cost of almost anything that constitutes education, including […]
#EducationalAssistance, #EmployeeBenefits, #Section127Plan
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Human Resources

EBHRAs: A flexible health benefits choice for businesses

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April 25, 2025
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Today’s companies have several kinds of tax-advantaged accounts or arrangements they can sponsor to help employees pay eligible medical expenses. One of them is a Health Reimbursement Arrangement (HRA). Under an HRA, your business sets up and wholly funds a plan that reimburses participants for qualified medical expenses of your choosing. (To be clear, employees can’t […]
#EmployeeBenefits, #HealthBenefits, #HRAExplained
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Tax Planning

What tax documents can you safely shred? And which ones should you keep?

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April 23, 2025
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Once your 2024 tax return is in the hands of the IRS, you may be tempted to clear out file cabinets and delete digital folders. But before reaching for the shredder or delete button, remember that some paperwork still has two important purposes: Protecting you if the IRS comes calling for an audit, and Helping […]
#AuditProtection, #IRSRecords, #TaxDocumentRetention, #TaxTips2025
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Tax Planning

Explore SEP and SIMPLE retirement plans for your small business

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April 21, 2025
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Suppose you’re thinking about setting up a retirement plan for yourself and your employees. However, you’re concerned about the financial commitment and administrative burdens involved. There are a couple of options to consider. Let’s take a look at a Simplified Employee Pension (SEP) and a Savings Incentive Match Plan for Employees (SIMPLE). SEPs offer easy […]
#RetirementForSmallBusiness, #SEPPlans, #SIMPLEPlans
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Risk Management

How companies can spot dangers by examining concentration

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April 16, 2025
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At first glance, the word “concentration” might seem to describe a positive quality for any business owner. You need to concentrate, right? Only through laser focus on the right strategic goals can your company reach that next level of success. In a business context, however, concentration can refer to various aspects of your company’s operations. […]
#BusinessStrategy, #CustomerConcentration, #RiskManagement
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Tax Planning

Businesses considering incorporation should beware of the reasonable compensation conundrum

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April 11, 2025
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Small to midsize businesses have valid reasons for incorporating, not the least of which is putting that cool “Inc.” at the end of their names. Other reasons include separating owners’ personal assets from their business liabilities and offering stock options as an employee incentive. If you’re considering incorporation for your company, however, it’s essential to […]
#BusinessIncorporation, #ExecutiveCompensation, #ReasonableCompensation
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Tax Planning

An essential tax deadline is coming up — and it’s unrelated to your 2024 return filing

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April 9, 2025
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Tuesday, April 15 is the deadline for filing your 2024 tax return. But another tax deadline is coming up the same day, and it’s essential for certain taxpayers. It’s the deadline for making the first quarterly estimated tax payment for 2025 if you’re required to make one. Basic details You may have to make estimated […]
#EstimatedTaxes, #QuarterlyTaxes, #TaxDeadline
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Tax Planning

Small business alert: Watch out for the 100% penalty

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April 7, 2025
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Some tax sins are much worse than others. An example is failing to pay over federal income and employment taxes that have been withheld from employees’ paychecks. In this situation, the IRS can assess the trust fund recovery penalty, also called the 100% penalty, against any responsible person. It’s called the 100% penalty because the entire […]
#IRS100PercentPenalty, #SmallBusinessAlert, #TaxPenaltyWarning, #TrustFundRecoveryPenalty
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