H&B, Author at Hutchinson and Bloodgood LLP

General

Keep an eye out for executive fraud

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March 15, 2023

Occupational fraud can be defined as crimes committed by employees against the organizations that they work for. Perhaps its most dangerous variation is executive fraud — that is, wrongdoings by those in the C-Suite. Senior-level execs are in a prime position to not only inflict substantial amounts of financial damage, but also severely impair the […]

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Tax Planning

The 2022 gift tax return deadline is coming up soon

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March 14, 2023

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Did you make large gifts to your children, grandchildren or other heirs last year? If so, it’s important to determine whether you’re required to file a 2022 gift tax return. And in some cases, even if it’s not required to file one, you may want to do so anyway. Filing requirements The annual gift tax […]

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Marketing

Protect the “ordinary and necessary” advertising expenses of your business

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March 9, 2023

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Under tax law, businesses can generally deduct advertising and marketing expenses that help keep existing customers and bring in new ones. This valuable tax deduction can help businesses cut their taxes. However, in order to be deductible, advertising and marketing expenses must be “ordinary and necessary.” As one taxpayer recently learned in U.S. Tax Court, […]

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Human Resources

Supreme Court: Overtime rules still apply to highly compensated employees

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March 2, 2023

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If you were told someone earns more than $200,000 annually, you might assume the person is a salaried employee who’s ineligible for overtime pay. However, as demonstrated in the recent U.S. Supreme Court case of Helix Energy Solutions Group, Inc. v. Hewitt, this isn’t always a safe assumption. The FLSA rules Under the Fair Labor […]

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Tax Planning

Awarded money in a lawsuit or settlement? It’s only tax-free in certain circumstances

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March 1, 2023

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You generally must pay federal tax on all income you receive but there are some exceptions when you can exclude it. For example, compensatory awards and judgments for “personal physical injuries or physical sickness” are free from federal income tax under the tax code. This includes amounts received in a lawsuit or a settlement and […]

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Marketing

Influencer marketing could help your business (or not)

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February 24, 2023

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Most companies today have some sort of presence on social media as part of their marketing efforts. If you’ve spent any time online as a business owner, you’d probably agree that building a following and getting meaningful reactions to your posts isn’t easy. One way that some companies rise above the din is to not only […]

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Tax Planning

There still may be time to make an IRA contribution for last year

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February 23, 2023

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If you’re getting ready to file your 2022 tax return, and your tax bill is higher than you’d like, there may still be an opportunity to lower it. If you’re eligible, you can make a deductible contribution to a traditional IRA right up until this year’s April 18 filing deadline and benefit from the tax […]

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Business Planning & Consulting

8 Compelling Reasons to Outsource Your Accounting Functions

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February 15, 2023

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Tax Planning

Child tax credit: The rules keep changing but it’s still valuable

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February 14, 2023

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If you’re a parent, you may be confused about the rules for claiming the Child Tax Credit (CTC). The rules and credit amounts have changed significantly over the last six years. This tax break became more generous in 2018 than it was under prior law — and it became even better in 2021 for eligible […]

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Author: H&B

Keep an eye out for executive fraud

The 2022 gift tax return deadline is coming up soon

Protect the “ordinary and necessary” advertising expenses of your business

Supreme Court: Overtime rules still apply to highly compensated employees

Awarded money in a lawsuit or settlement? It’s only tax-free in certain circumstances

Influencer marketing could help your business (or not)

There still may be time to make an IRA contribution for last year

8 Compelling Reasons to Outsource Your Accounting Functions

Child tax credit: The rules keep changing but it’s still valuable

A Comprehensive Approach to Goal-Based Financial Planning