H&B, Author at Hutchinson and Bloodgood LLP

How businesses can use stress testing to improve risk management

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March 31, 2023

If you’ve been following the news lately, you’ve surely heard or read about the sudden rise in concern about the banking industry. Although the story is still unfolding, an important lesson for business owners is already clear: You’ve got to be constantly on guard against the many risks to your company’s financial solvency. One way […]

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Tax Planning

Some taxpayers qualify for more favorable “head of household” tax filing status

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March 28, 2023

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When preparing your tax return, we’ll check one of the following statuses: Single, married filing jointly, married filing separately, head of household or qualifying widow(er). Filing a return as a head of household is more favorable than filing as a single taxpayer. For example, the 2023 standard deduction for a single taxpayer is $13,850 while […]

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Tax Planning

Should You Extend Your 2022 Tax Return?

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March 24, 2023

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In a statement posted to its website on February 3, 2023, the IRS asked certain taxpayers to temporarily hold off on filing their 2022 returns until it could issue guidance on how to treat special tax refunds and payments made by approximately 20 states in 2022. The IRS published additional guidance to resolve this issue a […]

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Business Planning & Consulting

ACA penalties will rise in 2024

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March 22, 2023

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Recently, the IRS announced 2024 indexing adjustments to the applicable dollar amount used to calculate employer shared responsibility penalties under the Affordable Care Act (ACA). Although next year might seem a long way off, it’s best to get an early start on determining whether your business is an applicable large employer (ALE) under the ACA. If […]

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Tax Planning

Two important tax deadlines are coming up — and they don’t involve filing your 2022 tax return

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March 21, 2023

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April 18 is the deadline for filing your 2022 tax return. But a couple of other tax deadlines are coming up in April and they’re important for certain taxpayers: Saturday, April 1 is the last day to begin receiving required minimum distributions (RMDs) from IRAs, 401(k)s and similar workplace plans for taxpayers who turned 72 […]

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General

Keep an eye out for executive fraud

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March 15, 2023

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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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Author: H&B

How businesses can use stress testing to improve risk management

Some taxpayers qualify for more favorable “head of household” tax filing status

Should You Extend Your 2022 Tax Return?

ACA penalties will rise in 2024

Two important tax deadlines are coming up — and they don’t involve filing your 2022 tax return

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

A Comprehensive Approach to Goal-Based Financial Planning