RogerRossmeisl

Tax Obligations of Gig Workers

RogerRossmeisl

The number of people engaged in the “gig” or sharing economy has grown in recent years. In an August 2021 survey, the Pew Research Center found that 16% of Americans have earned money at some time through online gig platforms.

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Businesses with Employees who Receive Tips may be Eligible for a Tax Credit

RogerRossmeisl

If you’re an employer with a business where tipping is customary for providing food and beverages, you may qualify for a federal tax credit involving the Social Security and Medicare (FICA) taxes that you pay on your employees’ tip income.

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When Subsequent Events Count

RogerRossmeisl

The value of a business interest is valid as of a specific date. The effective date is a critical cutoff point because events that occur after that date generally are not taken into account when estimating value. However, there are two key exceptions when subsequent events count. (1)

Managing Third-Party Contractor Risk

RogerRossmeisl

Companies of all sizes routinely outsource work to third-party contractors. Yet, each third-party hire comes with risk. Whether deliberate or unintentional, a third party’s actions can cost you money and harm your company’s reputation — particularly if they violate laws and regulations.

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What Hourly Workers Want More than Money

Big companies are driving up wages, but there are other ways to compete for talent. Attract talented, ambitious people by giving them more control over their lives. Hourly workers want to make their daily lives and financial lives more predictable. Employers can assist by offering early access to pay, flexible scheduling, healthcare assistance, benefits where possible, and paid leave options.

Providing a Company Car? Here’s How Taxes are Handled

RogerRossmeisl

The use of a company vehicle is a valuable fringe benefit for owners and employees of small businesses. This perk results in tax deductions for the employer as well as tax breaks for the owners and employees using the cars. And of course, they get the non-tax benefit of getting a company car.)

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Do You Qualify for the Student Loan Interest Deduction?

RogerRossmeisl

If you’re paying back college loans for yourself or your children, you may wonder if you can deduct the interest you pay on the loans. The answer is yes, subject to certain limits. The maximum amount of student loan interest you can deduct each year is $2,500.

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What Factors into the Cost of Capital?

RogerRossmeisl

Valuation experts often use discounted cash flow (DCF) techniques to determine the value of a business or estimate economic losses. A critical input in a DCF model is the cost of capital. This is the rate that’s used to discount future earnings into today’s dollars.

2022 Q1 Tax Calendar: Key Deadlines for Businesses

RogerRossmeisl

Here are some of the key tax-related deadlines affecting businesses and other employers during the first quarter of 2022. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you.

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How Will Revised Tax Limits Affect Your 2022 Taxes?

RogerRossmeisl

While Congress didn’t pass the Build Back Better Act in 2021, there are still tax changes that may affect your tax situation for this year. That’s because some tax figures are adjusted annually for inflation.

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Which OEMs Will Survive the End of the ICE Age?

RogerRossmeisl

As posted to the Munro Live YouTube Channel on 11/24/2021 (Run Time 46 min, 32 sec) Regarding the accelerating move to EVs, legendary automotive engineer Sandy Munro believes that OEMs are experiencing Scotoma, aka Paradigm Paralysis.

5 Reasons People Quit, 10 Ways to Make Them Stay

Learn how to protect your company from The Great Resignation’s turnover epidemic.

Year-End Tax Strategies for Stock Market Investors to Consider

RogerRossmeisl

Year-end is a good time to plan to save taxes by carefully structuring your capital gains and losses. Consider some possibilities if you have losses on certain investments to date. For example, suppose you lost money this year on some stock and have other stock that has appreciated.

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3 Ideas That May Help Cut Your Year-End Tax Bill

RogerRossmeisl

If you’re starting to worry about your 2021 tax bill, there’s good news — you may still have time to reduce your liability. Here are three quick strategies that may help you trim your taxes before year-end. Accelerate deductions/defer income.

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There May Still Be Time to Cut Your Small Business 2021 Taxes

RogerRossmeisl

Don’t let the holiday rush keep you from considering some important steps to reduce your 2021 tax liability. You still have time to execute a few strategies. Purchase assets Thinking about buying new or used equipment, machinery or office equipment in the new year?

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Protecting Goods from Theft at Every Stage of Their Supply Chain Journey

RogerRossmeisl

The U.S. supply chain is overwhelmed and it’s expected to remain so for some time. With so many shipments tied up in ports and too few workers to watch them, cargo theft has become a significant problem. Yet theft from ports of entry isn’t the only way goods disappear.

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Infrastructure Law Sunsets Employee Retention Tax Credit Early

RogerRossmeisl

The Employee Retention Tax Credit (ERTC) was a valuable tax credit that helped employers survive the COVID-19 pandemic. A new law has retroactively terminated it before it was scheduled to end.

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Employee Safety During COVID-19: Compliance Toolkit

Stay compliant with Paycor’s COVID-19 Action Plan FAQs and templates toolkit.

Salespeople and Commission Fraud

RogerRossmeisl

Many employees — from retail workers to sales staffers involved in complex business-to-business transactions — receive part of their compensation from sales-related commissions. To attract and retain top talent, some companies even allow employees to earn unlimited commissions.

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Tax Implications of Owning a Corporate Aircraft

RogerRossmeisl

If your business is successful and you do a lot of business travel, you may have considered buying a corporate aircraft. Of course, there are tax and non-tax implications for aircraft ownership. Let’s look at the basic tax rules.

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Typosquatters are Leading Innocent Victims Astray

RogerRossmeisl

Typosquatting takes advantage of an inclination among internet users known as “fat fingers” — a tendency to hit the wrong keys and enter misspelled trademarks or brands. Like phishing, typosquatting is a type of social engineering that tricks people into visiting websites they didn’t intend to visit.

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New Digital Asset Reporting Requirements are Coming

RogerRossmeisl

The Infrastructure Investment and Jobs Act (IIJA) was signed into law on November 15, 2021. It includes new information reporting requirements that will generally apply to digital asset transactions starting in 2023.

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Mandatory COVID Vaccination Policy Template

The federal government is developing a rule requiring employers with more than 100 employees ensure their workers are vaccinated or produce a negative COVID test weekly before entering the workplace. So, what can your organization do to prepare? Get Paycor’s COVID Vaccination Policy Template to help communicate important details to your employees.

Differences in Valuing S Corporations vs C Corporations

RogerRossmeisl

Most U.S. businesses operate as so-called “pass-through” entities, including partnerships, limited liability companies (LLCs) and S corporations. For decades, the IRS and valuation professionals have been at odds over how to value pass-through businesses because of their unique tax characteristics.

Taking Marketability Discounts on Controlling Interests

RogerRossmeisl

In a business valuation context, the term “marketability” refers to the ability to quickly convert property to cash at minimal cost. While publicly traded stocks are readily marketable, interests in private companies typically require substantial time, cost and effort to sell.

Factors To Consider When Choosing a Business Entity

RogerRossmeisl

Are you planning to launch a business or thinking about changing your business entity? If so, you need to determine which entity will work best for you — a C corporation or a pass-through entity such as a sole-proprietorship, partnership, limited liability company (LLC) or S corporation.

How are Court Awards and Out-of-Court Settlements Taxed?

RogerRossmeisl

Awards and settlements are routinely provided for a variety of reasons. For example, a person could receive compensatory and punitive damage payments for personal injury, discrimination or harassment. Some of this money is taxed by the federal government, and perhaps state governments.

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7 Ways to Manage a Talent Shortage

In this whitepaper, Paycor examines the top 7 things you can do to out-maneuver your competition and win the war for talent in the coming months.

Defer Tax with a Like-Kind Exchange

RogerRossmeisl

Do you want to sell commercial or investment real estate that has appreciated significantly? One way to defer a tax bill on the gain is with a §1031 “like-kind” exchange where you exchange the property rather than sell it.

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Taking Advantage of the WOTC (Work Opportunity Tax Credit)

RogerRossmeisl

Background Businesses are having difficulties hiring an adequate number of employees as the economy resets after the COVID-19 lockdowns and their aftermath. As such, small businesses are having to think outside the box as they work toward locating amenable workers.

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Are You Eligible for a Medical Expense Tax Deduction?

RogerRossmeisl

You may pay out a bundle in out-of-pocket medical costs each year. But can you deduct them on your tax return? It’s possible but not easy. Medical expenses can be claimed as a deduction only to the extent your unreimbursed costs exceed 7.5% of your adjusted gross income.

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KYC Rules Help Prevent Fraud and Offer Other Advantages

RogerRossmeisl

For years, banks, financial service and investment companies, and exporters have been required to follow know-your-customer (KYC) processes to thwart criminal activity.

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How Finance and Accounting Operations Fail to Scale Efficiently

Accounting and finance become more complex at each stage of a company’s growth. Learn what to expect as you scale, and how decisions or neglect today might impact the future of your business. This guide provides a roadmap for a SaaS company with standard growth, all the way from idea to IPO and beyond.

Check Kiting is No Game

RogerRossmeisl

Despite the business community’s rapid adoption of digital payment methods, some companies continue to rely on paper checks. But there’s a long-standing problem with checks: They make businesses vulnerable to several damaging types of fraud, including check kiting. Here’s how the scheme works.

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Social Security Wage Base is Increasing in 2022

RogerRossmeisl

The Social Security Administration recently announced that the wage base for computing Social Security tax will increase to $147,000 for 2022 (up from $142,800 for 2021). Wages and self-employment income above this threshold aren’t subject to Social Security tax.

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Remember to Use Up Your Flexible Spending Account Money

RogerRossmeisl

Do you have a tax-saving flexible spending account (FSA) with your employer to help pay for health or dependent care expenses? As the end of 2021 nears, there are some rules and reminders to keep in mind.

New Per Diem Business Travel Rates Became Effective on October 1

RogerRossmeisl

Are employees at your business traveling again after months of virtual meetings? In Notice 2021-52, the IRS announced the fiscal 2022 “per diem” rates that became effective October 1, 2021.

Path to Becoming a CFO with Alan Black, former CFO at Zendesk and Founder of Surfspray Capital

Speaker: Jeff Epstein, Veteran Tech CFO, and Surfspray Founder, Alan Black

Join us for this very special conversation between two top CFOs turned investors. Jeff Epstein, Partner at Bessemer Ventures and former CFO at Oracle, will interview Alan Black, who is the founder of Surfspray Capital. The session we’ll get the inside story on the choices Alan made on his career path and how they might help inform your decisions.

Recent FTB Clarifications on Pass-Through Entity Tax (AB-150)

RogerRossmeisl

Recent pass-through entity (PTE) tax (AB-150) clarifications from the Franchise Tax Board (FTB) underscore that detailed planning is critical when considering this credit.

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Factor in Taxes if You’re Relocating to Another State in Retirement

RogerRossmeisl

Are you considering a relocating to another state when you retire? Perhaps you want to relocate to an area where your loved ones live or where the weather is more pleasant.

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Possible Tax Consequences of Guaranteeing a Loan to your Corporation

RogerRossmeisl

What if you decide to, or are asked to, guarantee a loan to your corporation? Before agreeing to act as a guarantor, endorser or indemnitor of a debt obligation of your closely held corporation, be aware of the possible tax consequences.

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How Business Owners Can Comply With New Financial Crime Regulation

RogerRossmeisl

Earlier this year, the Corporate Transparency Act (CTA) became the latest law intended to foil financial crime. This law is part of the National Defense Authorization Act and requires certain entities to disclose the identities of those who own or control it.

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The #1 Cloud ERP Software to Manage Your Small to Mid-size Business.

From startup to enterprise NetSuite offers an ERP solution to help businesses scale and grow. With visibility and control when adaptability has never been more important, you’ll be able to streamline the right process and make smarter decisions, faster.