Big Changes with the State of MA employment laws

In a big move on June 28th, Governor Charlie Baker signed legislation, which will change a number of rates and requirements. His “grand bargain” bill raises the state’s minimum wage to $15 a hour by 2023 adds a guaranteed paid family in 2021 medical leave program in 2021 establishes a permanent sales tax holiday removes […]

businessman due process

Collection Due Process procedures

The Collection Due Process (CDP) procedures, which generally require IRS to give taxpayers a hearing relating to a lien or levy. A CDP hearing relating to a lien is available in cases where the taxpayer has received notice of IRS’s filing of an NFTL (a notice of federal tax lien). A notice of filing of […]

tax form

It’s time to ship out those W-2s and 1099s again.

It’s time to ship out those W-2s and 1099s again. This January ritual as inevitable: The mailing of W-2s and 1099s. While your employees may regard their arrival as almost a natural phenomenon, you know better. You the business owner has to be responsible for filling out those tallies of the previous years’ wages and […]

Online QuickBooks Problems

Online QuickBooks Problems While Online QuickBooks is being touted as the next big thing and it certainly has its pluses, there are a number of things the Desktop version can still do better. For one thing, Desktop QuickBooks is an application downloaded to your CPU, allowing you to access and process the information quickly, as […]

Year End Tax Planning

Checklist of things to do before the end of 2018. There are many tax-saving steps that can be taken before the end of this year. Here is a list of the most important actions that should be taken no later than Dec. 31, 2018 to save taxes: … Realize losses on stock while substantially preserving […]

irs voluntary classification program

IRS’s Voluntary Classification Settlement Program for misclassified workers

The Voluntary Classification Settlement Program  This program allows employers to reclassify as employees those workers they have erroneously treated as independent contractors. The program has generous payment terms, and participants get relief from employment tax audits for previous years. Here are the details. Employee or independent contractor? Whether a worker is classified as an employee […]

Small employer health insurance credit

The credit is specifically targeted to help small businesses and tax-exempt organizations that primarily employ moderate-income workers and lower-income workers. For tax-exempt employers, the credit is a refundable tax credit limited to the amount of the payroll taxes (as defined below). During the first phase of the credit, (i.e., tax years beginning in 2010, 2011, 2012, or […]

Why it is necessary for you to make estimated tax payments.

Why it is necessary for you to make estimated tax payments. Individuals must pay 25% of a “required annual payment” by Apr. 15, June 15, Sept. 15, and Jan. 15, to avoid an underpayment penalty. (When that date falls on a weekend or holiday, the payment is due on the next business day.) The required […]

S Corporation Officer/Shareholder/Owner Compensation

Reasonable Compensation How the IRS and Tax Court Assess S Corporation Officer/Shareholder/Owner Compensation S corps are pass-through entities, whereby the IRS does not tax income at the corporate level, but allows income to flow through directly to S corp shareholders. The result is that income is only taxed once on shareholders’ personal tax returns, eliminating […]

Overview of Various Types of IRA’s

At one time, there was relatively little confusion about IRAs because there was only one type available. Now, however, IRAs have proliferated—there are o the “traditional” IRA, which may be funded with o deductible o and/or nondeductible contributions, o  Roth IRA, o SEP-IRA, o and SIMPLE IRA. Some of these IRAs have similar features, but […]

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David DennisCertified CPA