How to Protect Yourself from Tax Season Scams
Remember: The IRS does not contact taxpayers by email, text messages, or social media channels to request personal or financial information. As tax season approaches, it’s important to stay alert […]
Category: Private Business Advisory
Protect your Business from Predatory Lenders
Whether you’re a budding entrepreneur seeking startup capital or an established business owner looking to fund an acquisition or expand your product lines, it’s essential to approach lenders cautiously. Scammers […]
Understanding Section 1231 Tax Impacts
Understanding the tax consequences when selling business assets is essential. One key area to focus on is Section 1231 of the Internal Revenue Code, which outlines how gains and losses […]
Navigating the Work Opportunity Tax Credit (WOTC)
The U.S. Bureau of Labor Statistics reports that unemployment rates remain historically low, fluctuating between 4.0% and 4.3% from May to November 2024. Amid current hiring challenges, the Work Opportunity […]
BOI Injunction Reinstated, Reporting Paused Again
For business owners, monitoring the rules for BOI reporting this month has been like watching a ping pong match. As of Friday, December 27, the requirement to file a beneficial […]
BOI Reporting Deadline Reinstated
On 12/23/24, the 5th Circuit Court of Appeals granted the government’s emergency motion to stay the nationwide injunction issued in the Texas Top Cop Shop case. This means that businesses […]
How HSAs Benefit Small Businesses and their Employees
As a small business owner, controlling healthcare expenses for both yourself and your employees can be tough. One effective strategy to consider is a Health Savings Account (HSA). HSAs provide […]
Nationwide Injunction Pauses BOI CTA Requirements
UPDATE: A Texas federal court issued a nationwide injunction temporarily halting the enforcement of the Corporate Transparency Act’s (CTA) beneficial ownership reporting requirements. This decision comes as a relief for […]
Understanding Self Employment Tax
If you own a growing, unincorporated small business, you might find self-employment (SE) tax bills to be a significant concern. The SE tax ensures that Social Security and Medicare taxes […]
Protecting Employee 401(k) Savings from Fraud
Recently, a 401(k) participant lost approximately $740,000 in an intricate scam orchestrated by overseas criminals. Alarming cases also reveal that friends, family, and even employers have been implicated in 401(k) […]
Ohio Department of Taxation Issues Refund Error Notice
The Ohio Department of Taxation (ODT) has informed the OSCPA that a limited number of taxpayers received incorrect refunds or inflated credit carryforward amounts due to a system error. Refund […]
Building Retirement with a Solo 401(k)
If you’re self-employed and operate a small business without any employees (other than your spouse), a solo 401(k) plan is a great option for establishing a retirement plan. This plan […]
