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Payroll

Guide for Reporting Tip Income by Employers & Employees

Employers and employees in the service industries that involve tipping need to comply with a unique set of tax rules. Like wages, you must pay income tax, Social Security tax and Medicare tax on tip income.

Medicare

Payroll

Medicare 101: Coaching Your Clients about Medicare Coverage

Tax professionals should be up to speed with the rules and offer advice to clients and prospects who are nearing retirement and the age of 65. The following article explores the various Medicare plans and enrollment, how Medicare interacts with other ...

Top Tax Tips for those in the Commercial Fishing Industry

Changes Coming to the Meals & Entertainment Deduction

The Tax Cuts and Jobs Act was signed into law on December 22, 2017 and represents the most extensive tax reform legislation we’ve seen in 30 years. These sweeping tax law changes impact many taxpayers, including individuals, businesses, estates and ...

Small Business

Retirement Planning for a Small Business Doesn’t Have to Be Complicated or Expensive

Employers serve an important role in preparing themselves and employees for retirement and the accompanying tax deferrals. After all, offering retirement benefits is a great way to attract and retain good talent. Here is some information you can pass ...

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What Does the Affordable Care Act Have To Do with Tax Reform? The Individual Mandate Goes Away in 2019

The Tax Cuts and Jobs Act (summary of changes) is the largest piece of tax reform legislation in 30 years and was signed into law on December 22, 2017. Although most of the legislation applies to Tax Year 2018, clients are already starting to ask ...

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Tax Reform Changes Various Tax Breaks for Home Ownership

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Things Your Tax Preparer Won’t Tell You

Although there are close to 1 million accountants nationwide, only about 40 percent of them have credentials and have to meet continuing education requirements, such as a CPA (Certified Public Accountant), EA (Enrolled Agent) or attorney.

Payroll

How to Help Your Clients Manage Student Debt

College debt can range from several, to hundreds of thousands of dollars, so students and parents can always use some guidance in the best ways to manage the loans and save money. This presents a great opportunity for tax professionals to provide ...

Payroll

Exploring the Best Ways to Save for College

We all know a college education is very expensive, and costs are continuing to escalate. According to College Board’s Trends in College Pricing, the average full-time student at a four-year, non-profit private university will pay $32,410 a year in ...