Pay will attract, culture will retain
The current labor shortage is proving to be one of the most severe and costly impacts of the pandemic. Economists have indicated that a labor shortage was inevitable due to the aging and retirement of the Baby Boomers, but the pandemic has accelerated it. As we navigate these unprecedented times, employers are looking for creative […]
Think outside the box to attract and retain employees
It is becoming harder and harder to attract and retain good employees. Turnover in restaurants is high but sometimes thinking outside the box and offering more benefits could help with retaining good employees. Many employers already offer the “basic benefits” to their full-time employees, which includes medical, dental, and vision insurance; 401(k) retirement plan; and […]
Do your homework when selecting where to live and work
Reducing taxes is the question on everyone’s mind. While much attention is placed at the federal level due to pending infrastructure legislation, don’t forget that state income tax can play a big role in your overall tax burden. As working remotely has increased, people have more options where they live. Thus, there has been an […]
Donor-advised funds and private foundations can optimize your philanthropic impact
As we look at the potential increase in the capital gains rate, it is important to understand which tax strategies are available to mitigate your tax burden. A donor-advised fund or a private foundation are both great strategies to eliminate capital gains tax on long-term appreciated assets. Why donor-advised funds? Donor-advised funds are increasingly popular […]
Time to plan for the future is NOW
Many business owners have seen financial success in the past year and, upon review, realize that the value of their assets and businesses are at an all-time high. This makes now the prime time to understand your net worth, get your estate documents in order, take advantage of the lowest exemption amounts, and develop the […]
Scholarships are usually tax free but they may result in taxable income
If your child is fortunate enough to be awarded a scholarship, you may wonder about the tax implications. Fortunately, scholarships (and fellowships) are generally tax free for students at elementary, middle and high schools, as well as those attending college, graduate school or accredited vocational schools. It doesn’t matter if the scholarship makes a direct […]
IRS reminds businesses to update EIN applications
Businesses whose primary contact information has changed may receive a letter from the IRS prompting them to update their applications for Employer Identification Numbers. The IRS requires EIN holders to update responsible party information within 60 days of any change by filing Form 8822-B. One reason for this is so that the IRS has accurate […]
IRS provides relief for certain employers claiming WOTC
Work opportunity tax credits (WOTC) is a federal income tax credit available to employers that hire certified members of certain groups specified in the Internal Revenue Code who face significant barriers to employment. On August 10, 2021, the IRS issued Notice 2021-43, which extends the 28-day deadline for employers to submit a request (Form 8850) […]
Fixed or floating rates? Maybe both
Imagine buying a newly issued bond from the U.S. Treasury (“UST”) today. If you did, you’d earn 1.27% per year for the next 10-years. Hard to imagine. After you factor in inflation, you would probably be losing money! In fact, at the beginning of this year, the rate on a 10-Year UST stood at less […]
The IRS has announced 2022 amounts for Health Savings Accounts
The IRS recently released guidance providing the 2022 inflation-adjusted amounts for Health Savings Accounts (HSAs). Fundamentals of HSAs An HSA is a trust created or organized exclusively for the purpose of paying the “qualified medical expenses” of an “account beneficiary.” An HSA can only be established for the benefit of an “eligible individual” who is […]