Resource HubPosts By Category
Tax Alert: Beneficial Ownership Information (BOI) Reporting RequirementDo you need to submit a BOI Report for your business?
10/8/2024
Effective January 1, 2024, all unregulated business entities that have domestic sales of less than $5,000,000 are required to electronically file a Beneficial Ownership Information (BOI) Report. This informational report discloses data about the business entity and its significant owners, stakeholders or officers.
Choosing an Accountant: 5 Essential Tips for Business Owners
9/26/2024
Every business needs a good accountant. You need someone who can translate your business activity into organized (and useful) financial data. Finding this person or persons can be challenging, and determining the cost-benefit of an external or internal accountant can be a difficult decision - you will be trusting someone with your sensitive data, hoping that they have the expertise to translate your business activity correctly, and needing them to be there when you cook up another strategic business move.
Time Management Tips for Accountants: A Guide from Your Friendly Tax Operations Coordinator
8/5/2024
Hello, fellow number crunchers!
As an operations staff who has worked closely with accountants for a couple years now, I’ve picked up some essential time management tips that can help streamline your workflow and reduce stress. I know how demanding your job can be, with deadlines looming and clients relying on your expertise. So, let’s dive into some practical advice to help you manage your time more efficiently and achieve that elusive work-life balance.
How the Supreme Court's Decision Regarding Life Insurance Proceeds Changes the Federal Estate Tax Landscape
7/26/2024
On June 6, in Connelly v. United States, the Supreme Court ruled that the valuation of a closely held company for federal estate tax purposes must include life insurance proceeds received by the company used to redeem a deceased shareholder’s stock. This unanimous opinion has considerable implications for federal estate tax calculations and has the unfortunate potential of increasing an estate’s overall tax burden. This shift in how life insurance proceeds are treated will significantly affect corporations and their shareholders.
Estate Tax Alert: Exemption Being Reduced in 2026
6/27/2024
Did you know that the current estate tax exemption will be reduced by more than 50% beginning January 1, 2026?
What this means is you have less than two years to utilize the current $13.61 million lifetime exemption (which will increase each year with inflation) to transfer assets out of your estate - tax-free.
5 Reasons Why Your Startup Needs an Accountant
4/30/2024
You’ve finally settled on your startup idea and you’re ready to share your passion with the world… but getting an accountant before your startup officially takes off can greatly benefit your company in the short and long term. Check out the top 5 reasons why YOU need an accountant for your startup:
Saltmarsh Hosts 'Building Confidence': A Women-Focused Event Series
4/4/2024
Throughout 2023 and 2024, Saltmarsh Financial Advisors will host a 4-part women-focused series centered on building confidence and community around the unique financial situations individuals may face in their lives. Featured segments will focus on the central themes of navigating loss, divorce, caregiving and philanthropic giving.
Tax Alert: New DOL Guidance on Employee or Independent Contractor Classification
3/20/2024
Are they Employees or Independent Contractors?
This is a classification question that I am asked frequently. Fortunately, recent guidance from the Department of Labor (DOL) can give us all some clarity. Many people believe that the designation of employee or independent contractor is a choice, but it is based on facts and circumstances. The following article from the DOL goes through a step-by-step process to help you determine the status of an individual.
Saltmarsh Awarded 2024 Best of Accounting
2/9/2024
We're excited to announce that we have won ClearlyRated's Best of Accounting® Award for providing superior service to their clients for the second year in a row!
Tax Alert: New Electronic Filing Rules for W-2s and 1099sFiling more than 10 W-2s or 1099s for your business?
1/25/2024
The IRS has updated the filing requirements for W-2s and 1099s. This change reduces the threshold for electronically filing these forms from 250 returns to 10 or more returns for the 2023 tax year. Therefore, if your business has 10 or more W-2s and 1099s, you are required to file electronically. The new threshold is effective for information returns required to be filed in calendar years beginning with 2024. The new rules apply to tax year 2023 Forms W-2 because they are required to be filed by January 31, 2024.
Employee Retention Credit (ERC) Update: Everything You Need to Know About the ERC Moratorium
11/14/2023
The Employee Retention Credit (ERC) was created to incentivize companies to maintain their payroll during the COVID-19 pandemic and consequential economic shutdown. However, due to numerous falsified claims, the Internal Revenue Service issued a moratorium on new ERC claims effective September 14, 2023, through December 31, 2023. Keep reading for recent ERC updates and how they could affect your business.
Navigating the Corporate Transparency Act: A Practical First Look for Business Owners
10/20/2023
Are you a business owner based in the US? Is your business organized with a Secretary of State? If so, the filing requirements under the Corporate Transparency Act (CTA) may affect your business. This blog is written to provide a better understanding of your obligations under the Act and answer questions you may have.
Employee (W2) vs Contractor (1099)
9/15/2023
Point of View: You own a small business. Business is starting to pick up, and you are getting overwhelmed with the day-to-day operations as a one-man show. You are debating hiring an employee or two to help out, but you are struggling to decide whether you classify your new worker as an independent contractor or a common-law employee. Let’s walk through some questions to ask yourself to choose what type of worker is right for your business.
The Employee Retention Credit: What Taxpayers Need to Know
9/5/2023
The U.S. government has repeatedly revised the requirements for U.S. taxpayers to claim the Employee Retention Credit (“ERC”), also commonly known as the Employee Retention Tax Credit, since its initial codification into law. As a result, many eligible taxpayers have been left uncertain as to whether they may properly claim this often-valuable tax credit. Because there is a strict statute of limitations on claiming the ERC, potentially eligible taxpayers who have not already claimed the ERC should review their eligibility under current U.S. law as soon as possible.
Understanding Tax-Related Identity Theft
7/26/2023
Tax-related identity theft occurs when someone steals your personal information to file a fraudulent return and claim a refund. Unfortunately, it has become increasingly more common and people often don’t discover they've been targetted until they try to electronically file their tax return and it is rejected by the Internal Revenue Service (IRS).
5 Essential Documents for Your Estate Plan
7/25/2023
Facing our own mortality can be a tough topic to tackle, which is why estate planning is so crucial. Taking the time to plan ahead can provide peace of mind and assure that our wishes will be honored. We can decide who gets what, who takes care of the kids, and even how we want our healthcare handled. Estate planning is all about making things easier for us and our loved ones down the road.
Are you Prepared For Changes to Estate Tax Exemptions?
6/19/2023
Did you know that the current estate tax exemption will be reduced by more than 50% beginning January 1, 2026?
4 Painless Ways to Achieve Financial Security
10/31/2022
We all know that it's never too early to start planning for retirement or to start building a nest egg for future expenses. Financial security is a goal that we all have in mind, but are you taking advantage of the easy opportunities that can help you accelerate the process? Other than utilizing sensible spending habits, here are some quick strategies to help you reach financial security sooner than you think.
NIL (Name, Image, Likeness): Income Tax Considerations for Student-Athletes
9/27/2022
Student-athletes can now enter into name, image and likeness (NIL) contracts for compensation. NIL contracts have major federal and state tax implications, including income tax responsibilities, state nexus and reporting obligations.
Natural Disaster Casualty Losses
9/26/2022
Did you know that losses of property due to natural disasters are deductible as personal casualty losses on your tax return? This means if you suffered damage from Hurricane Sally that resulted in your property losing value, you might be entitled to a tax deduction for that loss.
Inflation Reduction Act of 2022
9/2/2022
President Biden signed the Inflation Reduction Act into law at a White House ceremony on August 16, finalizing legislation intended to address inflation by paying down the national debt, lowering consumer energy costs, providing incentives to the production of clean energy and reducing healthcare costs. The Act contains several credits that would be of interest to individuals and businesses.
Estate Planning with a Revocable Trust: A Case Study
8/15/2022
Clients often ask about how a revocable living trust operates during their lifetime, when it becomes irrevocable, how it interacts with their last will and testament and the benefits of creating a revocable living trust.
State and Local Tax: Basics to Consider
7/8/2022
As the growth plans of a business include expanding into new states, there are numerous tax, licensing and permitting issues to consider. Even if your business already operates in more than one state, you should be aware that in recent years many states have become more and more aggressive in enforcing tax and licensing requirements.
Webinar Recording: Tax Benefits of Owning Investment Properties
6/29/2022
There are many tax benefits to owning investment and rental properties that some owners may not be aware of when the time comes to file taxes.
Tax Breaks for Businesses and Self-Employed Taxpayers
6/2/2022
As the 2021 tax filing season progresses, small businesses and self-employed taxpayers should make certain they are taking advantage of all of the tax deductions and opportunities available to them on their 2021 federal income tax returns. Tax savings increases after-tax cash flow and can mean greater return on investment and more money to fund expansion and the overall growth of the business. The following are 10 top tax breaks for small businesses and business owners to keep in mind when finalizing their tax returns for 2021 and planning for 2022.
Past Posts By Category
- Tax Alert: Beneficial Ownership Information (BOI) Reporting Requirement
- Choosing an Accountant: 5 Essential Tips for Business Owners
- Time Management Tips for Accountants: A Guide from Your Friendly Tax Operations Coordinator
- How the Supreme Court's Decision Regarding Life Insurance Proceeds Changes the Federal Estate Tax Landscape
- Estate Tax Alert: Exemption Being Reduced in 2026
- 5 Reasons Why Your Startup Needs an Accountant
- Saltmarsh Hosts 'Building Confidence': A Women-Focused Event Series
- Tax Alert: New DOL Guidance on Employee or Independent Contractor Classification
- Saltmarsh Awarded 2024 Best of Accounting
- Tax Alert: New Electronic Filing Rules for W-2s and 1099s
- Employee Retention Credit (ERC) Update: Everything You Need to Know About the ERC Moratorium
- Navigating the Corporate Transparency Act: A Practical First Look for Business Owners
- Employee (W2) vs Contractor (1099)
- The Employee Retention Credit: What Taxpayers Need to Know
- Understanding Tax-Related Identity Theft
- 5 Essential Documents for Your Estate Plan
- Are you Prepared For Changes to Estate Tax Exemptions?
- 4 Painless Ways to Achieve Financial Security
- NIL (Name, Image, Likeness): Income Tax Considerations for Student-Athletes
- Natural Disaster Casualty Losses
- Inflation Reduction Act of 2022
- Estate Planning with a Revocable Trust: A Case Study
- State and Local Tax: Basics to Consider
- Webinar Recording: Tax Benefits of Owning Investment Properties
- Tax Breaks for Businesses and Self-Employed Taxpayers
- View All Posts
