What is beneficial ownership interest and what does it mean for my business.

What is beneficial ownership interest and what does it mean for my business.

You may have heard recently that almost all businesses have a new reporting requirement and that it is due January 1, 2024. While that is true on the surface there is much more to the requirement and the due date. I will break down the who, what, when and why and suggest a where as…

Are you worried about your Employee Retention Credit (ERC) application?

Are you worried about your Employee Retention Credit (ERC) application?

As you have probably heard, the IRS has stopped accepting ERC applications. There was a significant amount of fraud and the claims from those who did not qualify were partially the result of aggressive marketing. Because the IRS understands that some of the aggressive companies have harmed small businesses and taken advantage of some well-meaning…

Social Security and Medicare Taxes for 2024 announced.

Social Security and Medicare Taxes for 2024 announced.

The Social Security Administration (SSA) announced this week that the maximum threshold of individual taxable earnings. They have increased that amount to $168,600, up from 160,200 in 2023). This means that employees at or above the wage base will pay $10,453 in social security tax. This is an increase of $521 per person for 2024….