The U.S. Department of Labor’s new rule reinstates the “economic reality test” for distinguishing employees from independent contractors and underscores the significant legal and financial consequences of misclassification. This article provides an overview of the rule, its implications, and the steps employers must take to ensure their worker classifications are under the updated guidelines.
Explore two popular retirement plans, SEP IRA and Solo 401(k), for the self-employed in this overview, focusing on their benefits, drawbacks, and the strategic considerations for choosing between them. Learn about higher contribution limits, flexibility, and tax advantages these plans offer. Get insight into which plan best fits your retirement goals and business structure.
Tax legislation packaging the child tax credit and favorable business tax provisions moves to the Senate with momentum but an uncertain fate.
New electronic filing requirements, revised form 1099-NEC and new form 15397 present addional challenges for 1099 filers that may necessitate updates
Explore the impact of a recent legal shift that broadens the scope of self-employment taxes, including limited partners and gig workers. Learn how everyday activities could land you in the self-employment tax bracket and how to avoid potential penalties.
Is your LLC really protecting your personal assets? Learn about the situations where an LLC may not fully safeguard your assets and discover practical measures to avoid them.
We are excited to formally announce the following advancements within the Firm!
Are you a high-income earner seeking ways to optimize your retirement savings? Get a full grasp of how the Backdoor Roth IRA can be an effective tool for you.
Section 174 expensing, a return to EBITDA for section 163(j), an extension of 100% bonus depreciation and disaster relief paid for by ending Employee Retention Credits (ERC)
If you’re a business owner who mistakenly claimed the Employee Retention Credit, find out how the new IRS Voluntary Disclosure Program can help you rectify the situation. Discover the eligibility criteria, benefits, and application process in our informative video.
