While some businesses have closed since the start of the COVID-19 crisis, many new ventures have launched. Entrepreneurs have cited a number of reasons why they decided to start a business in the midst of a pandemic. For example, they had more time, wanted to take advantage of new opportunities or they needed money due…
Many tax limits that affect businesses are annually indexed for inflation, and a number of them have increased for 2022. Here’s a rundown of those that may be important to you and your business.Social Security taxThe amount of an employee’s earnings that is subject to Social Security tax is capped for 2022 at $147,000 (up…
Many employees — from retail workers to sales staffers involved in complex business-to-business transactions — receive part of their compensation from sales-related commissions. To attract and retain top talent, some companies even allow employees to earn unlimited commissions.Unfortunately, some commission-compensated employees may be tempted to abuse this system by falsifying sales or rates. Fraud methods…
Here are some of the key tax-related deadlines affecting businesses and other employers during the first quarter of 2022. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. Contact us to ensure you’re meeting all applicable deadlines and to learn more about the filing requirements.January 17…
Don’t let the holiday rush keep you from considering some important steps to reduce your 2021 tax liability. You still have time to execute a few strategies.Purchase assetsThinking about buying new or used equipment, machinery or office equipment in the new year? Buy them and place them in service by December 31, and you can…
The Employee Retention Credit (ERC) was a valuable tax credit that helped employers survive the COVID-19 pandemic. A new law has retroactively terminated it before it was scheduled to end. It now only applies through September 30, 2021 (rather than through December 31, 2021) — unless the employer is a “recovery startup business.”The Infrastructure Investment…
With Thanksgiving just around the corner, the holiday season will soon be here. At this time of year, your business may want to show its gratitude to employees and customers by giving them gifts or hosting holiday parties again after a year of forgoing them due to the pandemic. It’s a good time to brush…
Perhaps you operate your small business as a sole proprietorship and want to form a limited liability company (LLC) to protect your assets. Or maybe you are launching a new business and want to know your options for setting it up. Here are the basics of operating as an LLC and why it might be…
Do you play a major role in a closely held corporation and sometimes spend money on corporate expenses personally? These costs may wind up being nondeductible both by an officer and the corporation unless proper steps are taken. This issue is more likely to arise in connection with a financially troubled corporation. Deductible vs. nondeductible…
The changes to the estate and gift tax exemption made by the Tax Cuts and Jobs Act (TCJA) are effective beginning in 2018. The results should include fewer estates being subject to the 40% tax, and larger estates owing less tax. Before the TCJA, the first $5 million (as adjusted for inflation in years after…
12 Stillwater Ave • Bangor, ME, 04401 • 207-990-4585
8:00 – 4:30 from Memorial Day to Labor Day
8:00 – 5:00 from Labor Day to Memorial Day