Prudent technology upgrades call for some soul searching
February 21, 2022 Knowledge Center
Prudent technology upgrades call for some soul searching

By now, most business owners view technology upgrades as inevitable. Whether hardware or software, the tech your company relies on to operate will need to change slightly or even drastically for you to stay competitive. Strange as it may sound, technology upgrades demand a bit of soul searching. That is, before spending the money, you […]

Agencies clarify plan coverage of COVID-19 tests
February 18, 2022 COVID-19
Agencies clarify plan coverage of COVID-19 tests

On February 4, the Department of Labor, IRS and Department of Health and Human Services issued additional frequently asked question (FAQ) guidance addressing the terms and conditions under which group health plans must cover over-the-counter (OTC) COVID-19 diagnostic tests. The FAQs build on earlier guidance (FAQs Part 51) that established, during the COVID-19 public health emergency, group […]

Protecting your company from cryptocurrency fraud
February 17, 2022 Knowledge Center
Protecting your company from cryptocurrency fraud

According to blockchain data company Chainalysis, cryptocurrency transactions associated with illegal activity topped $14 billion in 2021. That’s almost double 2020 numbers — and the momentum shows no signs of slowing. In addition to outright cryptocurrency theft, these crimes include investment fraud and ransomware scams that affect businesses. Yet cryptocurrency offers several advantages to entrepreneurs […]

The donor-advised fund: A powerful vehicle for charitable giving
February 16, 2022 Knowledge Center
The donor-advised fund: A powerful vehicle for charitable giving

If charitable giving is important to you, consider a donor-advised fund (DAF). A DAF — typically sponsored and managed by a community foundation or commercial investment company — offers many of the benefits of a private foundation at a fraction of the cost. Upsides of a DAF A DAF allows you to make tax-deductible contributions […]

Approach turnaround acquisitions with due care
February 15, 2022 Knowledge Center
Approach turnaround acquisitions with due care

Economic changes wrought by the COVID-19 pandemic, along with other factors, drove historic global mergers and acquisitions (M&A) activity in 2021. Experts expect 2022 to be another busy year for dealmaking. In many cases, M&A opportunities arise when a business adversely affected by economic circumstances decides that getting acquired by another company is the optimal […]

Smooth sailing: Tips to speed processing and avoid hassles this tax season
February 14, 2022 Knowledge Center
Smooth sailing: Tips to speed processing and avoid hassles this tax season

The IRS began accepting 2021 individual tax returns on January 24. If you haven’t prepared yet for tax season, here are a couple of quick tips to help speed processing and avoid hassles. Tip 1. Gather all documents needed to prepare an accurate return. This includes W-2 and 1099 forms. In addition, you may have […]

The 2021 gift tax return deadline is almost here, too
February 10, 2022 Knowledge Center
The 2021 gift tax return deadline is almost here, too

April 18, 2022, is the deadline for filing your federal income tax return. Keep in mind that the gift tax return deadline is on the very same date. So, if you made large gifts to family members or heirs last year, it’s important to determine whether you’re required to file Form 709. Filing requirements Generally, you must […]

2022 deadlines for reporting health care coverage information
February 9, 2022 Knowledge Center
2022 deadlines for reporting health care coverage information

Ever since the Affordable Care Act was signed into law, business owners have had to keep a close eye on how many employees they’ve had on the payroll. This is because a company with 50 or more full-time employees or full-time equivalents on average during the previous year is considered an applicable large employer (ALE) […]

Information Security: Lessons in Continual Improvement | LABJ
February 9, 2022 In the News
Information Security: Lessons in Continual Improvement | LABJ

by David Lam I was first drawn to information security because it reminded me of the Mad Magazine Spy Versus Spy series. I liked the idea of being the White Hat spy protecting our organization from being attacked by the insidious Black Hat. I am continually intrigued at how the Black Hat is constantly evolving. […]

Requesting a Tax Court review of an IRS employment tax determination
February 7, 2022 Knowledge Center
Requesting a Tax Court review of an IRS employment tax determination

Employers have long had to grapple with the important distinctions between independent contractors and employees. In short, if the IRS reclassifies an independent contractor as an employee, you could be held liable for back taxes and wages, as well as penalties. In Revenue Procedure 2022-13, the IRS recently issued guidance on when and how it will […]

New tax reporting requirements for payment apps could affect you
February 4, 2022 Knowledge Center
New tax reporting requirements for payment apps could affect you

If you run a business and accept payments through third-party networks such as Zelle, Venmo, Square or PayPal, you could be affected by new tax reporting requirements that take effect for 2022. They don’t alter your tax liability, but they could add to your recordkeeping burden, as well as the number of tax-related documents you […]

EBSA increases penalties for ERISA violations
February 3, 2022 Knowledge Center
EBSA increases penalties for ERISA violations

Any employer that sponsors a pension plan or a qualified retirement plan, such as a 401(k), is undoubtedly familiar with the Employee Retirement Income Security Act (ERISA). The law also applies to employer-sponsored health maintenance organization plans, Flexible Spending Accounts, and life and disability insurance. Established in 1974, ERISA holds plan fiduciaries responsible for their […]