The Internal Revenue Service (IRS) has introduced a second Employee Retention Credit (ERC) Voluntary Disclosure Program as outlined in Announcement 2024-30. This initiative is designed to address erroneous claims for the ERC, a refundable tax credit aimed at supporting businesses and tax-exempt organizations that continued...
Read More
HCJ CPAs & Advisors | audit * tax * consulting
In recent years, tipping culture has seen significant changes, particularly with the rise of digital payment kiosks and self-checkout lanes. A CBS News article recently questioned, “Are tip requests getting out of hand?,” pointing out the shift from traditional tipping practices to new scenarios like...
Read MoreIn the realm of taxes, understanding who is required to pay self-employment tax and who is exempt is crucial for individuals navigating their financial responsibilities. Whereas employees have Social Security and Medicare taxes withheld from wages–often referred to as FICA taxes– individuals who work for...
Read More
17
Jun
June 2024 Business Due Dates
June 17 - Employer’s Monthly Deposit Due If you are an employer and the monthly deposit rules apply, June 17 is the due date for you to make your deposit of Social Security, Medicare, and withheld income tax for May 2024. This is also the due...
Read MoreJune 17 - Estimated Tax Payment Due It’s time to make your second quarter estimated tax installment payment for the 2024 tax year. Our tax system is a “pay-as-you-earn” system. To facilitate that concept, the government has provided several means of assisting taxpayers in meeting the...
Read More
Ditching manual transaction entry should be your number one priority now that QuickBooks Online streamlines the process of importing transactions from your bank. When you manually input transactions, you open the door to data transposition errors, potentially leading to inaccuracies in customer billing, reports, and...
Read More
13
Jun
Gift and Estate Tax Primer
The tax code places limits on the amounts that individuals can gift to others (as money or property) without paying taxes. This is meant to keep an individual from using gifts to avoid the estate tax that is imposed upon the assets owned by the...
Read More
In the labyrinth of financial planning and tax-saving strategies, Health Savings Accounts (HSAs) emerge as a multifaceted tool that remains underutilized and often misunderstood. An HSA is not just a way to save for medical expenses; it's also a powerful vehicle for retirement savings, offering...
Read More
The landscape of tax legislation in the United States has been marked by constant evolution, with changes often reflecting the broader economic and political priorities of the time. One area that has seen significant shifts, and consequent uncertainty, involves the treatment of research and development...
Read More
The current American economy is characterized by inflation, rising credit card debt, and the looming threat of a recession. As a result, small to medium-sized business owners face many challenges. A recent report indicating a GDP growth of 1.6% in the first quarter of 2024...
Read More