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Human resources management is a complex and ever-evolving aspect of running a business. Our clients often look to us to assist them in their human resource decisions. In addition to our own team, R&A has a network of expert resources we can call on to assist. If you need consultative or other assistance relating to…

In COVID Tax Tip 2021-123, the IRS clarifies some of the confusion surrounding the powerful but complex Employee Retention Credit. The IRS is addressing changes made by the American Rescue Plan Act of 2021 that apply to the third and fourth quarters of 2021. These changes include: Making the credit available to eligible employers that pay…

Internal fraud, also called occupational fraud, is defined as “the use of one’s occupation for personal enrichment through the deliberate misuse or misapplication of the organization’s resources or assets.” Simply stated, this type of fraud occurs when an employee, manager, or executive commits fraud against his or her employer. Stories of debilitating fraud cases surface every year. Small businesses…

As we approach the end of 2020, we hope the attached year-end tax planning information will prove helpful. As always, R&A is here to assist you. From all of us at R&A, thank you for your business and your loyalty, and wishing you and your family a good holiday and New Year. With a new…

Many businesses remain steeped in financial and operational challenges related to the COVID-19 crisis, but businesses cannot afford to overlook proper tax planning this year. With only a few weeks left in 2020, now is the time to evaluate your tax position, find valuable tax breaks and implement strategies to effectively manage your financial situation.…

When you sell a capital asset—property owned and used for personal or investment purposes, let’s say—the sale will result in either a capital gain or a capital loss. You report that gain or loss on Schedule D of Form 1040. The capital assets you’ll most likely report on Schedule D are stocks, bonds, and homes…

What can business owners do to reduce their taxes? Some taxpayers need to make themselves aware of the various breaks applicable due to changes in the tax code. This year’s income tax credits will make filing anything but a simple tax return. Some of the benefits and tax write-offs available to businesses for 2020 are…

From a tax perspective, the distinction between hobbies and businesses is important because businesses can deduct losses, but hobbies cannot. The Tax Cuts and Jobs Act (TCJA) kept the itemized deductions for allocable mortgage interest and property taxes. However, by eliminating virtually all miscellaneous itemized deductions for tax years 2018-2025, the 2017 TCJA made it…

On August 8, the White House issued a series of memorandums and executive orders to provide relief while Congress continued to debate legislative action. There are limits, however, regarding what can be done in the absence of congressional approval, and that has led to confusion about what exactly is being provided. The most significant and controversial provision…