Frequently Asked Questions: Is the payroll tax holiday a current law? No. The payroll tax holiday is an executive order from President Trump. The president can authorize a temporary deferral of payroll taxes, but the deferred taxes can only be permanently forgiven with authorization from Congress. How long will the holiday last? According to the executive order,

It seems there is still plenty of confusion about the meals and entertainment deduction as it relates to the new tax law, the Tax Cuts & Jobs Act (TCJA). I believe the entertainment piece (not deductible) is fairly clear. Where most business owners will be affected is for employee social gatherings. The accountants who lobby

Even small business owners can fall prey to cyber fraud schemes. Many of these schemes are perpetrated through company email. Criminals send what appears to be a internal company email and ask for funds to be sent or transferred. The email looks totally legit and the funds are sent without hesitation. In speaking with cyber

Something that I need to work on myself. “Do you manage your email or does your email manage you”? A Carleton University study found that many workers spend on average 17 hours per week sending and answering emails. See the link below for some tips to help you keep your inbox under control. http://ow.ly/jH2K30mM2g8

The annual enrollment period (AEP) for Medicare starts October 15th and runs through December 7th. This is a good time to review coverage and make sure you have what is best for you. Maybe your health needs have changed. The AEP is the time to review that. If you are currently receiving Medicare or maybe

The IRS issued a clarification on the new meals and entertainment deduction under the Tax Cuts and Jobs Act (TCJA). Meals, including those provided with entertainment, are still deductible. The entertainment portion will NOT be deductible. I still don’t believe we have heard the end of this. This is something that has the potential to

With so many people being affected by the current round of natural disasters it’s important to be as prepared as possible to cushion any financial impact. Here are some tips to hopefully help if you are ever affected. 1) Have an emergency fund, 2) Make sure you have the proper insurance (life, home owners, auto,

If you are getting to the point where retirement is on the horizon, there are many things to consider. There can also be some mistakes you don’t even realize you’re making. Great article from CNN Money on what those may be. Follow link to read article. http://ow.ly/a1G330lZcYH

As year end is getting closer, if you haven’t already done so, I would highly recommend that you contact your tax adviser to find out how the new tax law will affect you. Obviously not everyone’s tax situation is the same. However, if you have itemized in prior years and had over $10,000 in state

2017 Bonus Depreciation Analysis