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Advisory Articles

 

IRS Health Savings Account Updates for 2026

IRS Health Savings Account Updates for 2026

Posted by Kathryn Mellon on May 27, 2025

The IRS has announced the inflation-adjusted amounts for Health Savings Accounts (HSAs) for 2026, allowing employees to save slightly more in their accounts. For individuals with self-only coverage under a high-deductible health plan (HDHP), the contribution limit is set at $4,400, while for family coverage, it is $8,750. HSAs offer tax advantages, including pre-tax contributions and tax-free withdrawals for qualified medical expenses.

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Guidelines for Ensuring Payroll Tax Compliance in Small Businesses

Guidelines for Ensuring Payroll Tax Compliance in Small Businesses

Posted by Kathryn Mellon on March 24, 2025

Small businesses can ensure payroll tax compliance by staying updated with regulatory changes, understanding federal withholding, adhering to filing and deposit deadlines, maintaining organized records, and seeking professional advice. These practices help avoid fines, maintain good employee relationships, and stay legally compliant.

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Tax Implications of Business Succession

Tax Implications of Business Succession

Posted by Cheryl A. Jankowski on March 17, 2025

The strategies for transferring business ownership include family transfers, trusts, employee buyouts, ESOPs, and sales to outside buyers. Each option is analyzed for its tax consequences, such as gift tax, estate tax, capital gains tax, and corporate deductions, providing a comprehensive guide to succession planning.

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The Importance of a Buy-Sell Agreement for Business Co-Owners

The Importance of a Buy-Sell Agreement for Business Co-Owners

Posted by Benjamin Schuver on July 15, 2024

A buy-sell agreement is essential for businesses with co-owners, as it provides financial protection, ensures ownership stability, and helps avoid IRS complications. This agreement outlines how a co-owner's share will be handled in case of events like death or disability, often funded through life insurance to facilitate the buyout process. Properly drafted agreements safeguard the interests of all parties involved and ensure smooth transitions.

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Record Guidelines for Income and Expenses During an IRS Audit

Record Guidelines for Income and Expenses During an IRS Audit

Posted by Michelle Waddell on April 08, 2024

A case study details the IRS scrutiny and how important recording keeping is.

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Correctly Reporting Independent Contractors to the IRS

Correctly Reporting Independent Contractors to the IRS

Posted by Kevin Smeader on January 10, 2024

It is essential to maintain completed Form W-9s on file for independent contractors. To assist you in obtaining this crucial information from workers and filing it with the IRS, we provide valuable tips.

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Business Ownership Tax Consequences in Divorce

Business Ownership Tax Consequences in Divorce

Posted by Benjamin Schuver on August 28, 2023

As a business owner your business is your largest asset, and during a divorce the transfer of that asset has tax implications.

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Benefit to Nonprofits to Outsource Human Resource Functions

Benefit to Nonprofits to Outsource Human Resource Functions

Posted by Thomas Burns on August 02, 2023

Before deciding to outsource your human resource functions you need to examine the level of services being outsourced, the value, and the cost. It is also important to consider the impact on your workforce, and make sure to involve management and Board of Directors.

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Tax Status of an Employee vs. Independent Contractor

Tax Status of an Employee vs. Independent Contractor

Posted by Kathryn Mellon on May 19, 2023

For IRS purposes, there are definite differences between an employee and an independent contractor; you should understand how they are classified.

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Employee Benefit: Education Assistance Fringe Benefit Programs

Employee Benefit: Education Assistance Fringe Benefit Programs

Posted by Jennifer Maloney on May 09, 2023

Employee fringe benefits are a great way to retain and recruit employees, there are also tax benefits.

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