2/27/25 Update:Â Last week, the Financial Crimes Enforcement Network (FinCEN) made significant announcements regarding the enforcement of Beneficial Ownership Information (BOI) reporting requirements. On Monday, February 17, 2025, a U.S. District Court judge lifted the final nationwide injunction that had previously halted BOI report filings. Reporting companies now have until March 21, 2025, to file their [...]
Intuit QuickBooks will change its automated payroll tax withdrawals in the new year. Beginning January 1, 2025, QuickBooks will withdraw payroll taxes when payroll is processed and when taxes owed increase, a difference from its current process of withdrawing payroll taxes when they’re due.  You or a company admin must confirm if you wish to continue [...]
The concept of variable pricing models has been around for a while in the minds of Quick Service Restaurant operators but has made recent headlines. Variable pricing models, also known as dynamic pricing or demand-based pricing, are strategies businesses use to adjust the price of products or services based on various factors such as demand, time [...]
Military service members and veterans receive various forms of financial compensation and benefits for their service and sacrifices. Understanding the tax implications of these payments is essential for proper financial planning and compliance with federal tax laws. In particular, military retirement pay, military disability retirement pay, and veterans' benefits are subject to different tax treatments under [...]
Cost segregation is a tax strategy used by real estate investors and property owners to accelerate depreciation deductions on certain components of their properties. It involves identifying and reclassifying certain assets within a building for tax purposes, allowing them to be depreciated over shorter periods than the building itself. Here’s how cost segregation works: Asset Identification [...]
A Health Savings Account (HSA) is a tax-advantaged savings account available to individuals enrolled in a high-deductible health plan (HDHP). HSAs are designed to help individuals save money specifically for medical expenses not covered by their HDHP, such as deductibles, copayments, and other qualified medical expenses. Here’s how an HSA typically works: Eligibility To be eligible [...]
The U.S. Department of Labor (DOL) has proposed a substantial update to the minimum salary requirements for employees to be exempt from overtime pay under the Fair Labor Standards Act (FLSA). This proposed rule, introduced on August 30, 2023, has significant implications for employers and employees. Who is Exempt? Employees earning a salary of at least [...]
The taxation of Social Security benefits and income limits is an important aspect to consider for individuals receiving Social Security payments. Here's an overview: Taxation of Social Security Benefits Provision for Taxation Social Security benefits may be subject to federal income tax based on your combined income. Combined income is calculated as the sum of your [...]
As tax season unfolds, the age-old question arises – should you tackle your tax return solo or seek the guidance of a professional tax adviser? While handling a straightforward tax situation independently is feasible, there are instances where consulting a tax professional becomes not just a choice, but a necessity. Seeking professional advice can make all [...]
Missouri’s minimum wage was raised to $12.30 per hour on January 1, a direct outcome of Proposition B, which gained voter approval in 2018. Prop B initiated an annual increase of 85 cents in the state minimum wage, a trend that continued until 2023. Before Prop B, Missouri's minimum wage was linked to the inflation [...]
