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July Dates to Remember

July 15 Employers. For Social Security, Medicare, withheld income tax, and nonpayroll withholding, deposit the tax for payments in June if the monthly rule applies. July 31 Employers. For SocialSecurity, Medicare, and withheld income tax, file Form 941 for the second quarter of 2019. Deposit any undeposited tax. If your tax liability is less than $2,500, you can pay it in full with a timely filed return.... Read More

What is Reasonable Compensation?

For small businesses formed as an S Corporation and with plenty of profits, reasonable compensation is a term you may want to be familiar with. Many small businesses have organized as an S Corporation form of entity. In many cases, the S Corp election allows a business owner to save money on self-employment taxes, especially if they are operating as a sole proprietor. S Corp profits, or distributions,... Read More

5 Ways to Streamline Your Payroll Process

For business owners with employees, payroll is a necessary task that can slow your day and tie you down if you let it.If you're looking for a way to make payroll less time-consuming, here are five ideas you can put to good use: Employee Onboarding - If you hire a lot, empower your new hires by letting them do their paperwork for you. A good payroll system allows employees to "onboard" themselves,... Read More

HLB Gross Collins Gives Back

Our previously published article HLB Communities Day (copied below) shares information about the worldwide community service effort among HLB International member firms. On June 7th, HLB Gross Collins, P.C. was pleased to participate in this global effort. Over 50 members of our firm participated in assembling layette kits, toiletry kits, lunch bags, rolled plastic utensil sets, and coloring book/crayon sets. ... Read More

HLB Communities Day

On Friday 7 June, HLB International celebrated its 50th anniversary this year by coming together to support local and international community projects for #HLBCommunities Day. The network's first global Corporate Social Responsibility initiative, #HLBCommunities Day saw HLB collectively volunteer 8,497 hours through 1,320 participants across 42 community projects. #HLBCommunities Day saw diverse social,... Read More

June/July 2019 Dates to Remember

June 17 Individuals. If you are not paying your 2019 income tax through withholding (or will not pay enough tax during the year that way), pay the second installment of your 2019 estimated tax. If you are a U.S. citizen or resident alien living and working (or on military duty) outside the United States and Puerto Rico, file Form 1040 and pay any tax, interest,and penalties due for 2018.If you want... Read More

New Rules for Business Travel Deductions

Business travel is still tax-deductible, under the Tax Cuts and Jobs Act of 2017 (TCJA), but there is a major difference now. Relatively few individuals will be able to claim such deductions; for the most part, deductions can be taken only at the company level. How is this different from prior law? Before the TCJA took effect in 2018, people who itemized deductions could deduct miscellaneous itemized... Read More

How IRAs Affect Medicaid Planning

The national median cost of a private room in a nursing home is $8,365 a month (over $100,000 a year), according to the 2018 Genworth Cost of Care Survey. Similar costs for assisted living and home health care are nearly $50,000 a year. Costs are higher in some areas, lower in others, but throughout the United States it can be very expensive to pay for any form of long-term care. Insurance coverage is... Read More

Mid-Year Tax Planning

Year-end tax planning is on the agenda for many taxpayers, with good reason. That said, you don't have to wait for November or December to make astute moves. Planning in June or July can lead to tax savings that might be reduced or lost altogether if you wait for late fall to act. Here are some areas to consider. Retirement plan contributions Go over scheduled salary reductions for contributions to... Read More