Recent News & Blog / Business Tax
New rules will soon require employers to annually disclose retirement income to employees
As you’ve probably heard, a new law was recently passed with a wide range of retirement plan changes for employers and individuals.
Finalized IRS Hardship Distribution Regulations
In September 2019, the IRS published long-awaited final hardship distribution regulations for almost a year following their initial proposal.
Reminder: Pennsylvania 1099-Misc Withholding Tax Requirements
Are you withholding the right amount from your Pennsylvania-source income? You could be subject to penalties if not. Contact the tax advisors at SEK with your tax questions.
Wayfair revisited — It’s time to review your sales tax obligations
In its 2018 decision in South Dakota v. Wayfair, the U.S. Supreme Court upheld South Dakota’s “economic nexus” statute, expanding the power of states to collect sales tax from remote sellers.
2 valuable year-end tax-saving tools for your business
At this time of year, many business owners ask if there’s anything they can do to save tax for the year. Under current tax law, there are two valuable depreciation-related tax breaks that may help your business reduce its 2019 tax liability.
The tax implications if your business engages in environmental cleanup
If your company faces the need to “remediate” or clean up environmental contamination, the money you spend can be deductible on your tax return as ordinary and necessary business expenses.
Small businesses: Get ready for your 1099-MISC reporting requirements
A month after the new year begins, your business may be required to comply with rules to report amounts paid to independent contractors, vendors and others. You may have to send 1099-MISC forms to those whom you pay non-employee compensation, as well as file copies with the IRS.
Depreciation and Cost Recovery Rules: 2019 and Later
The Tax Cuts and Jobs Act of 2017 (TCJA) brought with it some changes and updates to Depreciation rules. SEK’s tax department has created this one page quick reference guide to help answer some of the most common Depreciation questions we receive.
Accelerate depreciation deductions with a cost segregation study
Is your business depreciating over a 30-year period the entire cost of constructing the building that houses your operation? If so, you should consider a cost segregation study.
Understanding and controlling the unemployment tax costs of your business
As an employer, you must pay federal unemployment (FUTA) tax on amounts up to $7,000 paid to each employee as wages during the calendar year. The rate of tax imposed is 6% but can be reduced by a credit (described below). Most employers end up paying an effective FUTA tax rate of 0.6%.