Every dollar your tipped employees report shows up on your payroll tax bill, even though that money came from your customers, not your business. Federal law still treats it as taxable payroll for FICA purposes. That means you’re covering the 7.65% employer share of Social Security and Medicare on income you never had in hand. […]
IRS Criminal Investigation Warns of Rising Elder Fraud Schemes
Fraud targeting older Americans is not a new problem, but the scale and sophistication of these schemes are rapidly accelerating. The IRS Criminal Investigation division recently issued a warning highlighting a sharp rise in elder fraud cases. From fiscal year 2021 through fiscal year 2026, IRS-CI launched 255 elder fraud investigations involving nearly $1 billion […]
How Resilient Are Your Business Finances?
You set a budget, strategize for business growth and maintain financial oversight, and then the unexpected happens. If a key client (or employee) leaves, interest rates climb or a supply chain disruption hikes your costs overnight, the financial plan you built suddenly doesn’t fit your reality. As a small business owner, how confident are you […]
Your Business Owes Back Taxes. Now What?
Tax debt doesn’t usually show up overnight. But when cash flow gets tight or a bad quarter turns into two, business priorities can shift. By the time the IRS notices start arriving, your debt has grown and the pressure can feel overwhelming. The good news? A tax debt doesn’t have to mean the end of […]
The Hidden Cost of Employee Turnover (It’s More Than You Think)
According to the Society of Human Resource Management (SHRM), replacing an employee can cost anywhere from 50% to 200% of their annual salary. Most business owners don’t think about the full cost of losing an employee until they’re already in the middle of it. Small businesses tend to feel this more than larger ones because […]
Is a Retirement Plan Your Best Tax Strategy?
Only 30% of small businesses offer their employees a retirement plan, meaning the majority are missing out not only on an employee retention tool, but also an important tax-savings strategy. A well-designed retirement plan can lower your tax burden, help you compete for top talent and even pay for itself through federal credits. And thanks […]