Planning for year-end gifts with the gift tax annual exclusion
As we approach the holidays and the end of the year, many people may want to make gifts of cash or stock to their loved ones. By properly...
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- Sep 3, 2021
- 2 min
Scholarships are usually tax free but they may result in taxable income
If your child is fortunate enough to be awarded a scholarship, you may wonder about the tax implications. Fortunately, scholarships (and...
- Aug 24, 2021
- 2 min
Are you a nonworking spouse? You may still be able to contribute to an IRA
Married couples may not be able to save as much as they need for retirement when one spouse doesn’t work outside the home — perhaps so...
- Aug 18, 2021
- 2 min
5 ways to take action on accounts receivable
No matter the size or shape of a business, one really can’t overstate the importance of sound accounts receivable policies and...
- Jul 23, 2021
- 2 min
The Restaurant Revitalization Fund is Now Live
The COVID-19 pandemic has affected various industries in very different ways. Widespread lockdowns and discouraged movement have led to...
- Jul 11, 2021
- 3 min
IRS audits may be increasing, so be prepared
The IRS just released its audit statistics for the 2020 fiscal year and fewer taxpayers had their returns examined as compared with prior...
- Nov 11, 2020
- 2 min
2021 dollar limits and thresholds for 401(k)s and similar plans
The IRS recently announced the 2021 dollar limits and thresholds for retirement plans, reflecting the latest cost-of-living adjustments....
- Oct 11, 2020
- 2 min
IRS announces per diem rates for business travel
In Notice 2020-71, the IRS recently announced per diem rates that can be used to substantiate the amount of business expenses incurred...
- Oct 6, 2020
- 2 min
DOL revises rules on paid sick and family leave related to COVID-19
In August, a federal trial court invalidated several provisions of the U.S. Department of Labor’s (DOL’s) temporary regulations that...
- Sep 28, 2020
- 2 min
Tax implications of working from home and collecting unemployment
COVID-19 has changed our lives in many ways, and some of the changes have tax implications. Here is basic information about two common...
- Jul 21, 2020
- 2 min
Communicate carefully about compensation during the pandemic
The COVID-19 pandemic and resulting economic fallout have spurred layoffs and furloughs for many employers. As the months pass,...
- Jul 3, 2020
- 2 min
Some people are required to return Economic Impact Payments that were sent erroneously
The IRS and the U.S. Treasury had disbursed 160.4 million Economic Impact Payments (EIPs) as of May 31, 2020, according to a new report....
- Jun 10, 2020
- 2 min
A nonworking spouse can still have an IRA
It’s often difficult for married couples to save as much as they need for retirement when one spouse doesn’t work outside the home —...
- May 14, 2020
- 2 min
2020 adjusted penalties for health benefits and other plans
The U.S. Department of Labor (DOL) recently announced the 2020 annual adjustments to civil monetary penalties for a wide range of...
- May 11, 2020
- 2 min
Answers to questions you may have about Economic Impact Payments
Millions of eligible Americans have already received their Economic Impact Payments (EIPs) via direct deposit or paper checks, according...
- May 6, 2020
- 2 min
IRS extends some (but not all) employee benefit plan deadlines
The IRS recently issued Notice 2020-23, expanding on previously issued guidance extending certain tax filing and payment deadlines in...
- Mar 5, 2020
- 3 min
Home is where the tax breaks might be
If you own a home, the interest you pay on your home mortgage may provide a tax break. However, many people believe that any interest...
- Feb 26, 2020
- 3 min
Tax credits may help with the high cost of raising children
If you’re a parent, or if you’re planning on having children, you know that it’s expensive to pay for their food, clothes, activities and...
- Feb 12, 2020
- 2 min
Answers to your questions about 2020 individual tax limits
Right now, you may be more concerned about your 2019 tax bill than you are about your 2020 tax situation. That’s understandable because...
- Jan 30, 2020
- 2 min
Look closely at your company’s concentration risks
The word “concentration” is usually associated with a strong ability to pay attention. Business owners are urged to concentrate when...
Bruce & Company P.S.C. is an accounting and financial consulting firm in Madisonville, Kentucky. Bruce & Company proudly serves Evansville, Owensboro, Hopkinsville, Madisonville, Hopkins County, Kentucky, and across the United States. Search for certified public accountant near me. At Bruce & Company, we offer tax compliance and consulting, quality auditing and assurance services, audits of employee benefit plans and options, payroll processing, Quickbooks consulting, personal financial planning, and general accounting services.
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