Tipped Employees and the New 80/20 Rule
The U.S. Department of Labor’s newly revamped “80/20 guidance” for tipped workers is in effect after an emergency motion to withdraw it was denied. What is it and how does it affect Texas restaurants and other tip-based businesses? Restaurants in most states including Texas have been relying on the “tip credit” for decades, which allows […]
When You Can’t Pay Your Federal Taxes
It’s hard to get taxes right, but what if you’re surprised with a shockingly high federal tax bill you didn’t know you owed? The IRS offers some options, but if it’s a significant amount, turn to a CPA for help. More than half of U.S. taxpayers know that they pay an inaccurate amount of taxes […]
Crypto & Your Taxes
Cryptocurrency went from being largely unregulated and untaxed to being one of the most closely watched taxable activities practically overnight. A little checkbox showed up near the top of 2020’s Form 1040, asking a yes-or-no question about it. You may have overlooked it a year ago but have dipped your toe in the cryptocurrency pool […]
Is Your Family Business Failing to Innovate?
Family businesses are typically slow to embrace change, which is a fatal liability these days. A failure to innovate is a significant reasonfamily businesses don’t make it past the first or second generation. Working with closely held family businesses throughout the years, we’ve seen the good and bad when it comes to succession. Here’s one […]
Cash Payments Can Trigger IRS Trouble
What do $600, $5,000, and $10,000 have in common? They’re specific payment amounts to a person or business that can trigger IRS reporting requirements. Ignore those triggers, and someone (either the payee or the recipient, depending on the trigger) could face steep penalties or even criminal charges. The $600 Trigger This Form 1099 reporting threshold […]
Spring Cleaning Your Taxes
The IRS anticipates extended delays and even worse than usual “customer service” this tax season. Plus, the year ahead may be filled with new tax curveballs, so it’s vital to get 2021 squared away – with all of your essential documents to your CPA – as soon as possible. Below is a list of often-neglected […]
IRS Facial Recognition Snafu Is a Wakeup Call
It’s not the first time the IRS has backed away from a terrible idea after public outcry, but it is one of the more confounding instances. Last November, the IRS announced that it would require a live video selfie through facial recognition technology to authenticate taxpayers prior to using online services to view account information, […]
Partnerships Are a Tricky Business
Small business ownership can be daunting when you’re alone at the top. That’s why many entrepreneurs consider forming their businesses as equal partnerships between two or more owners. However, these business structures can be uniquely affected by relationships, taxes, and other factors…. Click To View
When Business Matters Are Settled in Family Court
There are business disputes, and then there are family business disputes. This one-word difference can lead to a world of legal complications. Conflicts in a family business can instantly turn a business court case into a family court case. Take the classic case of divorce. Sometimes the divorcing spouses run the business together, or one […]
Partnerships Are a Tricky Business
Small business ownership can be daunting when you’re alone at the top. That’s why many entrepreneurs consider forming their businesses as equal partnerships between two or more owners. However, these business structures can be uniquely affected by relationships, taxes, and other factors. An equal partnership can be a great idea until it isn’t. Perhaps the […]