Avoiding Payroll Tax Surprises
Business owners in the construction industry need to adjust their workforce continually, which can lead to complicated payrolls. The IRS and the state of Texas have a vested interest in you getting payroll right, though, because employment taxes are a huge source of revenue for them…. Click To View
Tax Hikes & Opportunities Expected in 2022
Will taxes change in 2022? By how much? The answers are still up in the air—especially as a final decision on President Biden’s Build Back Better bill looks like it’ll be pushed to the New Year. Here’s a list of tax changes we know are happening and others you’ll want to keep an eye on […]
Charitable Giving With Donor-Advised Funds (DAFs)
Donor-Advised Funds (DAFs) have catapulted in popularity. If you’re still unsure what they are but give generously to charitable organizations, it’s time to understand their immense tax-saving potential. The National Philanthropic Trust reports an increase across the board for DAF activity in 2021. Grants from DAFs to qualified charities increased 27% compared to 2019, and […]
Moving From Family-Owned to Employee-Owned
Have you heard of Employee Stock Ownership Plans (ESOPs)? This particular employee-owned model is growing in popularity among manufacturers, professional and tech companies, real estate and construction businesses, and more. Alterman, Inc., one of San Antonio’s oldest and largest electrical contractors, is a great example. The family-owned company began in 1923. By about 1972, it […]
Is Your Offshore Trust as Risky as the Media Reports It Is?
If you have an offshore trust or have been entertaining the idea of having one, recent news may have scared you off. The Pandora Papers revealed the inner workings of what’s been dubbed a “shadow economy” benefiting the wealthy and well-connected. But that doesn’t mean all offshore accounts are a sign of fraudulency. An offshore […]
In Texas, Resolving Disputed Taxes Just Got Easier
Just getting a case to district court efficiently and affordably has been a massive headache in the past for Texas taxpayers disputing their state and local tax (SALT) bills or refund amounts. Two new Texas laws help ease this by removing a “pay-to-play” barrier and shortening the winding road to resolution. HB 2080’s Removal of […]
Want to Live & Work Abroad? Get to Know This Income Tax Exclusion
As global borders open, are you ready to head overseas for an extended adventure? “Workcations” are on the rise but, if you’re not careful, your income taxes will rise, too. Nearly 75% of Americans who’ve gotten used to working from home would consider a “workcation” trip now that international travel is back on the table. […]
Sudden Death & Family Business Exits
We recently wrapped up the Fourth Annual San Antonio Exit Planning Summit with our Exit Planning Exchange (XPX) San Antonio colleagues. A common theme was a sobering but vitally important one for all business owners: How sudden illness or death can complicate business ownership and exit plans. Two stories stood out: The first was about […]
Are Required Employee IRAs Coming?
Tucked into the embattled federal budget reconciliation bill is a possible mandate forcing small businesses with five employees or more to offer an automatic IRA arrangement or 401(k)-type plan. “Under the proposal, starting in 2023, employers with five or more employees would have to offer a retirement plan and automatically enroll employees, diverting 6% of […]
College Athletes “Face” Big Taxes
College athletes are starting to benefit from being able to sell their name, image, and likeness (NIL). But these athletes may be in for a rude awakening come tax time because even freebies and other non-monetary payments can be considered income. It’s a lesson business owners need to understand as well. Until recent months, college […]