Businesses - CAPATA CPA

2020 Tax Limits Affecting Businesses

March 7, 2023February 12, 2020

NUMEROUS TAX LIMITS AFFECTING BUSINESSES HAVE INCREASED FOR 2020 A variety of tax-related limits that affect businesses are annually indexed for inflation, and many have increased for 2020. How much can your employees contribute to 401(k) plans this year? How much do employees have to earn in 2020 before they can stop paying Social Security tax? Here are the answers to these and other questions about annual tax-related inflation adjustments affecting businesses. … Read more

You May be Eligible for Tax Credit if Your Employees Receive Tips

March 7, 2023February 7, 2020

Do Your Employees Receive Tips? You May be Eligible for a Tax Credit Employers in the food and beverage industry may be eligible for a valuable tax break with the Social Security and Medicare (FICA) taxes tip credit. Here’s how it works. How the credit works The FICA credit applies with respect to tips that your employees receive from customers in connection with the provision of food or beverages, regardless … Read more

What Can AI do for my Business?

March 7, 2023January 29, 2020

WHAT CAN AI DO FOR MY BUSINESS? No doubt you have heard stories about how artificial intelligence (AI) is bringing extensive changes to a wide variety of industries. It’s one thing to learn about how this remarkable technology is changing someone else’s company and quite another to apply it to your own. Artificial intelligence may seem capable of doing just about anything, but you’ve got to research your needs carefully … Read more

New Law Helps Businesses Make Their Employees’ Retirement Secure

March 7, 2023January 14, 2020

NEW LAW HELPS BUSINESSES MAKE THEIR EMPLOYEES’ RETIREMENT SECURE The Setting Every Community Up for Retirement Enhancement Act (SECURE Act) was signed into law on December 20, 2019 as part of a larger spending bill. If your small business has a current plan for employees or if you are thinking about adding one, you should familiarize yourself with the new rules. Here are three provisions of interest to small businesses: … Read more

Bridging the Gap Between Budgeting and Risk Management

March 7, 2023December 4, 2019

BRIDGING THE GAP BETWEEN BUDGETING AND RISK MANAGEMENT At many companies, there is a large disparity between the budgeting process and risk management. There are major threats that could leave you vulnerable to high-impact hits to your budget if one or more of these threats occur. We have listed some common types of risks to research, assess and include into adjustments as you draw up next year’s budget: Competitive. The … Read more

The Tax Implications if Your Business Engages in Environmental Cleanup

March 7, 2023November 26, 2019

The Tax Implications if Your Business Engages in Environmental Cleanup If your company needs to “remediate” or clean up environmental contamination, the expenses involved can be environmental cleaning tax as ordinary and necessary business expenses.These expenses may include the actual cleanup costs, in addition to expenses for environmental studies, surveys and investigations, fees for consulting and environmental engineering, legal and professional fees, environmental “audit” and monitoring costs, and other expenses. … Read more

Reporting 1099-MISC Requirements

March 7, 2023November 19, 2019

REPORTING 1099-MISC REQUIREMENTS Your business may be required to send 1099-MISC forms to nonemployees. Nonemployees such as independent contractors, vendors, etc. and to file these forms with the IRS. These forms are due a month after the new year starts and they take time to properly put together, so it’s beneficial to get the ball rolling early to eliminate the stress of filing on time and avoiding penalties. Due date … Read more

Avoiding the Payroll Tax Penalty

March 7, 2023November 11, 2019

AVOIDING THE PAYROLL TAX PENALTY A grueling task for many small businesses is keeping up with payroll. Withholding the correct amount of taxes from your employees’ paychecks and paying them to the government on time is absolutely necessary. You can personally be charged with the Trust Fund Recovery Penalty (or the 100% penalty) if you willfully neglect to withhold and pay the payroll taxes due. The penalty is applied to … Read more

Ensuring Your Company’s Future With a Shadow Board

March 7, 2023November 6, 2019

ENSURING YOUR COMPANY’S FUTURE WITH A SHADOW BOARD Due to the speed of changing markets, some of today’s modern companies have implemented what’s called a “shadow” board. A company improvement shadow board is comprised of nonexecutive, younger employees. They can have a greater input of changing trends and lifestyles and help executive boards keep up with the times. Different Generations As time progresses, more Millennials and even some of Generation Z have … Read more

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