Category: Other

Good but not that easy to do- Student loans and 401(k) plans

In August 2018 the IRS “issued a private letter ruling allowing an unnamed employer to make 401(k) contributions on behalf of employees who are repaying their student loans, and although it doesn’t set a precedent for other employers, it’s an interesting development when it comes to fighting student loan debt.”[1] The idea is that employers… Read more »

Changes to the 2019 W-4 form

The federal government requires employees to provide employers with a form W-4 so that the employer can adjust the employee’s income tax withholding to better match employee’s circumstances using IRS-supplied formulas and tables. You may question the accuracy of the historical use of the form and associated withholding tables as most taxpayers were positioned for… Read more »

Supreme Court landmark decision on Sales Tax- Exemption Certificates

The Supreme Court has ruled that states can mandate that companies, previously outside their jurisdictions, must collect sales tax on all transactions to which sales tax applies. As a business, you may say, I am a manufacturer who sells to distributors, my customers purchase for resale. You are correct BUT do you have documentation from… Read more »

Working with Families

In 1995 Sam Deep and Lyle Sussman published Smart Moves for People in Charge, 130 Checklists to help you be a better leader.  Below are some excerpts from that book which are still very true today. Tips for Working with Families When you start a business with family members, handshakes and hugs are fine but… Read more »

Quill, Wayfair and South Dakota

If you run a business, sell to retail customers, or purchase items over the internet, the South Dakota v. Wayfair, Inc. sales tax case before the Supreme Court should be of interest to you. History In 1992, when the internet was just in its infancy, North Dakota took on Quill Corp, an office supply company… Read more »

Brew In the Burbs

The Lakota Optimists are teaming with BC’s Bottle Lodge and CrossRoads Mason to host Brews in the Burbs on Friday April 20th from 7-11pm.  Music will be provided DV8, with food trucks and Mad Monk’s pizza providing food. The first week of sales brought over 140 ticket sales and 40% of the VIP tickets moved… Read more »

Tax law changes that will impact your business

Some details may have gotten lost in the noise of the tax law change. Entertainment expense is no longer deductible.  You will need to assess the value of your entertainment spending in light of the changed law.  Meals, however, remain 50% deductible.  If your business tracks these two expenses in a single expense category you… Read more »

Tax Tips for the Average Joe

If you are a small business owner or a higher wealth individual, I strongly recommend that you stay in touch with your tax advisor over the next few weeks to properly balance your 2017 and 2018 tax bills. If you are someone who owns a home and is able to itemize, there are a few… Read more »

Asking about salary history when hiring

Federal law does not prohibit asking a job applicant about their salary history and it has been a common question on job applications. But that is changing with recent rules passed by New York City and other jurisdictions. The ban on asking for salary history comes from the fact that women and minorities have historically… Read more »