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If Adopted, Overtime Pay Rules May Expand to More Employees
Today (and since 2004) salaried employees who earn at least $455 per week aren’t eligible for overtime pay under the Fair Labor Standards Act, if their job duties are executive, administrative or...
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IRS Announces Changes for Personal Use of Employer-Provided Vehicles
The free use of a company car is one of the best perks an employee may receive as part of a compensation package. But the benefit to the employee isn’t completely “free” under current tax law....
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Midyear Tax Planning Ideas for Individuals
The summer months are a good time to consider some ideas that will help cut your tax bill for the current year and minimize future taxes. Gift Taxable Investments vs. Cash Are you feeling generous? As...
View ArticleWould a Roth IRA Conversion Make Sense for You?
Roth IRA and 401(k) accounts were created in 1998. Contributions to Roth accounts are taxed on the front end at ordinary tax rates when made. But withdrawals from these accounts are generally tax-free...
View ArticleLowdown on Federal Tax Proposals for Businesses and Individuals
The U.S. Department of Treasury released its “Green Book” in May entitled, “General Explanation of the Biden administration’s Fiscal Year 2022 Revenue Proposals.” It contains detailed information...
View ArticleIt’s Not Too Late to Claim This Valuable Tax Credit
The CARES Act that was signed into law in early 2020 included a special tax credit designed to encourage businesses to retain employees during the coronavirus pandemic. Originally scheduled to expire...
View ArticleYear-End Tax Planning Tips for Small Businesses
You still have time to significantly reduce this year’s business federal income tax bill even with all the uncertainty about proposed tax law changes. Here are five possible moves to consider — but...
View ArticleHow Are Traditional IRA Withdrawals Taxed?
When you take withdrawals from your traditional IRA, you probably understand they’re taxable. But what does that really mean? Important: Once you reach a certain age, you must start taking required...
View Article4 Big Charitable Tax Breaks for 2021
Are you feeling generous? Qualified charitable contributions can be rewarded with sizeable tax breaks during the second calendar year of the COVID-19 pandemic. Recent legislation includes the...
View ArticleStrengthening Your Board: Performance, People, Culture, Impact
How does your board stack up? Is it a diverse, high-functioning, strategically minded fundraising machine? Or is it more of a work in progress with opportunities for sharper performance? It’s likely...
View ArticleRising Premiums Pose Challenges to Contractors
With the economy showing signs of inflationary pressure, controlling costs is an increasingly important priority for many construction businesses. As if wildly fluctuating building material prices...
View ArticleKeeping Payroll Data Confidential
Confidentiality in payroll matters is routine, expected and often legally mandated. But that doesn’t mean confidentiality problems can’t occasionally rise up. Your business needs to be aware of the...
View ArticleHow Fast Can You Write off a Business Vehicle?
The federal income tax rules for depreciating vehicles used for business are complicated. And different rules apply to different categories of vehicles. Special limitations apply to vehicles that are...
View ArticleMarylandSaves Launching in September
Governor Hogan has rolled out the MarylandSaves program mandating that most employers will be required to offer their employees a type of retirement savings plan. The program is in the pilot stage and...
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Cybercrime Webinar Hosted by PKS – October 12, 2022
As your trusted advisor, helping you achieve your life goals is part of our mission. This includes educating you on how to protect yourself from things that threaten those goals. Please join us...
View ArticleFederal Tax News for Individuals
Contribute More to Your FSA in 2023 Taxpayers that participate in employer-sponsored health Flexible Spending Accounts (FSAs) can contribute more in 2023. The annual contribution amount will rise to...
View ArticleImportant Tax Figures for 2023
The following table provides some important federal tax information for 2023, as compared with 2022. Many of the dollar amount increases are higher than in past years due to inflation. Social...
View ArticleA Dozen Ways the SECURE 2.0 Law Helps Individuals and Employees
In the waning hours of the 117th Congress, a large government funding bill was passed that includes many provisions that will help Americans save more for retirement. The Setting Every Community Up...
View ArticlePKS & Company, P.A. Announces New Partner
PKS & Company, P.A. Announces New Partner PKS & Company, P.A. is pleased to announce that Douglas W. McCabe, CPA, Esq. has been admitted as partner with the firm. His admission is a direct...
View ArticleSUMMARY OF IMPORTANT TAX MATTERS
Tax Law Changes In 2022, Congress passed a couple of major pieces of legislation that included tax law changes. The Inflation Reduction Act passed earlier in the year, included little in the way of...
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