During this time of unprecedented uncertainty, we are concerned about the safety and well-being of our families, colleagues, clients, partners, and the many friends who make up MahoneySabol’s vibrant family. Therefore, we have compiled a complete summary of IRS action already taken and federal tax legislation enacted to ease tax compliance burdens and economic pain […]
Without doubt, technology has profoundly changed how business works. Its influence is everywhere, from smart homes to business operations, and the next decade will only continue to add new ways technology is used. To remain profitable and competitive this decade, businesses will have to be prepared to make the changes needed to meet their consumers’ […]
If you have a small business or are self-employed, and have engaged in certain financial transactions during the calendar year, you are most likely required to file an information return to the IRS. Below are some of the transactions that you are required to report. Services performed by independent contractors, meaning those that are not […]
Does making a decision come easily to you or do you struggle to come up with the perfect solution? Everyone has a personal decision-making style, but that style may not always be the best one for your business. Essentially, there are four main types of business decision styles, and often the most effective leaders use […]
The term “soft skills” include a range of competencies from communications to problem solving to collaboration. They are very different than technical skills, however they are no less essential to success. In fact, a recent LinkedIn survey of 4,000 talent professionals and business leaders showed that 57% of respondents valued soft skills more than technical […]
This tax season, the IRS has announced that they are gradually rolling out a new identity protection program that prevents anyone who has stolen your Social Security number from using it to file a fraudulent return. Eligible taxpayers will be provided an IP PIN. As the IRS explains, this PIN helps the agency verify a […]
The decision of how to structure your business is one of the first, and most important, considerations a business must make. We have outlined the four corporate structures available to businesses. C Corporations C corporations, or C corps, are considered to be the business structure of choice for many businesses, particularly for those selling goods. […]
It is no surprise that talent shortage is causing employers to rethink how to attract prospective hires and and also retain exceptional talent. In a recent study, 80 percent of employees reported they would keep a job with a robust benefit plan rather work at a company that paid more with no benefits. The Society […]
If you are an entrepreneur and have heard about the qualified business income deduction (also called Section 199A), you may be asking yourself if it could help you to save on taxes. Many business owners, or prospective business owners have a desire to form an LLC because it can save money on taxes. It is […]
Last tax season, many taxpayers found it to be more beneficial to take the standard deduction and forgo itemized deductions due to tax law changes. Then again, some felt their expenses exceeded standard deduction amounts. This year, we advise all taxpayers to take a hard look at their expenses to determine whether taking a standard […]