There’s something known as the Taxpayer Bill of Rights, and it was put into place by the Internal Revenue Service itself. This list of 10 rights pertains to instances where you file your tax return, pay your tax balances, respond to letters or notices, experience being audited or appeal a decision made by the IRS […]

Join JRBT Shareholder and Payroll Systems Director of Operations, Vicki Stalnaker, CPA, CPP, as she discusses the latest Employee Retention Credit updates for August 2024. In this video, Vicki covers the recent IRS announcements, including new warning signs of incorrect claims, the reopening of the Voluntary Disclosure Program and important details about the Second Retention […]

Have you been thinking about establishing an S corporation? Maybe you have the opportunity to become a shareholder of a corporation of this type. Here’s what you should know about S corporations and how they work before getting involved in one: What is an S corporation? An S corporation essentially passes its income, losses, deductions […]

With the rise of the gig economy, a lot of people have opted to turn their hobbies into profitable ventures. In turn, the lines are blurring between hobbies and small businesses, provoking many people to wonder what it means for their taxes. So, what is the difference? The difference between hobbies and businesses When thinking […]

Incentive trusts, like other trusts, are established by a grantor who names a trustee and funds the trust with the grantor’s assets. The difference between incentive trusts and other trusts is that distributions are made only when a beneficiary achieves certain contingencies — such as attaining a college degree or getting married — that are […]

When starting a family, you might be interested to know that you’re now eligible to claim new credits and deductions, which ultimately lessens the total value of your tax liability. You can start by utilizing the official IRS Withholding Estimator to check your withholding. This will allow you to update your Form W-4, which is […]

Once you reach a certain age, you must take an annual required minimum distribution, which is a payout from your traditional IRA, 401(k) or other retirement account. The required amount is calculated based on your age and the account balance. Generally, you can’t reinvest your required minimum distribution in a tax-advantaged account, including another retirement […]

Recent data from Ameriprise Financial indicates that more than a quarter of preretirement couples plan to retire together, and 39% say they plan to stagger their retirements and make their exits more than a year apart. The question is, what does retirement look like for an individual and for a couple? At first, it may […]

JRBT Shareholder and Payroll Systems Director of Operations Vicki Stalnaker, CPA, CPP discusses the 2024 Department of Labor (DOL) Overtime and Salary Updates in our latest video. The video highlights key changes, future updates, their impacts and items that will remain the same. Effective July 1, 2024, these updates significantly affect employers and employees.   […]

It is somewhat unusual to highlight 2026 taxes in 2024, but we are in an unusual situation: Many of the provisions in 2017’s Tax Cuts and Job Act will expire at the end of 2025 unless Congress acts to extend them. Taxpayers need to be aware of how they will be affected so they can […]