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Employee Retention Credit (ERC) Update: Everything You Need to Know About the ERC Moratorium


The Employee Retention Credit (ERC) was created to incentivize companies to maintain their payroll during the COVID-19 pandemic and consequential economic shutdown. However, due to numerous falsified claims, the Internal Revenue Service issued a moratorium on new ERC claims effective September 14, 2023, through December 31, 2023. Keep reading for recent ERC updates and how they could affect your business. 

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Navigating the Corporate Transparency Act: A Practical First Look for Business Owners


Are you a business owner based in the US? Is your business organized with a Secretary of State? If so, the filing requirements under the Corporate Transparency Act (CTA) may affect your business. This blog is written to provide a better understanding of your obligations under the Act and answer questions you may have.

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Employee (W2) vs Contractor (1099)


Point of View: You own a small business. Business is starting to pick up, and you are getting overwhelmed with the day-to-day operations as a one-man show. You are debating hiring an employee or two to help out, but you are struggling to decide whether you classify your new worker as an independent contractor or a common-law employee. Let’s walk through some questions to ask yourself to choose what type of worker is right for your business. 

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The Employee Retention Credit: What Taxpayers Need to Know


The U.S. government has repeatedly revised the requirements for U.S. taxpayers to claim the Employee Retention Credit (“ERC”), also commonly known as the Employee Retention Tax Credit, since its initial codification into law. As a result, many eligible taxpayers have been left uncertain as to whether they may properly claim this often-valuable tax credit. Because there is a strict statute of limitations on claiming the ERC, potentially eligible taxpayers who have not already claimed the ERC should review their eligibility under current U.S. law as soon as possible.  

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Understanding Tax-Related Identity Theft


Tax-related identity theft occurs when someone steals your personal information to file a fraudulent return and claim a refund. Unfortunately, it has become increasingly more common and people often don’t discover they've been targetted until they try to electronically file their tax return and it is rejected by the Internal Revenue Service (IRS).

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5 Essential Documents for Your Estate Plan


Facing our own mortality can be a tough topic to tackle, which is why estate planning is so crucial. Taking the time to plan ahead can provide peace of mind and assure that our wishes will be honored. We can decide who gets what, who takes care of the kids, and even how we want our healthcare handled. Estate planning is all about making things easier for us and our loved ones down the road.

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Are you Prepared For Changes to Estate Tax Exemptions?


Did you know that the current estate tax exemption will be reduced by more than 50% beginning January 1, 2026?


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Saltmarsh Hosts 'Building Confidence': A Women-Focused Event Series


Throughout 2023 and 2024, Saltmarsh Financial Advisors will host a 4-part women-focused series centered on building confidence and community around the unique financial situations individuals may face in their lives. Featured segments will focus on the central themes of navigating loss, divorce, caregiving and philanthropic giving. 

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4 Painless Ways to Achieve Financial Security


We all know that it's never too early to start planning for retirement or to start building a nest egg for future expenses. Financial security is a goal that we all have in mind, but are you taking advantage of the easy opportunities that can help you accelerate the process? Other than utilizing sensible spending habits, here are some quick strategies to help you reach financial security sooner than you think.

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NIL (Name, Image, Likeness): Income Tax Considerations for Student-Athletes


Student-athletes can now enter into name, image and likeness (NIL) contracts for compensation. NIL contracts have major federal and state tax implications, including income tax responsibilities, state nexus and reporting obligations.

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Natural Disaster Casualty Losses


Did you know that losses of property due to natural disasters are deductible as personal casualty losses on your tax return? This means if you suffered damage from Hurricane Sally that resulted in your property losing value, you might be entitled to a tax deduction for that loss.

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Inflation Reduction Act of 2022


President Biden signed the Inflation Reduction Act into law at a White House ceremony on August 16, finalizing legislation intended to address inflation by paying down the national debt, lowering consumer energy costs, providing incentives to the production of clean energy and reducing healthcare costs. The Act contains several credits that would be of interest to individuals and businesses.

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Estate Planning with a Revocable Trust: A Case Study


Clients often ask about how a revocable living trust operates during their lifetime, when it becomes irrevocable, how it interacts with their last will and testament and the benefits of creating a revocable living trust. 

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State and Local Tax: Basics to Consider


As the growth plans of a business include expanding into new states, there are numerous tax, licensing and permitting issues to consider. Even if your business already operates in more than one state, you should be aware that in recent years many states have become more and more aggressive in enforcing tax and licensing requirements.

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Webinar Recording: Tax Benefits of Owning Investment Properties


There are many tax benefits to owning investment and rental properties that some owners may not be aware of when the time comes to file taxes. 

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Tax Breaks for Businesses and Self-Employed Taxpayers


As the 2021 tax filing season progresses, small businesses and self-employed taxpayers should make certain they are taking advantage of all of the tax deductions and opportunities available to them on their 2021 federal income tax returns. Tax savings increases after-tax cash flow and can mean greater return on investment and more money to fund expansion and the overall growth of the business. The following are 10 top tax breaks for small businesses and business owners to keep in mind when finalizing their tax returns for 2021 and planning for 2022.

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Sponsoring a Health & Welfare Benefit Plan: Are You 5500 Compliant?


Health & Welfare Plans provide benefits such as medical, dental and life insurance. In 2002, the Form 5500 filing requirement was amended by the IRS, but many initially believed that the requirement had been fully suspended. However, the requirement was only lifted for some employers. However, for others (those not meeting the exemptions), the requirement remained in place and continues to be an annual requirement. So, you might be asking, “Who is required to file a Health and Welfare 5500?”

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Biden Administration's FY 2023 Budget Plan Calls for Corporate Tax Hikes


The fiscal year 2023 budget blueprint, released by the Biden administration on March 28, reflects the President’s policy objectives. It consists of a mix of familiar proposals and brand-new initiatives. The proposals are described in more detail in the General Explanations of the Administration’s Fiscal Year 2023 Revenue Proposals, better known as the “Green Book,” that was released with the budget, and include the President’s now-familiar calls for increasing the top corporate tax rate to 28%.

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Biden Administration's FY 2023 Budget Plan Calls for Tax Hikes on High-Net Worth Individuals


The Biden administration’s fiscal year 2023 budget blueprint, released on March 28, consists of a mix of familiar proposals and brand-new initiatives that reflect the President’s policy objectives. The proposals are described in more detail in the General Explanations of the Administration’s Fiscal Year 2023 Revenue Proposals, commonly referred to as the “Green Book,” that was released with the budget, and include the President’s now-familiar calls for increasing the top individual rate to 39.6%. 

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Cristine Torrefranca, CPA, Elected Treasurer of Bay Area Manufacturers Association (BAMA)


Senior Manager, Cristine Torrefranca, CPA, has been elected Treasurer of Bay Area Manufacturers Association (BAMA) as of March 28, 2022! 

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Have You Maxed Out the Contribution to Your Health Savings Account (HSA) for the 2021 year?April 15, 2022 is fast approaching!


With the high cost of healthcare, many people with a high-deductible health plan (HDHP) establish a Health Savings Account (HSA) to pay for qualified medical expenses with tax-free dollars. Your HSA will provide you tax savings and flexibility as a wealth-building tool.

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Phew! Done with Payroll Reporting for Another Year!


If you are a business owner, you probably feel a huge sense of relief after the whirlwind of January, providing employees and the state and federal governments with the payroll tax returns, Form 1095’s for health insurance and preparing all the Form 1099 Misc’s and 1099 NEC’s! Next January, however, will be easier if you will take one easy step. Each vendor should complete a Form W-9 before receiving any payments.  

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Are there State Tax Liabilities for Employers if Employees Work from Home?


Working from home has become more than a pandemic trend. Many workers have made remote work a condition during their job search. Companies have found it effective in a time where new hires are difficult to find. This begs the question, do states have tax jurisdiction over an entity that adds remote workers in that respective state? 

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Your Action Plan for the CPA Exam


The CPA exam is one of the last barriers you face in your accounting career. Once you pass, the feeling of academia can truly be left behind. All the hard work spanning years in undergraduate studies, CPA study programs, and maybe even a master’s degree, can come down to four 4-hour examinations.

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Saltmarsh Named One of Forbes' Top Recommended U.S. Tax and Accounting Firms


We are excited to have been chosen by industry peers for the third time in a row as one of Forbes’ 2022 Top Recommended Tax and Accounting Firms in the U.S. “It is an honor to have the firm recognized for our tax and accounting services for three consecutive years,” said Lee Bell, CPA, Saltmarsh president. 

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