Resources For Employers
COVID-19 RESOURCE CENTER
Is it time to upgrade your business’s accounting software?
By now, just about every company uses some kind of accounting software to track, manage and report its financial transactions. Many businesses end up using several different types of software to handle different accounting-related functions. Others either immediately...
Coordinating Sec. 179 tax deductions with bonus depreciation
Your business should generally maximize current year depreciation write-offs for newly acquired assets. Two federal tax breaks can be a big help in achieving this goal: first-year Section 179 depreciation deductions and first-year bonus depreciation deductions. These...
IRS ramps up compliance enforcement against certain businesses
The Inflation Reduction Act provided the IRS with billions of dollars of additional funding to reduce the so-called “tax gap” between what taxpayers owe and what they actually pay. The tax agency has already launched numerous initiatives aimed at this goal, including...
4 ways businesses can better control cash flow
From the minute they open their doors, business owners are urged to keep a close eye on cash flow. And for good reason — even companies with booming sales can get into serious trouble if they lack the liquidity to compensate employees and pay their bills. Here are...
SECURE 2.0: Which provisions went into effect in 2024?
The Setting Every Community Up for Retirement Enhancement (SECURE) 2.0 Act was signed into law in December 2022, bringing more than 90 changes to retirement plan and tax laws. Many of its provisions are little known and were written to roll out over several years...
DunlapSLK Volunteers at Feed My Starving Children MobilePack
DunlapSLK team members volunteered to hand pack meals at Feed My Starving Children (FMSC) MobilePack event. On May 20 thirty-six of our team members joined teams of other local volunteers to hand-pack meals at the Feed My Starving Children (FMSC) MobilePack event,...
Timelines: 3 ways business owners should look at succession planning
Business owners are rightly urged to develop succession plans so their companies will pass on to the next generation, or another iteration of ownership, in a manner that best ensures continued success. Ideally, the succession plan you develop for your company will...
An overview for employers of the FTC’s new ban on noncompetes
As technology has rapidly evolved, and the value of intellectual property has skyrocketed, so has employers’ use of noncompete agreements. Many different types of organizations have deployed these agreements to prevent employees from taking valuable information and...
Federal regulators expand overtime pay requirements, ban most noncompete agreements
UPDATE: As of July 1, 2024, the DOL final rule is now in effect. The U.S. Department of Labor (DOL) has issued a new final rule regarding the salary threshold for determining whether employees are exempt from federal overtime pay requirements. The threshold is slated...
Business owners, your financial statements are trying to tell you something
Business owners are commonly and rightfully urged to regularly generate financial statements in compliance with Generally Accepted Accounting Principles (GAAP). One reason why is external users of financial statements, such as lenders and investors, place greater...
President Biden’s proposed budget highlights his tax agenda
President Biden has released his proposed budget for the 2025 fiscal year, including numerous tax provisions affecting both businesses and individual taxpayers. While most of these provisions have little chance of coming to fruition while the U.S. House of...
Applying for a commercial loan with confidence
Few and far between are businesses that can either launch or grow without an infusion of outside capital. In some cases, that capital comes in the form of a commercial loan from a bank or some other type of lender. If you and your company’s leadership team believe a...
If you didn’t contribute to an IRA last year, there’s still time
If you’re gathering documents to file your 2023 tax return and you’re concerned that your tax bill may be higher than you’d like, there might still be an opportunity to lower it. If you qualify, you can make a deductible contribution to a traditional IRA right up...
Independent contractor vs. employee status: The DOL issues new final rule
The U.S. Department of Labor’s (DOL’s) test for determining whether a worker should be classified as an independent contractor or an employee for purposes of the federal Fair Labor Standards Act (FLSA) has been revised several times over the past decade. Now, the DOL...
Update on IRS efforts to combat questionable Employee Retention Credit (ERC) claims
The Employee Retention Credit (ERC) was introduced back when COVID-19 temporarily closed many businesses. The credit provided cash that helped enable struggling businesses to retain employees. Even though the ERC expired for most employers at the end of the third...
The standard business mileage rate goes up slightly in 2024
The optional standard mileage rate used to calculate the deductible cost of operating an automobile for business went up by 1.5 cents per mile in 2024. The IRS announced that the cents-per-mile rate for the business use of a car, van, pickup or panel truck will be 67...
Businesses: Do you have to comply with the new corporate transparency reporting rules?
Your business may have to meet new reporting requirements that took effect on January 1, 2024. Under the Corporate Transparency Act (CTA), enacted in 2021, certain companies will be required to provide information related to their “beneficial owners” — the individuals...
Strategies to cut your company’s 2023 tax bill
On the tax front, 2023 (as of now) has not seen any major legislation. This means fewer tax changes in 2023 than in years past. As always, there is a potential for that to change before the end of the year. As another year ends with interest rates and markets in flux,...
IRS suspends processing of ERC claims
In the face of a flood of illegitimate claims for the Employee Retention Tax Credit (ERC), the IRS has imposed an immediate moratorium through at least the end of 2023 on processing new claims for the credit. The reason the IRS cites for the move is the risk of honest...
What’s in the Fiscal Responsibility Act?
President Biden has signed into law the new debt ceiling agreement that he reached with U.S. House of Representatives Speaker Kevin McCarthy (R-CA). The Fiscal Responsibility Act (FRA) suspends — as opposed to raising — the debt ceiling until 2025, after the next...
President Biden’s proposed budget includes notable tax provisions
President Biden has released his proposed budget for the federal government for the 2024 fiscal year. The budget, which aims to cut the deficit by nearly $3 trillion over 10 years, includes numerous provisions that would affect the tax bills of both individuals and...
U.S. Supreme Court rules against the IRS on critical FBAR issue
The U.S. Supreme Court recently weighed in on an issue regarding a provision of the Bank Secrecy Act (BSA) that has split two federal courts of appeal. Its 5-4 ruling in Bittner v. U.S. is welcome news for U.S. residents who “non-willfully” violate the law’s...
Many tax limits affecting businesses have increased for 2023
An array of tax-related limits that affect businesses are indexed annually, and due to high inflation,many have increased more than usual for 2023. Here are some that may be important to you and yourbusiness. Social Security tax The amount of employees’ earnings that...
Employers should be wary of ERC claims that are too good to be true
The Employee Retention Credit (ERC) was a valuable tax credit that helped employers that kept workers on staff during the height of the COVID-19 pandemic. While the credit is no longer available, eligible employers that haven’t yet claimed it might still be able to do...
ALERT for businesses organized as a limited partnership in Pennsylvania
If you are a domestic or foreign limited partnership and recently received a postcard from the PA Department of State (DOS) indicating a need to file a Certificate of Annual Registration (CAR) and pay a fee by April 15, 2023, the PA DOS has indicated you may have...
What’s “quiet quitting” and why is everyone talking about it?
They say it came from TikTok. If you’ve heard or read the term “quiet quitting” recently, you might have wondered what it means and why everyone seems to be talking about it. Simply defined, quiet quitting is when employees show up for work but basically stop trying....
3 ways your business can uncover cost cuts
Every business wants to find them, but they sure don’t make it easy. We’re talking about cost cuts: clear and substantial ways to lower expenses, thereby strengthening cash flow and giving you a better shot at strong profitability. Obvious places to slash costs — such...
The Consolidated Appropriations Act of 2023 tackles retirement planning, conservation easements
The Consolidated Appropriations Act of 2023 includes two important new laws that could affect your financial planning: the Setting Every Community Up for Retirement Enhancement (SECURE) 2.0 Act (also known as SECURE 2.0) and the Conservation Easement Program Integrity...
2023 Tax Calendar
To help you make sure you don’t miss any important 2023 deadlines, we’ve provided this summary of when various tax-related forms, payments and other actions are due. Please review the calendar and let us know if you have any questions about the deadlines or would like...
Businesses: Act now to make the most out of bonus depreciation
The Tax Cuts and Jobs Act (TCJA) significantly boosted the potential value of bonus depreciation for taxpayers — but only for a limited duration. The amount of first-year depreciation available as a so-called bonus will begin to drop from 100% after 2022, and...
Links to Government Resources
U.S. Small Business Administration (SBA) Paycheck Protection Program Loans FAQs
U.S. Small Business Administration Three-Step Process: SBA Disaster Loans
PA Department of Labor Form UC-1921W Refusal of Suitable Work Notification
PA Employer UC & COVID-19 FAQs
PA Department of Community and Economic Development
US Department of Labor (DOL) Poster for Employers
US Department of Labor (DOL) Families First Coronavirus Response Act: Questions & Answers
PA Industry Operation Guidance
(Life-Sustaining Businesses)
Bucks Back to Work Small Business Grant
Montgomery County MontCo Strong Small Business Grant Program: Eligible small businesses in Montgomery County can apply for up to $25,000 to help with making rent or mortgage payments, meeting payroll expenses, and covering utility bills.