December 24, 2021

December 2021 Newsletter

Here are your Articles for December 24, 2021.
  Duffy Kruspodin, LLP’s News

DK Welcomes Spectrum Financial Resources

Effective November 1, 2021, we have merged in the Los Angeles CPA firm of Spectrum Financial Resources.

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2021 Annual Reminder: EDD Forms DE-34 and DE-542

If you own a business in California please be aware of these two separate reporting requirements to EDD:

  • Form DE-34: All new or rehired employees must be reported to EDD within 20 days of their start-of-work date.
  • Form DE-542: Any business that is required to file a federal Form 1099- NEC for services received from an independent contractor who is an individual or a sole proprietorship is required to report independent contractor information to the EDD within 20 days of paying/contracting for $600 or more in services in each calendar year.

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2021 Annual Reminder: 2% Shareholder Health Insurance to be Reported on Form W-2 and Sample of Form W-2

This is our annual reminder to include health insurance and long‐term care insurance amounts on W‐2’s for 2% S Corporation shareholders and their related parties. The following family members employed by the company are considered to be related parties: spouse, children and their spouses, grandchildren and their spouses and parents. The reported amount must include premiums for the employee and any dependents. Any of the shareholder’s siblings are not covered by these reporting rules. Adding the amount of the insurance to a W‐2 does not increase tax liability to the company, shareholder or the related parties. On the contrary, this is the only way to correctly receive an income tax deduction for the insurance. Attached please find additional information on this subject.

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2021 Annual Reminder: Deadline for Filing 2021 Forms W-2 and 1099-NEC

In an effort to reduce fraud and identity theft, a provision in the Protecting Americans from Tax Hikes (PATH) Act of 2015 has changed the filing deadlines for employer copies of Forms W-2 and 1099-NEC (changed from 1099-MISC for 2020 filing).

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Most retirees must take required minimum distributions by Dec. 31

The Internal Revenue Service today reminded retirement plan participants and individual retirement account owners that payments, called required minimum distributions, must usually be taken by Dec. 31.

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IRS Issues Standard Mileage Rates for 2022

The Internal Revenue Service today issued the 2022 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes.

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  Timely Opportunities
8 New Year’s Resolutions for Small Business OwnersAt year end, entrepreneurs plan for the coming year. Before diving headfirst into 2022, you should leverage accomplishments and correct any mistakes from 2021. Then you must set goals and brainstorm ways to improve performance in the future. Here are eight items to consider adding to your to-do list this January. Use these ideas to make a list that suits your needs — and stick to it!
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  Family Business
Value Your Business Internally and ExternallyShould I stay or should I go? At some point in time, every family business owner must confront this difficult decision. When deciding whether to keep the company, sell it or pass it on to a family member, a professional business valuation is critical. This article explains the difference between internal (investment) value and external (fair market) value.
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  Retirement Plans
Stay on Top of Retirement Tax AnglesUnless you and your employees understand taxes and take certain steps, a large portion of your retirement savings could be taken in federal and state taxes. So it makes sense to plan out tax-saving strategies ahead of retirement. Keep reading for illustrations of how tax-free, tax-deferred and taxable accounts can affect your end results.
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Sailing the Seas of Business on a Healthy Cash Flow
A healthy cash flow should be the goal of every business. It will let your company sail smoothly on calm waters and in turbulent weather. Point your compass toward the sales cycle and disbursements cycle to help stay on course.

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