Unfortunately, many businesses have already been forced to close their doors due to the economic fallout from COVID-19, and more will surely follow. Closing a business has important federal income tax implications that owners should understand. Here’s what owners of sole proprietorships and single-member (one-owner) limited liability companies (SMLLCs) need to know. Tax Treatment Depends… Continue reading

While the $7.25 federal minimum wage has been in place since 2009, most states and many municipalities and counties have upped their minimums since then. Of those, 25 have scheduled increases in 2021—most of which take effect on January 1. Meanwhile, longstanding efforts in Congress to raise the federal minimum, thus far unsuccessful, are expected… Continue reading