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Deducting the Costs of a Spouse on a Business Trip

Jun 18, 2018, 7:45 AM

The rules for deducting a spouse's travel costs are very restrictive. To qualify, your spouse must be your employee. Therefore, you cannot deduct the travel costs of a spouse, even if his or her presence has a bona fide business purpose, unless the spouse is an actual employee of your business. This requirement prevents deductibility in most cases.
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Renting a Home to a Relative

Jun 15, 2018, 10:00 AM

If you rent a home to a relative who (1) uses it as his or her principal residence (that is, not just as a second or vacation home) for the year, and (2) it is rented at fair rental rate (not at a discount), then no limitations apply. You can deduct all the normal rental expenses, even if they result in a rental loss for the year. If you have a loss, however, it is a "passive" loss, which may be subject to a different set of limitations.
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Casey Peterson, Ltd. wins Top Wealth Advisory Firm award.

Jun 5, 2018, 4:00 PM

Rapid City, SD, May 23, 2018 – Local CPA firm, Casey Peterson, Ltd. has been awarded the 2017 Top Wealth Advisory Firm from HK Financial Services (HKFS). Casey Peterson, Ltd. earned this award by helping clients with wealth management planning. Casey Peterson, Ltd. works closely with HKFS to provide independent and objective financial services to their clients. Congratulations, Casey Peterson, Ltd.
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Is your worker an independent contractor or employee?

May 29, 2018, 2:45 PM

The question of whether a worker is an independent contractor or employee for federal income and employment tax purposes is a complex one. It is intensely factual, and the stakes can be very high. If a worker is an employee, the company must withhold federal income and payroll taxes, pay the employer's share of FICA taxes on the wages plus FUTA tax, and often provide the worker with fringe benefits it makes available to other employees. There may be state tax obligations as well. These obligations do not apply for a worker who is an independent contractor. The business sends the independent contractor a Form 1099-MISC for the year showing the amount paid to the contractor (if the amount is $600 or more), and that is it. Who is an “employee?” There is no uniform definition of the term.
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IRS's Voluntary Classification Settlement Program for Misclassified Workers.

May 21, 2018, 10:45 AM

The IRS offers an employment tax settlement program called the Voluntary Classification Settlement Program (VCSP). This program allows employers to reclassify as employees those workers they have erroneously treated as independent contractors. The program has generous payment terms, and participants get relief from employment tax audits for previous years. Here are the details.
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Work Opportunity Credit

May 14, 2018, 12:45 PM

Employers can qualify for a tax credit known as the work opportunity tax credit that is worth as much as $2,400 for each eligible employee ($4,800, $5,600 and $9,600 for certain veterans and $9,000 for "long-term family assistance recipients"). The credit is generally limited to eligible employees who began work for the employer before Jan. 1, 2020. The credit, calculated as described below, is available on an elective basis for employers hiring individuals from one or more of nine targeted groups.
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Now Hiring Accounting Services and Tax Associate (Gillette, WY)

May 10, 2018, 1:30 PM

Casey Peterson, Ltd. is seeking an Accounting Services and Tax Associate to join their Gillette, WY team.
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Commuting Expenses to Temporary Job Locations.

May 9, 2018, 7:45 AM

Did you know that you can deduct "commuting" expenses between your home and temporary job locations? Daily transportation costs between your home and a regular work location are nondeductible commuting expenses. However, you may be able to deduct costs of going to and from your home and a temporary (not regular) job location.
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Now Hiring Senior Tax Associate (Rapid City, SD)

Apr 5, 2018, 11:30 AM

Casey Peterson, Ltd. is seeking a Senior Tax Associate to join their Rapid City, SD team.
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Now Hiring Accounting Services Associate (Rapid City, SD)

Apr 5, 2018, 11:00 AM

Casey Peterson, Ltd. is seeking an Accounting Services Associate to join their Rapid City, SD team.
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