Bott & Associates, Ltd.

Small and midsize employers, and certain governmental employers, can claim refundable tax credits that reimburse them for the cost of providing paid sick and family leave to their employees due to COVID-19, including leave taken by employees to receive or…

The Internal Revenue Service has released the tax year 2023 annual inflation adjustments for dozens of tax provisions, including the tax rate schedules and other tax changes. Here are some of the key changes.  Standard deduction  The standard deduction for…

Umbrella insurance is a type of personal liability insurance that applies to a broader range of situations than conventional business insurance. It’s for those who may find themselves liable for a claim larger than what their homeowners or auto insurance…

The IRS has announced that the amount individuals can contribute to their 401(k) plans in 2023 has increased to $22,500, up from $20,500 for 2022. This also applies to 403(b), most 457 plans, and the federal government’s Thrift Savings Plan. …

According to the Small Business Administration, the Restaurant Revitalization Fund will provide restaurants with funding equal to their pandemic-related revenue loss of up to $10 million per business and no more than $5 million per physical location. A lawyer, like…

No one likes to think about his or her own funeral, but it’s something everyone will need. You can let your family and friends concentrate on mourning by making your own arrangements and last wishes known ahead of time. Advance…

“What is your exit plan?” Business owners should start asking themselves this question on the day they open their doors. But they don’t. There are many reasons for this, beginning with the hope that the business will never fail. Even…

IRS Notice 2020-65 allowed employers to defer withholding and payment of the employee’s Social Security taxes. This deferral applied to those with less than $4,000 in wages every two weeks, or an equivalent amount for other pay periods. It was…