Tax Responsibilities if Your Business Closed Amid the Pandemic
Unfortunately, the COVID-19 pandemic has forced many businesses to shut down. If your business closed, we’re here to assist you in any way we can, including taking care of the […]
Category: Tax
Payroll Tax Deferral: Updated Guidance
The IRS recently posted guidance on how to report the deferral of withholding, depositing, and paying of certain payroll tax obligations, as authorized by the Aug. 8, 2020, presidential memorandum […]
New Business? It’s a Good Time to Start a Retirement Plan
If you recently launched a business, you may want to set up a tax-favored retirement plan for yourself and your employees. There are several types of qualified plans that are […]
The 2021 “Social Security Wage Base” is Increasing
If your small business is planning for payroll next year, be aware that the “Social Security wage base” is increasing. The Social Security Administration recently announced that the maximum earnings […]
New from the IRS: Form 1099-NEC
The IRS has officially unveiled the new 1099-NEC form. Beginning with tax year 2020, filers must use Form 1099-NEC to report any non-employee compensation. This form replaces form 1099-MISC Box […]
Business Website Costs: How to Handle Them for Tax Purposes
The business use of websites is widespread. But surprisingly, the IRS hasn’t yet issued formal guidance on when Internet website costs can be deducted. Fortunately, established rules that generally apply […]
IRS to Mail a Special Letter to Estimated 9 Million Non-Filers, Urging Them to Claim Economic Impact Payment by Oct. 15
The Internal Revenue Service plans to mail out letters to roughly 9 million Americans who typically don’t file federal income tax returns who may be eligible for, but have not […]
Employers Have Questions About Deferring Employees’ Social Security Taxes
The IRS has provided guidance to employers regarding the recent presidential action to allow employers to defer the withholding, deposit and payment of certain payroll tax obligations, social security taxes. […]
Guidance issued for deferring certain employee Social Security tax withholding
The Department of Treasury and Internal Revenue Service have issued guidance implementing the Presidential Memorandum issued on Aug. 8, 2020. This allows employers to defer withholding and payment of the […]
CARES Act made changes to excess business losses
As a follow up to an article we posted earlier in the spring, the CARES Act made changes to excess business losses. This includes some changes that are retroactive and […]
Executive Order to Defer Employee’s Portion of Social Security Taxes
On August 8, President Trump signed four executive actions, including a Presidential Memorandum to defer the employee’s portion of Social Security taxes for some people. These actions were taken in an […]
The possible tax consequences of a PPP loan
If your business was fortunate enough to get a Paycheck Protection Program (PPP) loan taken out in connection with the COVID-19 crisis, you should be aware of the potential tax […]
