Where’s my tax refund?
With the July 15 tax deadline now past, the Internal Revenue Service reminds all taxpayers that there is no secret way to find out when your tax refund will be […]
Category: Tax
Why do partners sometimes report more income on tax returns than they receive in cash?
If you’re a partner in a business, you may have come across a situation that gave you pause. In a given year, you may be taxed on more partnership income […]
How taxpayers can troubleshoot common after-tax-day issues
While the deadline to file and pay federal income taxes has passed for most people, there are some taxpayers still facing tax-related issues. Here are some tips for taxpayers handling […]
Ohio Sales Tax Holiday
The state of Ohio’s sales tax holiday will be from 12:00am Friday, August 7, 2020 to Sunday August 9, 2020 11:59pm. During the holiday, the following items are exempt from […]
Even if no money changes hands, bartering is a taxable transaction
During the COVID-19 pandemic, many small businesses are strapped for cash. They may find it beneficial to barter for goods and services instead of paying cash for them. If your […]
Businesses: Get ready for the new Form 1099-NEC
There’s a new IRS form for business taxpayers that pay or receive nonemployee compensation. Beginning with tax year 2020, payers must complete Form 1099-NEC, Nonemployee Compensation, to report any payment […]
Steer clear of the Trust Fund Recovery Penalty
If you own or manage a business with employees, you may be at risk for a severe tax penalty. It’s called the “Trust Fund Recovery Penalty” because it applies to […]
Haven’t filed your 2019 business tax return yet? There may be ways to chip away at your bill
The extended federal income tax deadline is coming up fast. As you know, the IRS postponed until July 15 the payment and filing deadlines that otherwise would have fallen on […]
Congress has waived the Required Minimum Distribution requirements for 2020
As part of the CARES Act, Congress waived the Required Minimum Distribution (RDM) requirements for 2020. Under existing law, taxpayers have 60 days from the date of distribution to roll […]
Launching a business? How to treat start-up expenses on your tax return
While the COVID-19 crisis has devastated many existing businesses, the pandemic has also created opportunities for entrepreneurs to launch new businesses. For example, some businesses are being launched online to […]
Good records are the key to tax deductions and trouble-free IRS audits
If you operate a small business, or you’re starting a new one, you probably know you need to keep records of your income and expenses. In particular, you should carefully […]
Rioting damage at your business? You may be able to claim casualty loss deductions
The recent riots around the country have resulted in many storefronts, office buildings and business properties being destroyed. In the case of stores or other businesses with inventory, some of […]
