Tax Archives - Page 23 of 30 - HW&Co. CPAs and Advisors

Businesses: Get ready for the new Form 1099-NEC

By: David M. Reape

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

By: David M. Reape

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

By: David M. Reape

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

By: Cheryl Lanese

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

By: Ed Decker

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 […]

Business meal deductions: The current rules amid proposed changes

By: Ed Decker

Restaurants and entertainment venues have been hard hit by the novel coronavirus (COVID-19) pandemic. One of the tax breaks that President Trump has proposed to help them is an increase […]

IRS releases 2021 amounts for Health Savings Accounts

By: Karen Baksa CPA

The IRS recently released the 2021 inflation-adjusted amounts for Health Savings Accounts (HSAs). HSA basics An HSA is a trust created or organized exclusively for the purpose of paying the […]

Fortunate enough to get a PPP loan? Forgiven expenses aren’t deductible

By: David M. Reape

The IRS has issued guidance clarifying that certain deductions aren’t allowed if a business has received a Paycheck Protection Program (PPP) loan. Specifically, an expense isn’t deductible if both: The […]

State of Ohio extends due date for payment of real property taxes and assessments

During the COVID-19 pandemic, real property owners have had concerns on due dates for the payment of real property taxes and assessments for the second half of Tax Year 2019. […]

SBA issues new FAQs dealing with Safe Harbor Deadline

One of the most frequently discussed aspects of the Paycheck Protection Program (PPP) loans has been the economic necessity certification. The date for borrowers that may lack adequate certification and […]

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