2021 Q1 Tax-Related Deadlines
Here are some of the key tax-related deadlines affecting businesses and other employers during the first quarter of 2021. Keep in mind that this list isn’t all-inclusive, so there may […]
Post Author: David Reape CPA
Congress Passes $900 Billion COVID Relief Bill
The U.S. Senate and House of Representatives passed a $900 billion COVID-19 relief bill 12/21, that provides $600 stimulus payments to individuals, adds $300 to extended weekly unemployment benefits, and provides […]
Is My Charitable Donation Tax Deductible?
The holiday season is when many people think about how they can give back, often wanting to donate to a charity. The IRS has a tool that can help figure […]
PPP Loan Expenses: What’s Deductible?
The simple answer is, we’re not sure yet. This week, the IRS issued Revenue Ruling 2020-27 which provides additional guidance on the non-deductibility of expenses paid with PPP loan proceeds […]
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 […]
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 […]
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 […]
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. […]
IRS takes steps to ensure people with qualifying children receive $500 Economic Impact Payments
The IRS announced it will reopen the registration period for federal beneficiaries who didn’t receive $500 per child Economic Impact Payments earlier this year. The IRS urges certain federal benefit […]
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 […]
File cash transaction reports for your business – on paper or electronically
Does your business receive large amounts of cash or cash equivalents? You may be required to submit forms to the IRS to report these transactions. Filing requirements Each person engaged […]
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 […]
