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 […]
Post Author: David Reape CPA
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 […]
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 […]
Ohio Excludes Forgiven PPP Loan Proceeds from CAT Taxation
The State of Ohio has joined other states in excluding forgiven Paycheck Protection Program (PPP) Loans from taxation. The Coronavirus Aid, Relief, and Economic Security (CARES) Act, passed by Congress, […]
