There’s a new IRS form for business taxpayers that pay or receive certain types of nonemployee compensation and it must be furnished to most recipients by February 1, 2021.
Business Tax
The IRS announced it is opening the 2020 individual income tax return filing season on February 12. (This is later than in past years because of a new law
Individual Tax
The Small Business Administration (SBA) announced that the Paycheck Protection Program (PPP) reopened the week of January 11. If you’re fortunate to get a PPP loan to help during
Business Tax, COVID-19
The Consolidated Appropriations Act (CAA) includes a wide variety of provisions that address the ongoing economic hardships caused by the COVID-19 pandemic. There are so many provisions, in fact,
COVID-19, Employee Benefits
Attending college is one of the biggest investments that parents and students ever make. If you or your child (or grandchild) attends (or plans to attend) an institution of
COVID-19, Individual Tax
COVID-19 has shut down many businesses, causing widespread furloughs and layoffs. Fortunately, employers that keep workers on their payrolls are eligible for a refundable Employee Retention Tax Credit (ERTC),
Business Tax, COVID-19
The new COVID-19 relief law that was signed on December 27, 2020, contains a multitude of provisions that may affect you. Here are some of the highlights of the
COVID-19, Individual Tax
The COVID-19 relief bill, signed into law on December 27, 2020, provides a further response from the federal government to the pandemic. It also contains numerous tax breaks for
Business Tax, COVID-19
The Coronavirus Aid, Relief and Economic Security (CARES) Act made changes to excess business losses. This includes some changes that are retroactive and there may be opportunities for some
Business Tax, COVID-19
While you probably don’t have any problems paying your tax bills, you may wonder: What happens in the event you (or someone you know) can’t pay taxes on time?
Individual Tax
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
Business Tax, COVID-19
The IRS recently announced 2021 indexing adjustments for some critical percentages under the Affordable Care Act (ACA). This makes now a good time to review whether your organization is
COVID-19, Employee Benefits
In the COVID-19 era, many parents are hiring nannies and babysitters because their daycare centers and summer camps have closed. This may result in federal “nanny tax” obligations.
Keep
COVID-19, Individual Tax
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
Business Tax, COVID-19
Does your employer provide you with group term life insurance? If so, and if the coverage is higher than $50,000, this employee benefit may create undesirable income tax consequences
Individual Tax
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
Business Tax
In response to the COVID-19 crisis, the IRS recently issued Notice 2020-52. It offers sponsors of safe harbor 401(k) plans with temporary relief from certain requirements applicable to midyear
COVID-19, Retirement Plans
COVID-19 is changing the landscape for many schools this fall. But many children and young adults are going back, even if it’s just for online learning, and some parents
Individual Tax