April 20, 2020 / by Sherie Johnson / Deadlines, Newsletter, Small Business, Tax, Uncategorized
In the midst of the coronavirus (COVID-19) pandemic, Americans are focusing on their health and financial well-being. To help with the impact facing many people, the government has provided a range of relief. Here are some new announcements made by the IRS. More deadlines extended As you probably know, the IRS postponed the due dates […]
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Employers have questions and concerns about deferring employees’ Social Security taxes
September 9, 2020 / by Sherie Johnson / Deadlines, Newsletter, Small Business, Tax, Uncategorized / 0 comments
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. The three-page guidance in Notice 2020-65 was issued to implement President Trump’s executive memorandum signed on August 8. Private employers still have questions and concerns about whether, and […]
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Hiring independent contractors? Make sure they’re properly classified
April 30, 2020 / by Sherie Johnson / Uncategorized
As a result of the coronavirus (COVID-19) crisis, your business may be using independent contractors to keep costs low. But you should be careful that these workers are properly classified for federal tax purposes. If the IRS reclassifies them as employees, it can be an expensive mistake. The question of whether a worker is an […]
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PPP Forgiveness- Overview and FAQs
April 24, 2020 / by Jennifer Williamson / Uncategorized
PPP Loan Forgiveness is not automatic. Keep reading to be sure you know what is required. Key Points: There are specific criteria that must be met for the PPP loan to be forgiven. The CARES Act is currently full of confusion, inconsistency and gray areas regarding forgiveness. You will need to request forgiveness from your lender. […]
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Answers to questions you may have about Economic Impact Payments
April 21, 2020 / by Sherie Johnson / Deadlines, Newsletter, Small Business, Tax, Uncategorized
Millions of eligible Americans have already received their Economic Impact Payments (EIPs) via direct deposit or paper checks, according to the IRS. Others are still waiting. The payments are part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act. Here are some answers to questions you may have about EIPs. Who’s eligible to get […]
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April 20, 2020 / by Sherie Johnson / Deadlines, Newsletter, Small Business, Tax, Uncategorized
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COVID-19: IRS announces more relief and details
April 20, 2020 / by Sherie Johnson / Deadlines, Newsletter, Small Business, Tax, Uncategorized
In the midst of the coronavirus (COVID-19) pandemic, Americans are focusing on their health and financial well-being. To help with the impact facing many people, the government has provided a range of relief. Here are some new announcements made by the IRS. More deadlines extended As you probably know, the IRS postponed the due dates […]
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Covid-19 Shutdown – Do I Layoff Now or Wait?
March 20, 2020 / by Brett Hess / Uncategorized
I would like to provide some advice to business owners who are struggling with the difficult decision to layoff and let employees collect unemployment, or keep paying them as long as you can. My advice is to think long term. What is best for the employees and the company in the long term. The best […]
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Do you run your business from home? You might be eligible for home office deductions
February 27, 2020 / by Sherie Johnson / Uncategorized
If you’re self-employed and work out of an office in your home, you may be entitled to home office deductions. However, you must satisfy strict rules. If you qualify, you can deduct the “direct expenses” of the home office. This includes the costs of painting or repairing the home office and depreciation deductions for furniture […]
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The tax aspects of selling mutual fund shares
February 11, 2020 / by Sherie Johnson / Uncategorized
Perhaps you’re an investor in mutual funds or you’re interested in putting some money into them. You’re not alone. The Investment Company Institute estimates that 56.2 million households owned mutual funds in mid-2017. But despite their popularity, the tax rules involved in selling mutual fund shares can be complex. Tax basics If you sell appreciated […]
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Numerous tax limits affecting businesses have increased for 2020
January 30, 2020 / by Brett Hess / Deadlines, Newsletter, Small Business, Tax, Uncategorized
An array of tax-related limits that affect businesses are annually indexed for inflation, and many have increased for 2020. Here are some that may be important to you and your business. Social Security tax The amount of employees’ earnings that are subject to Social Security tax is capped for 2020 at $137,700 (up from $132,900 […]
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