An Update on the 2020 Tax Season
(UPDATE: The IRS just announced that the tax deadline will be delayed until May 15th. More on this to come.) The passage of the American Rescue Plan Act of…
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What Business Owners Need to Know About 1099’s
An important aspect of tax compliance for business owners is the requirement to file a 1099 for certain payments made during the normal course of business. If you are a business owner,…
Be on the Lookout for the Latest Round of Economic Impact “Stimulus” Payments
Thanks to legislation signed into law late in 2020, the latest round of Economic Impact Payments (EIP) (also known as “stimulus payments”) started going out on December 29, with an…
Cut Your Tax Bill When You Convert Personal Expenses to Deductible Business Expenses
Owning your own business can provide opportunities to reduce taxes that you might not necessarily have as an employee, and the best place to start is to convert personal expenses…
Executive Action for Payroll Tax Deferral is Not a Payroll Tax Cut
On August 8, 2020, President Trump signed an Executive Memorandum that entitled employers to defer the withholding, deposit, and payment of employees’ portion of Social Security tax for beginning on…
The IRS’s Backlog of Unopened Mail
Did you mail a check, tax return, or letter to the IRS sometime during the COVID-19 pandemic? If you did, it may be sitting in a pile of unopened mail…