The latest financial scam involves fraudulent Form 1099-G, which government agencies use to report unemployment compensation. The IRS issued the following notice: The IRS is urging taxpayers who receive Forms 1099-G for unemployment benefits they did not actually get because of identity theft to contact their appropriate state agency for a corrected form. States issue Forms […]
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This has been a difficult year for everyone, and the last thing anyone wants to think about is owing an unexpected tax penalty. Unfortunately, self-employed individuals and small-business owners who are required to pay estimated taxes may find themselves in that position if they did not pay their estimated tax for 2020. The IRS requires […]
Read More… from Will You Be Subject to a Penalty for Not Filing Your 2020 Estimated Taxes?
With the new legislation from the Consolidated Appropriations Act, there could be an opportunity from some business to to receive additional relief through the Employee Retention Credit. Notable changes specific to the Employee Retention Credit include: Extension of the Employee Retention Credit through June 30,2021 Increased credit rate from 50% to 70% of qualified wages […]
Read More… from Employee Retention Credit (ERC) and Paycheck Protection Program (PPP) loans
The U.S. Senate and House of Representatives passed a $900 billion COVID-19 relief bill last night that includes some major tax provisions, including pandemic-related relief, extensions of expired provisions, and a large number of miscellaneous items. Key provisions in the bill include: $325 billion in aid for small businesses struggling after nine months of pandemic-induced […]
Read More… from Consolidated Appropriations Act, 2021 (COVID-19 Relief Bill)
As COVID-19 vaccines become available, employers may require vaccines before employees return to the worksite if the employer believes that failure to be vaccinated constitutes a direct threat to other employees. Employees wonder whether they’ll be required to get a COVID-19 vaccination if they want to keep their jobs. Basically, employers can set working conditions, […]
Year-end planning for 2020 takes place during the COVID-19 pandemic, which in addition to its devastating health and mortality impact has widely affected personal and business finances. New tax rules have been enacted to help mitigate the financial impact of the disease, some of which should be considered as part of this years’ planning, most […]
Read More… from 2020 Year End Tax Planning for Individuals, Businesses & Business Owners
What will 2021 bring us? After a year of turmoil and surprises, no one has a clear crystal ball. But there are some certainties, and one is that the federal government is changing a variety of number affecting the finances of businesses and individuals. First, any individual or business that received government funds this year […]
Read More… from By the Numbers: The Key Adjustments for 2021
Many businesses are facing the financial effects of the Covid-19 pandemic. The loss of clients and decreased cash flow have forced businesses to make some hard choices that involve restructuring debt either in- or outside of bankruptcy or simply closing the doors. Key Considerations The first task for company leaders is leaving their emotions aside […]
Do you have foreign assets? Each United States person—citizen, resident, corporation, partnership, limited liability company, trust and estate—must file a Report of Foreign Bank and Financial Accounts (FBAR) to report a financial interest in or signature or other authority over at least one financial account located outside the United States if the aggregate value of […]
From a tax perspective, the distinction between hobbies and businesses is important because businesses can deduct losses, but hobbies cannot. The Tax Cuts and Jobs Act kept the itemized deductions for allowable mortgage interest and property taxes. However, by eliminating virtually all miscellaneous itemized deductions for tax years 2018-2025, the 2017 TCJA made it advantageous […]