There are a number of tax obligations that must be met when a business closes its doors. Sadly, because of COVID-19, many businesses are facing this reality. Here are the basic requirements.
2020 Q4 tax calendar: Key deadlines for businesses and other employers
With fall arriving, it’s time for businesses to start thinking about year-end tax strategies. It’s also time to think about the fourth quarter 2020 tax filing deadlines.
Employers have questions and concerns about deferring employees’ Social Security taxes
The IRS has issued guidance to implement the deferral of the employee share of Social Security tax. But employers still have questions and concerns about whether, and how, to implement the deferral.
CARES Act made changes to excess business losses
If you hold an interest in a business, or may do so in the future, be aware that the CARES Act has made changes to excess business losses.
The President’s action to defer payroll taxes: What does it mean for your business?
You may have heard the President has taken executive action to defer the employee portion of some workers’ Social Security taxes. Here’s a look at the issue.
The possible tax consequences of PPP loans
Businesses that received PPP loans should be aware of the tax consequences. Here’s a look at the issue.
Businesses: Get ready for the new Form 1099-NEC
A tax form that used to be filed back in the 1980s is coming back for 2020. Here’s what businesses need to know.
Good records are the key to tax deductions and trouble-free IRS audits
A meticulous approach to keeping business records can protect your tax deductions and help make an audit much less painful.
Fortunate enough to get a PPP loan? Forgiven expenses aren’t deductible
If you get a PPP loan and use the proceeds on certain expenses, the loan amount will be forgiven. Can you then deduct the expenses on your tax return? The IRS answers that question in new guidance.