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.
What do the 2021 cost-of-living adjustment numbers mean for you?
The IRS has announced its 2021 cost-of-living adjustments to tax amounts that might affect you. Many increased to account for inflation, but some remained at 2020 levels. As you implement 2020 year-end tax planning strategies, be sure to take these 2021 adjustments into account in your planning. Also,…more
Year-end tax planning strategies must take business turbulence into account
As 2020 winds down, it’s time for businesses to take stock of their tax situations and implement year-end tax planning strategies.
Unusual year steers year-end tax strategies
Interested in reducing your 2020 tax liability? There’s still time to take these year-end tax planning steps.
There may be relief from tax liability for “innocent spouses”
In some cases, a married couple files a joint tax return and one spouse doesn’t disclose all of his or her income. The IRS goes after the other spouse for payment. But there may be “innocent spouse” relief.
Compare and contrast: How do the Republican and Democratic tax plans differ?
Even though taxes may not be the hottest topic of the upcoming presidential election, it’s worth your while to learn about each candidate’s tax proposals.
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.
Tax implications of working from home and collecting unemployment
Have you lost your job and collecting unemployment? Or are you fortunate to be working from home because of the pandemic? Both of these situations could have tax implications.
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.