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02 Sep 20

SEPTEMBER 2020 BUSINESS DUE DATES

September 15 – S Corporations File a 2019 calendar year income tax return (Form 1120-S) and pay any tax due. This due date applies only if you requested an automatic 6-month extension. Provide each shareholder with a copy of K-1 (Form 1120-S) or a substitute Schedule K-1. September 15 –…

02 Sep 20

INDIVIDUALS HAVE A NEW OPPORTUNITY TO RECEIVE $500 ECONOMIC IMPACT PAYMENTS FOR THEIR CHILDREN

Article Highlights: $500 Per Child Stimulus Payment Non-Filer Tool Those Who Have Already Used the Non-Filer Tool Those Who Haven’t Used Non-Filer Tool How Payment Will be Made Get My Payment Tool Non-Filers The Internal Revenue Service has announced it will reopen the registration period for federal beneficiaries with children…

02 Sep 20

HOW STATES ARE RESHAPING NEXUS LAWS FOR REMOTE EMPLOYEES DUE TO COVID-19

Ever since the coronavirus pandemic began impacting the United States, businesses around the country have responded by instituting work-from-home policies. While it is unclear how much longer the nation will be in the grips of the crisis, social distancing is likely to remain in place for many organizations. Some of…

02 Sep 20

WEALTH TRANSITION AND SUCCESSION PLANNING: BEST PRACTICES FOR BUSINESSES DURING COVID-19

Regardless of the type of business you’re running, it’s safe to say that you’ve likely already been impacted by the ongoing COVID-19 pandemic that is making its way across the globe. With no complete end to the situation in sight, many have begun to try to settle into whatever this…

02 Sep 20

WHAT ARE THE TAX PLANS OF THE MAJOR PARTIES’ PRESIDENTIAL CANDIDATES?

Article Highlights: Tax Issues Current Law Trump Proposals Biden Proposals As the November elections approach, you might want to know what the two front-running presidential candidates’ tax plans for the future are. The following is an overview of their positions, at least what is known now. However, the political and…

02 Sep 20

MISSING OUT ON THE EARNED INCOME TAX CREDIT?

Article Highlights: Earned Income Tax Credit Refundable Tax Credit Qualifications Special Rule for Military The EITC is for people who work but have lower incomes. If you qualify, it could be worth up to $6,660 in 2020, up from $6,557 in 2019, so you could pay less federal tax or…

02 Sep 20

WHAT PRESIDENT TRUMP’S EXECUTIVE ORDER MEANS FOR YOU

We are still waiting for the dust to settle on what President Trump’s executive orders mean for taxpayers and business owners. There is a lot of talk about legal challenges and how Congress may react. But here is a summary of what we know now. Temporary Payroll Tax Relief – The…

22 Aug 20

DON’T IGNORE HOUSEHOLD EMPLOYEE PAYROLL TAX RULES

Article Highlights: Household Employees Tax Avoidance Filing 1099s Correct Procedures W-2s, Payroll Taxes and Reporting Overtime Hourly Pay Or Salary Separate Payrolls If you hire a domestic worker to provide services in or around your home, you probably have a tax liability that you don’t know about – or one…

22 Aug 20

IRS CANCELS STIMULUS CHECKS ISSUED TO DECEDENTS

Article Highlights: Stimulus Payments to Deceased Individuals Stop Payments Being Made on Checks Already Issued IRS Authority to Deny Stimulus Payments to Deceased Individuals History of Stimulus Payments IRS Q&A Dealing with Deceased Individuals and the Return of the Payments According to the recently updated IRS FAQ page, the Treasury…

06 Aug 20

Tax Deductions for Charity Volunteers

Tax Deductions for Charity Volunteers: What You Need to Know If you volunteered for a charity or governmental organization, especially during the COVID-19 pandemic, you may qualify for some tax deductions. While the IRS doesn’t allow you to deduct the value of the time you donate, certain expenses you incur…

SEPTEMBER 2020 BUSINESS DUE DATES

INDIVIDUALS HAVE A NEW OPPORTUNITY TO RECEIVE $500 ECONOMIC IMPACT PAYMENTS FOR THEIR CHILDREN

HOW STATES ARE RESHAPING NEXUS LAWS FOR REMOTE EMPLOYEES DUE TO COVID-19

WEALTH TRANSITION AND SUCCESSION PLANNING: BEST PRACTICES FOR BUSINESSES DURING COVID-19

WHAT ARE THE TAX PLANS OF THE MAJOR PARTIES’ PRESIDENTIAL CANDIDATES?

MISSING OUT ON THE EARNED INCOME TAX CREDIT?

WHAT PRESIDENT TRUMP’S EXECUTIVE ORDER MEANS FOR YOU

DON’T IGNORE HOUSEHOLD EMPLOYEE PAYROLL TAX RULES

IRS CANCELS STIMULUS CHECKS ISSUED TO DECEDENTS

Tax Deductions for Charity Volunteers

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