Tax News

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…

05 Aug 20

YOU SHOULD BE KEEPING HOME IMPROVEMENT RECORDS

Article Highlights: Keeping home improvement records Home gain exclusion amounts Records may be required to avoid tax Individuals who meet the 2-out-of-5-year use and ownership tests can exclude up to $250,000 ($500,000 if both filer and spouse qualify) of gain from the sale of their home, and generally don’t need…

05 Aug 20

How to Enter Check Records in QuickBooks Online

Managing business expenses efficiently is critical, and tracking check payments is an essential part of the process. QuickBooks Online makes it easy to record check transactions and keep your books organized. If you’re new to QuickBooks or just need a refresher, this guide will walk you through how to enter…

04 Aug 20

BIG TAX BREAKS FOR HIRING YOUR CHILDREN IN THE FAMILY BUSINESS

Article Highlights: Child Under the Age of 19 or a Student Under the Age of 24 Kiddie Tax Tax on a Child’s Earned Income Deduction for the Business Employment Taxes IRAs and Retirement Plans With jobs at a premium during the COVID-19 pandemic, you might consider hiring your children to…

04 Aug 20

VIDEO: IRS EXTENDED THE DEADLINE TO RETURN YOUR 2020 RMD

You have until 8/31/2020 to take advantage of the suspension of Required Minimum Distributions (RMDs) from retirement accounts. Learn more in this video.

03 Aug 20

LOAN APPLICATION PERIOD FOR THE PAYCHECK PROTECTION PROGRAM EXTENDED

Article Highlights: Loan Application Period Extended Paycheck Protection Program Qualifying Expenses Loan Forgiveness If you missed the opportunity to apply for a Paycheck Protection Program (PPP) loan before the program expired at the end of June, Congress extended the application period for a PPP loan through August 8, 2020. Although…

17 Jul 20

GOVERNMENT KEEPING YOUR REFUND?

Article Highlights: Bureau of the Fiscal Service Allowable Refund Offsets Disputing an Offset Injured Spouse Claim We all look forward to receiving our tax refunds, but what if you were expecting a refund and it never arrived? It may be because you have outstanding federal or state debts—and not just…

14 Jul 20

COVID-19 RESOURCE GUIDE: TAXPAYERS & SMALL BUSINESSES

During the coronavirus pandemic, it’s our goal to continue supporting the health, safety, and prosperity of our clients in any way we can. In this post, we’ve compiled some key resources for taxpayers and small business owners trying to stay up to date on the latest accurate information from trusted…