Protect Your Cash with Segregation of Duties

Fraud and embezzlement don't just happen at large companies. In fact, theft may be more common in small businesses because many lack any form of internal controls that may exist in one form or another in larger businesses. But the good news for small businesses is that effective internal controls don't have to be complicated …

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Retroactive Provisions Provide Tax Relief for Businesses

Several new laws have provided pandemic relief for businesses this year. While several sections of these laws receive the lion's share of attention, such as the Paycheck Protection Program, you may not have heard about three other less-talked-about sections that are as equally valuable and that you can apply retroactively. Net Operating Losses. When your company’s …

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2020 Refund Schedule: How Long Do I Have to Wait Until I Get My Tax Refund?

The Treasury Department and the IRS have officially extended the federal income tax filing due date from April 15, 2020, to July 15, 2020. At this time, refunds are still being processed on schedule according to the United States Department of Treasury. The IRS started accepting returns on January 27th, 2020. Most refunds will be issued by the IRS in less …

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IRS offers guidance for farmers on small-business tax break

The Internal Revenue Service and the Treasury Department released guidance Friday to help farmers deal with a provision of the Tax Cuts and Jobs Act and reduce their taxes by leveraging a tax break for small businesses. The 2017 tax law included a provision that exempts small business taxpayers from the capitalization rules under Section …

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Gig Economy Income Can Affect a Taxpayer’s Bottom Line

From Uber to AirBnB, Lyft to TaskRabbit, more Americans are getting involved in the gig economy. Whether their involvement is just a side hustle or the main event, taxpayers can find income earned in this way can affect their tax returns—and it’s not always in a positive way. The Internal Revenue Service says a little …

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W2 & 1099 Deadline and Penalties

W-2 Deadlines for 2019 The following table will help you to remember all the W-2 deadlines for sending W-2 forms to the employees and for paper filing or e-filing them with the SSA. Form W-2DeadlineIssuing W-2 Forms to the employeesJanuary 31, 2020Filing to SSA by MailJanuary 31, 2020Filing to SSA ElectronicallyJanuary 31, 2020 W-2 Penalties …

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More taxpayers qualify for student loan COD relief

The IRS extended its safe-harbor relief from recognizing cancellation-of-debt (COD) income for students whose loans were discharged either because their schools were closed or as a result of some type of fraud (Rev. Proc. 2020-11). The IRS had earlier provided relief for students from Corinthian College or American Career Institutes Inc. whose loans were discharged …

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