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In a taxpayer-friendly development, the IRS said it would issue proposed regulations allowing S corporations and partnerships to deduct "specified income tax payments" paid to state and local governments above the line and not as passthrough items for partners and shareholders. Notice 2020-75 defines the specified income tax payments as any amount a partnership or an S …
Continue reading Partnerships and S corps. can deduct state and local taxes
The IRS has reintroduced Form 1099-NEC as the new way to report self-employment income instead of Form 1099-MISC as traditionally had been used. This was done to help clarify the separate filing deadlines on Form 1099-MISC and the new 1099-NEC form will be used starting with the 2020 tax year. There is a new tax …
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 …
Continue reading Protect Your Cash with Segregation of Duties
Get started on your tax planning by reading about new laws that can help you in 2020. Also find out whether your business should incorporate and read about mortgage refinancing mistakes to avoid. Here are several new tax laws passed this year to consider as you start planning your 2020 tax obligation. Make up to …
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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 …
Continue reading Retroactive Provisions Provide Tax Relief for Businesses
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 …
Continue reading 2020 Refund Schedule: How Long Do I Have to Wait Until I Get My Tax Refund?
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 …
Continue reading IRS offers guidance for farmers on small-business tax break
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 …
Continue reading Gig Economy Income Can Affect a Taxpayer’s Bottom Line
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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