The “Trust Fund Recovery Penalty” is a penalty that applies to the Social Security and income taxes that are required to be withheld by a business from its employees’ wages. These withholdings are sometimes referred to as “trustee taxes,” since the employer is a conduit for the withholdings. Since the taxes are considered property of […]

With the global COVID-19 pandemic, it’s tricky to consider how many businesses are forced to operate in different ways now, but also how difficult it is to measure productivity. How can you tell whether you’re getting enough done when so much has changed? There’s no easy, one-size-fits-all answer, but business owners should ask the question […]

For example, the tax agency says an EIP made to someone who died before receipt of the payment should be returned. Instructions for returning the payment can be found here: https://bit.ly/31ioZ8W To help ease the financial stress due to the COVID-19 pandemic, many taxpayers are receiving money from the federal government. The IRS and the […]

As you know, the IRS announced a few months ago that they would extend the April 15 deadline for Americans to file 2019 income tax returns and pay taxes owed for that year. Retroactive COVID-19 business relief The Coronavirus Aid, Relief and Economic Security (CARES) Act, which passed earlier in 2020, includes some retroactive tax […]

The Small Business Administration (SBA) has reopened the Economic Injury Disaster Loan (EIDL) and EIDL Advance program to eligible small businesses and nonprofits still struggling with the economic impact of the COVID-19 pandemic. The EIDL program offers long-term, low-interest loans to small businesses and nonprofits. If your company hasn’t been able to procure financing through […]

The Coronavirus Aid, Relief and Economic Security (CARES) Act allows “qualified” people to take certain “coronavirus-related distributions” from their retirement plans tax and penalty free.   Individuals who have been effected can take retirement plan distributions under new exceptions. So how do you qualify for a coronavirus related distributions? Early distribution basics In general, if […]

And how to treat start-up expenses on your tax return. If you handle your initial expenses in certain ways you could reduce the amount of taxes you pay.  While the COVID-19 crisis has devastated many existing businesses, the pandemic has also created opportunities for entrepreneurs to launch new businesses. For example, some businesses are being […]

Most business owners are aware that their strategic plans from the beginning of 2020 look far different now. As your business moves forward in this uncertain environment, it’s important to re-evaluate competitiveness. The COVID-19 pandemic has forced business owners to adapt quickly and severely in this ever changing economy. You may have lost an edge […]

Traditionally, spring and summer are the most popular times to sell your home. If you’re planning to sell your home this year, it’s a good time to review the tax considerations. However, due to the COVID-19 pandemic, sales have slowed down quite a bit this year. The National Association of Realtors (NAR) reports that home […]

If you own a business or have been thinking about a startup, you have probably been told that you need to keep good records of your income and expenses. Be sure to record every possible business expense you can so that you receive all of the tax deductions that you are entitled to. Also, make […]