Do you pay Nonemployee Compensation for your business? There is a new IRS form to keep on your radar. Beginning with tax year 2020, payers must complete Form 1099-NEC, Nonemployee Compensation, to report any payment of $600 or more to a payee. Why the new form? Prior to 2020, Form 1099-MISC was filed to report […]

The sudden shutdown of the economy in March because of the COVID-19 pandemic forced many businesses to rely more heavily on technology. Rudler has been on the forefront of technology, utilizing cloud based applications, remote employees and having employees work at home before it was required. We can draw on our experience to help you […]

The tax filing deadline for 2019 tax returns has been extended until July 15 this year, due to the COVID-19 pandemic. Our tax team at Rudler has put together a list of considerations for after your 2019 tax return has been successfully filed with the IRS. 1. Some tax records can now be thrown away […]

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 […]