Business

Small Business: Understanding Payroll Expenses

Federal law requires most employers to withhold federal taxes from their employees’ wages. Whether you’re a small business owner who is just starting or one who has been in business for a while – ready to hire an employee or two – here is what you should know about withholding, reporting, and paying employment taxes.

Read more

Settling Tax Debt With an IRS Offer in Compromise

An offer in compromise (OIC) is an agreement between a taxpayer and the Internal Revenue Service that settles a taxpayer’s tax liabilities for less than the full amount owed. That’s the good news. The bad news is that not everyone can use this option to settle tax debt; the IRS rejected nearly 60 percent of taxpayer-requested offers in compromise. If you owe money to the IRS and wonder if an IRS offer in compromise is the answer, here’s what you need to know.

Read more

It’s Hurricane Season: 5 Steps to Safeguarding Tax Records

With hurricane season in full swing, now is a good time to create or review emergency preparedness plans for surviving natural disasters, which include more than just hurricanes. For example, in the last year, the Federal Emergency Management Agency (FEMA) declared major disasters following hurricanes, tropical storms, tornadoes, severe storms, flooding, wildfires, and an earthquake. Individuals, organizations, and businesses should take time now to make or update their emergency plans.

Read more

New Guides For Meal & Entertainment Tax Deductions

Have you missed partying and having business meals with your prospects, customers, and employees? Well, get ready to start again. Soon, COVID-19 will be behind us, and that could be just a few short months away! To help you get …

Read more

What is an Economic Impact Notice?

After a taxpayer has been issued an Economic Impact Payment, the IRS is required to mail an Economic Impact Notice to the recipient at their last known address. This notice provides information about the amount of the Economic Impact Payment, how it was made, and how to report any payment that wasn’t received.

Read more

What are Estimated Tax Payments? The Details

Estimated tax is the method used to pay tax on income that is not subject to withholding. This includes income from self-employment, interest, dividends, alimony, and rent and gains from the sale of assets, prizes, and awards. You also may have to pay an estimated tax if the amount of income tax being withheld from your salary, pension, or other income is not enough. Here’s what you should know about estimated tax payments:

Read more

Deduct 100% of Your Employee Recreation and Parties

You take Bill, your best customer, to the local country club and treat him to 18 holes of golf. The golf produces a zero deduction.

Compare this.

You take your employees and their spouses and children to the local country club, where they play golf and tennis; swim; and enjoy lunch, dinner, and snacks.

The cost of the country club meals and activity produces a 100 percent tax deduction.1

In this article, you will learn the following:

  • What it takes to qualify an employee party for the 100 percent deduction
  • What types of employee entertainment qualify for this 100 percent deduction
  • How tax law defines entertainment that’s primarily for the benefit of employees

Read more

Are Taxes Two-Timing You? How to avoid dual-taxation…

The shift to remote working during the COVID-19 pandemic has been embraced by both employees and employers. This change will likely continue to varying degrees by many companies.

Although remote working offers great benefits, employees need to know about the possible tax consequences and how to navigate them.

Read more