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Why September Is The Right Time for HVAC Owners To Submit Form 2553

S-corp election for HVAC business owners: file Form 2553 in September for a January 1 start, set payroll and salary in the slow season, and skip the March scramble.

CARES Act Made Changes to Excess Business Losses

The CARES (Coronavirus Aid, Relief and Economic Security) Act made changes to excess business losses; includes some changes that are retroactive. There may be opportunities for some businesses

What Happens If an Individual Can’t Pay Taxes

While you probably don’t have a problem paying your tax bills, you may wonder: What happens in the event you (or someone you know) can’t pay taxes on

The President’s Action to Defer Payroll Taxes: What Does It Mean for Your Business?

On August 8, President Trump signed four executive actions, including a Presidential Memorandum deferring the employee’s portion of Social Security taxes for some people. These actions were taken

More Parents May Owe “Nanny Tax” This Year, Due to COVID-19

In the COVID-19 era, many parents are hiring nannies and babysitters because daycare centers and summer camps have closed. This may result in federal “nanny tax” obligations. Keep

The Possible Tax Consequences of PPP Loans

If your business was fortunate enough to get a Paycheck Protection Program (PPP) loan in connection with the COVID-19 crisis, you should be aware of the potential tax

The Tax Implications of Employer-Provided Life Insurance

Does your employer provide you with group term life insurance? If they do and the coverage is higher than $50,000, this employee benefit may create undesirable income tax

File Cash Transaction Reports for Your Business — on Paper or Electronically

Does your business receive large amounts of cash or cash equivalents? You may be required to submit forms to the IRS to report these cash transactions. Filing requirements

Are Scholarships Tax-Free or Taxable?

COVID-19 is changing the landscape for schools this fall. But many children and young adults are going back, even if it’s just for online learning, and some parents

Why Do Partners Sometimes Report More Income on Tax Returns Than They Receive in Cash?

You may come across a situation that gives you pause if you’re a partner in a business. In a given year, you may be taxed on more partnership

Take Advantage of a “Stepped-Up Basis” When You Inherit Property

If you’re planning your estate, or you’ve recently inherited assets, you may be unsure of the “cost” (or “basis”) for tax purposes. Fair market value rules Under the

Even If No Money Changes Hands, Bartering Is a Taxable Transaction

Many small businesses are strapped for cash due to the COVID-19 pandemic. So they may find it beneficial to barter for goods and services instead of paying cash.

Conduct a “Paycheck Checkup” to Make Sure Your Withholding is Adequate

Were you surprised to find out you owed money when you filed your federal tax return this year? You might want to change your withholding so that this