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
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
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
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
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
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.
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
There’s a new IRS form for business taxpayers that pay or receive nonemployee compensation. Beginning with tax year 2020, payers must complete Form 1099-NEC, Nonemployee Compensation, to report
The tax filing deadline for 2019 tax returns has been extended until July 15 this year, due to the COVID-19 pandemic. After your 2019 tax return has been
If you own or manage a business with employees, you may be at risk for a severe tax penalty. It’s called the “Trust Fund Recovery Penalty” because it
The IRS and the U.S. Treasury had disbursed 160.4 million Economic Impact Payments (EIPs) as of May 31, 2020, according to a new report. These payments were sent
The extended federal income tax deadline is coming up fast. As you know, the IRS postponed until July 15 the payment and filing deadlines that otherwise would have
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