Business Website Costs: Guidance For Taxes

The business use of websites is widespread. But surprisingly, the IRS hasn’t yet issued formal guidance on when Internet website costs can be deducted. Fortunately, established rules that generally apply to the deductibility of business costs, and IRS guidance [...]

By |2020-10-02T14:28:29-04:00September 21st, 2020|Categories: Blog, Tax|Tags: , , , |Comments Off on Business Website Costs: Guidance For Taxes

Questions On Deferring Employees’ Social Security Taxes

The IRS has provided guidance to employers regarding the recent presidential action to allow employers to defer the withholding, deposit and payment of certain payroll tax obligations. This guidance aims to address employers' questions and concerns about deferring employees’ [...]

By |2020-10-02T16:33:49-04:00September 8th, 2020|Categories: Blog, Tax|Tags: , , , |Comments Off on Questions On Deferring Employees’ Social Security Taxes

CARES Act Made Changes To Excess Business Losses

The Coronavirus Aid, Relief and Economic Security (CARES) Act made changes to excess business losses. This includes some changes that are retroactive and there may be opportunities for some businesses to file amended tax returns. If you hold an [...]

By |2020-10-02T16:58:26-04:00August 26th, 2020|Categories: Blog, Tax|Tags: , , , , , , , |Comments Off on CARES Act Made Changes To Excess Business Losses

The Possible Tax Consequences of a PPP Loan

If your business was fortunate enough to get a Paycheck Protection Program (PPP) loan taken out in connection with the COVID-19 crisis, you should be aware of the potential tax implications. PPP basics The Coronavirus Aid, Relief and Economic [...]

By |2020-10-02T18:54:42-04:00August 10th, 2020|Categories: Blog, Tax|Tags: , , , |Comments Off on The Possible Tax Consequences of a PPP Loan

Report Cash Transactions 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 cash transactions. Filing requirements Each person engaged in a trade or business who, in the course [...]

By |2020-10-02T19:04:21-04:00August 3rd, 2020|Categories: Blog, Tax|Tags: , , |Comments Off on Report Cash Transactions for Your Business — On Paper or Electronically

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

During the COVID-19 pandemic, many small businesses are strapped for cash. They may find it beneficial to barter for goods and services instead of paying cash for them. If your business gets involved in bartering, remember that the fair [...]

By |2020-07-20T13:15:30-04:00July 20th, 2020|Categories: Blog, COVID-19, Small Business Services, Tax|Tags: , , , , |Comments Off on Even If No Money Changes Hands, Bartering is a Taxable Transaction

Good Records Are The Key To Tax Deductions And Trouble-Free IRS Audits

If you operate a small business, or you’re starting a new one, you probably know you need to keep records of your income and expenses. In particular, you should carefully record your expenses in order to claim the full [...]

By |2020-06-15T13:00:32-04:00June 15th, 2020|Categories: Blog, Small Business Services, Tax|Tags: , , , |Comments Off on Good Records Are The Key To Tax Deductions And Trouble-Free IRS Audits

Hiring Independent Contractors? Make Sure They’re Properly Classified

As a result of the coronavirus (COVID-19) crisis, your business may be hiring independent contractors to keep costs low. But you should be careful that these workers are properly classified for federal tax purposes. If the IRS reclassifies them [...]

By |2020-04-27T13:19:23-04:00April 27th, 2020|Categories: Blog, COVID-19, Tax|Tags: , , |Comments Off on Hiring Independent Contractors? Make Sure They’re Properly Classified

5 Reasons You Shouldn’t Wait Until July 15th to File Your Return

While Treasury’s response to the ongoing COVID-19 crisis by automatically extending certain filing deadlines and payments is welcomed news to many, waiting until July 15th to file and/or pay your taxes may have unintended adverse consequences.  Here are five [...]

By |2020-03-26T11:37:08-04:00March 26th, 2020|Categories: Blog, COVID-19, Tax, Tim Tikalsky|Tags: , , , |Comments Off on 5 Reasons You Shouldn’t Wait Until July 15th to File Your Return
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