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12
JUL
2021
The IRS will impose the “Trust Fund Recovery Penalty” on certain business owners and managers personally if employment taxes aren’t paid to the government. Find out if you could be liable.

Who in a small business can be hit with the “Trust Fund Recovery Penalty?”

The IRS will impose the “Trust Fund Recovery Penalty” on certain business owners and managers personally if employment taxes aren’t paid to the government. Find out if you could be liable.
07
JUL
2021
If your business sponsors a 401(k), you and your participants will be happy to learn that the IRS has extended relief from the “physical presence” requirement related to plan signatures. Details here.

IRS extends administrative relief for 401(k) plans

If your business sponsors a 401(k), you and your participants will be happy to learn that the IRS has extended relief from the “physical presence” requirement related to plan signatures. Details here.
06
JUL
2021
An IRS audit seems scary but may be nothing to worry about. In many cases, the IRS closes an audit after receiving requested documentation. Here are the latest IRS statistics, as well as some tips on how to help come out of an audit with a favorable result.

IRS audits may be increasing, so be prepared

An IRS audit seems scary but may be nothing to worry about. In many cases, the IRS closes an audit after receiving requested documentation. Here are the latest IRS statistics, as well as some tips on how to help come out of an audit with a favorable result.
14
JUN
2021
2021 Q3 tax calendar: Key deadlines for businesses and other employers

2021 Q3 tax calendar: Key deadlines for businesses and other employers

Although you might want to enjoy the lazy days of summer, employers and businesses should be careful not to miss these third quarter 2021 tax deadlines.
07
JUN
2021
Keeping meticulous business records for meal and vehicle expenses can protect your tax deductions. Here are some DOs and DON’Ts.

Recordkeeping DOs and DON’Ts for business meal and vehicle expenses

Keeping meticulous business records for meal and vehicle expenses can protect your tax deductions. Here are some DOs and DON’Ts.
24
MAY
2021
Businesses that provide Health Savings Accounts to employees know they have a variety of benefits. Here are a few of them, along with the inflation-adjusted amounts for the 2022 calendar year.

The IRS has announced 2022 amounts for Health Savings Accounts

Businesses that provide Health Savings Accounts to employees know they have a variety of benefits. Here are a few of them, along with the inflation-adjusted amounts for the 2022 calendar year.
18
MAY
2021
Congratulations if you filed your 2020 tax return by the May 17 deadline. But you may still have questions. We’re often asked about refund status, record retention and amended tax returns. Here are some answers.

Still have questions after you file your tax return?

Congratulations if you filed your 2020 tax return by the May 17 deadline. But you may still have questions. We’re often asked about refund status, record retention and amended tax returns. Here are some answers.
17
MAY
2021
Business owners that operate as an S corporation are subject to income tax, but not self-employment tax, on their share of the entity’s income. Here’s how the rules work.

An S corporation could cut your self-employment tax

Business owners that operate as an S corporation are subject to income tax, but not self-employment tax, on their share of the entity’s income. Here’s how the rules work.
12
MAY
2021
The pandemic has caused some people to turn to “gig” work to make up for lost income. Here are the tax consequences of taking on these jobs.

Working in the gig economy results in tax obligations

The pandemic has caused some people to turn to “gig” work to make up for lost income. Here are the tax consequences of taking on these jobs.
10
MAY
2021
Employee or independent contractor? That’s the question businesses ask when they bring on certain workers. Here are the basic rules to help keep you out of tax trouble.

Help ensure the IRS doesn’t reclassify independent contractors as employees

Employee or independent contractor? That’s the question businesses ask when they bring on certain workers. Here are the basic rules to help keep you out of tax trouble.