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News2020-06-08T08:24:38-05:00

Still Waiting for the IRS to Cash Your Check?

During the COVID-19 pandemic, the IRS has furloughed many of its employees or had them work from home to mitigate the spread of the virus. Many IRS offices remained shuttered for months, and a backlog of millions of pieces of unopened mail accumulated in trailers set up outside IRS facilities. This includes unopened mail with payment checks, which creates a problem for many e-filed returns with tax due because the IRS computer shows a tax [Read More]

October 9th, 2020|

Do You Know Unemployment Benefits Are Taxable?

With the passage of the CARES Act stimulus package earlier this year, the federal government added $600 to the normal state weekly unemployment benefits and increased the number of benefit weeks to a total of 39. In many cases, workers are receiving unemployment benefits for the first time in their lives, and they may not be aware that the benefits are fully taxable for federal purposes. Potentially making matters worse is that most states also [Read More]

October 9th, 2020|

Ready for the 1099-NEC?

The Internal Revenue Service has resurrected a form that has not been used since the early 1980s, Form 1099-NEC (the NEC stands for non-employee compensation). This form will be used to report non-employee compensation in place of the 1099-MISC, which has been used since 1983 to report payments to contract workers and freelancers. Form 1099-MISC has also been used to report rents, royalties, crop insurance proceeds and several other types of income unrelated to independent [Read More]

October 9th, 2020|

Small Business Best Practices for the Remainder of 2020

This article discusses some of the best business practices that your business can partake in order to ensure or maintain results during this hard time. From knowing the weaknesses of your products to having a playbook and the right tools, these tips can be very useful as we continue on in 2020. Be sure to check out this article to view the full list! To view this article, click HERE to access the original content.

October 8th, 2020|

Successful Employee Recruitment Strategies

This article is aimed at helping small businesses grow in the right direction through the recruitment process. Some of the best practices outlined in this link are identifying what your vacant jobs entail, advertising, and holding introductory calls. Be sure to check out this link and review all of the strategies because recruitment is a vital key for success in any small business. To view this article, click HERE to access the original content.

September 24th, 2020|

Family Business Trends in a Post-COVID-19 World

This article discusses how the coronavirus pandemic has impacted the national economy, and in particular, family enterprises. However, being educated on emerging trends such as the rise of small cities, an increase in digitalization, and a slowdown in globalization can help your family business get back on the right track. To view this article, click HERE to access the original content.

September 17th, 2020|

Opportunity Zone Tax Incentive Benefits

This article discusses a rare opportunity that the Tax Cuts and Jobs Act have produced for investors in the United States. Long story short, this act is incentivizing investors to invest in distressed communities in order to receive tax benefits in the hopes of “spur[ing] economic development and job creation” in those regions. Be sure to check out this article for more details surrounding the opportunity zones qualifications needed! To view this article, click HERE [Read More]

September 3rd, 2020|

IRS Issues Guidance Regarding Payroll Tax Deferral

On Friday, August 28, the Internal Revenue Service (IRS) released Notice 2020-65, which offers guidance regarding the implementation of the Presidential Memorandum on the deferment of some payroll taxes. The memorandum, which was released by the President on August 8th, called for a deferral of the employee share of social security tax (or the railroad retirement tax equivalent) due between September 1, 2020, and the end of the year. The deferral applies to employees who [Read More]

August 31st, 2020|

SBA and Treasury Release Additional PPP Guidance

On August 24, the Small Business Administration and Treasury made available a new set of guidance regarding Paycheck Protection Program (PPP) forgiveness issues. The new interim final rule covers two areas: owner-employee compensation and the eligibility of non-payroll costs. A recent article from the Journal of Accountancy offers a concise summation of the new regulations. Owner-employee compensation – For the purposes of calculating loan forgiveness, C-corporation and S-corporation owners who hold less than a 5% stake [Read More]

August 28th, 2020|

How COVID-19 Has Changed Business Forever

This article discusses how the coronavirus pandemic is impacting a number of industries in multiple ways. Some of the trends include working from home, hiring based on technology skill set, and restaurants teaming up with delivery services permanently. No matter your industry, being aware of these trends and how they will impact businesses on a day-to-day basis will provide a competitive edge during this unstable time. To view this article, click HERE to access the [Read More]

August 20th, 2020|
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