2021 – 10/13 Run a business for any length of time and the importance of cash flow becomes abundantly clear. When payroll is due, bills are piling up and funds aren’t available, blood pressure tends to rise. For this reason, being able to accurately forecast cash flow is critical. Here are four ways to refine…
2021 – 10/11 The IRS’s “People First Initiative” was launched in 2020 to help taxpayers by extending tax deadlines during the early days of the COVID-19 pandemic. Recently, the Treasury Inspector General for Tax Administration (TIGTA) assessed these efforts. The IRS, also impacted by the pandemic, “potentially caused confusion and undue burden to numerous taxpayers”…
2021 – 10/11 Now that the last quarter of 2021 is here, the IRS is reminding taxpayers that it’s a good time to check withholding. Life changes that might’ve occurred in 2021 can affect your taxes. Examples include: COVID-19 relief you may have received; disaster relief, such as for a wildfire or hurricane; job loss;…
2021 – 10/11 Are employees at your business traveling again after months of virtual meetings? In Notice 2021-52, the IRS announced the fiscal 2022 “per diem” rates that became effective October 1, 2021. Taxpayers can use these rates to substantiate the amount of expenses for lodging, meals and incidental expenses when traveling away from home….
2021 – 10/06 Taxpayers who share child custody may have questions about advance child tax credit (CTC) payments. In shared custody cases, the IRS determines which parent receives the payments based on information on the taxpayer’s 2020 tax return (or 2019 for some). The parent who claimed the CTC for 2020 (or 2019 if applicable)…
2021 – 10/06 Everyone loves a story. It’s why movies are still big business and many of us spend hours on the couch binge-watching our favorite television shows. What’s important to keep in mind — and to remind your sales team — is that effective storytelling can also drive sales. This doesn’t mean devising fanciful,…
2021 – 10/05 If an employer has both a defined contribution retirement plan and a defined benefit retirement plan, what are the limits on contribution deductions? The IRS answered that question in an “Issue Snapshot.” Generally, an employer’s contributions to a qualified plan are deductible if they’re ordinary and necessary expenses and compensation for services…
2021 – 10/04 The IRS is reminding U.S. citizens, resident aliens and any domestic legal entity that the extension deadline to file their annual Report of Foreign Bank and Financial Accounts (FBARs) is Oct. 15, 2021. Filers missing the April 15 annual FBAR due date earlier this year received an automatic extension until Oct. 15…
2021 – 10/05 Three federal agencies, including the IRS, have issued a series of Q&As that address aspects of COVID-19 under the CARES Act, HIPAA and the Affordable Care Act. The Q&As cover preventive services, HIPAA nondiscrimination and wellness programs. For example, can a group health plan offer participants a premium discount for receiving a…
2021 – 10/04 Here are some of the key tax-related deadlines affecting businesses and other employers during the fourth quarter of 2021. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. Contact us to ensure you’re meeting all applicable deadlines and to learn more about the…
2021 – 10/01 Taxpayers who don’t qualify for the Child Tax Credit because their children are too old may have an alternative. The Credit for Other Dependents maxes out at $500 per dependent if certain conditions are met. To qualify, dependents must: Be age 17 or older; have individual taxpayer ID numbers; be a qualifying…
2021 09-29 In today’s data-driven world, business owners are constantly urged to track everything. And for good reason — having accurate, timely information displayed in an easy-to-understand format can allow you to spot trends, avoid risk and take advantage of opportunities. This includes your company’s website. Although social media drives so much of the conversation…
2021 – 09/28 Fraudsters are opportunists, and disasters present many opportunities to steal assets and information. These crooks target victims when they’re vulnerable, offering bogus help. They may also steal from generous people seeking to aid victims. The IRS warns that these scams usually start with unsolicited contact by phone, on social media, by email,…
2021 – 09/24 An important payroll tax deadline is coming up for certain employers. To provide relief from the economic ravages of COVID-19, the CARES Act allowed employers to defer their share of Social Security tax from March 27 through Dec. 31, 2020. Those employers must now pay 50% of the deferred tax by Dec….
2021 – 09/23 How has the COVID-19 pandemic affected the IRS and taxpayers? IRS Commissioner Charles Rettig answered that question in an overview on the IRS’s website. He noted that “despite our best efforts, pandemic-related issues are still causing us to experience record levels of activity that continue to affect operations, including the processing of…
