2019 – 06/07 A reminder: June 17 is the next deadline for those who make estimated tax payments. Self-employed individuals, retirees, investors and some individuals involved in the sharing economy are among those who often need to pay quarterly estimated taxes. That’s because all, or a substantial part, of their income isn’t subject to withholding. After the June payment, the two remaining due dates for tax year 2019 are September 16 and January 15, 2020.
2019 – 07/17 The IRS has issued tips for organizations that want to apply for tax-exempt status. Groups seeking to obtain 501(c)(3) tax-exempt status must use a Form 1023-series application. One tip for applicants: A group applying for this exemption generally must notify the IRS within 27 months from the date it was formed. Another…
2020 – 01/27 An array of tax-related limits that affect businesses are annually indexed for inflation, and many have increased for 2020. Here are some that may be important to you and your business. Social Security tax The amount of employees’ earnings that are subject to Social Security tax is capped for 2020 at $137,700…
2022 – 04/18 adding a new partner in a partnership has several financial and legal implications. Let’s say you and your partners are planning to admit a new partner. The new partner will acquire a one-third interest in the partnership by making a cash contribution to it. Let’s further assume that your bases in your…
Business owners: Strategic planning is undeniably important, but you may be missing a savvy move if you aren’t using competitive intelligence to refine your game plan.
2020 – 06/10 As you may recall, the Small Business Administration (SBA) launched the Paycheck Protection Program (PPP) back in April to help companies reeling from the economic impact of the COVID-19 pandemic. Created under a provision of the Coronavirus Aid, Relief and Economic Security (CARES) Act, the PPP is available to U.S. businesses with…
If you’re getting a divorce, you know it’s a highly stressful time. But if you’re a business owner, tax issues can complicate matters even more. Your business ownership interest is one of your biggest personal assets and your marital property will include all or part of it. Transferring property tax-free You can generally divide most…
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