2020 – 07/29 When the COVID-19 crisis exploded in March, among the many concerns was the state of the nation’s supply chains. Business owners are no strangers to such worry. It’s long been known that, if too much of a company’s supply chain is concentrated (that is, dependent) on one thing, that business is in…
2020 – 07/27 If you’re a partner in a business, you may have come across a situation that gave you pause. In a given year, you may be taxed on more partnership income than was distributed to you from the partnership in which you’re a partner. Why is this? The answer lies in the way…
Accounting Today and Best Companies Group have announced the members of the 2020 Best Accounting Firms to Work For list. The annual survey and awards program is designed to identify, recognize and honor the best employers in the accounting profession. Bland Garvey is honored to make the list for the eighth time. https://bit.ly/3a3Tt0W
2020 – 07/22 A widely circulated article about the COVID-19 pandemic, written by author Tomas Pueyo in March, described efforts to cope with the crisis as “the hammer and the dance.” The hammer was the abrupt shutdown of most businesses and institutions; the dance is the slow reopening of them — figuratively tiptoeing out to…
2020 – 07/ 21 People who receive an Economic Impact Payment this year should keep Notice 1444, Your Economic Impact Payment, with their tax records. This notice provides information about the amount of the payment, how the payment was made and how to report any payment that wasn’t received. Keep notice 1444, don’t throw it…
2020 -07/20 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 market value of goods that you receive in bartering is taxable income. And if…
2020 – 07/20 Warning: Criminals often exploit crises, such as the current COVID-19 pandemic, by setting up fake charities to steal from people. According to the IRS, fraudulent schemes normally start with unsolicited contact by telephone, text, social media, e-mail or in-person using a variety of tactics. “They may even claim to be working for…
2020 – 07/17 Did your company file for COVID-19-related employer tax credits and experience delays in the processing of Form 7200, “Advance Payment of Employer Credits Due to COVID-19?” If so, you’ll soon be hearing from the IRS. Form 7200 is used by qualified employers to request an advance payment of the CARES Act’s employee…
2020 – 07/17 No, you can’t keep an extra payment from the government. If you think you’ve received more than one Economic Impact Payment (EIP), the IRS would like it back. On its website, the IRS instructs taxpayers to double check that an extra payment isn’t a 2019 tax refund, an unemployment compensation payment or…
2020 – 07/16 The July 15 tax filing deadline is in the rearview mirror and many IRS actions that were postponed due to the COVID-19 virus will now resume. Among them are collection activities, including the filing of liens and levies. A tax lien is an encumbrance on property to secure payment of tax, generally…
2020 – 07/15 Many business owners — particularly those who own smaller companies — spend so much time trying to eliminate weaknesses that they never fully capitalize on their strengths. One way to do so is to identify and explicate your unique selling proposition (USP). Give it some thought In a nutshell, a USP states…
2020 – 07/15 So you’ve filed your income tax return, you’re getting a refund, and you’re eager to receive it. The IRS says it normally issues most refunds in less than 21 days. Taxpayers who mailed their tax return will experience a longer wait. Using the IRS’s “Where’s My Refund?” tool, you can check the…
2020 – 07/15 Are you suffering financially due to COVID-19? You might qualify to withdraw up to $100,000 from your IRA or other retirement plan before 12/31/20 without any negative tax consequences. Qualifying distributions aren’t subject to the 10% tax penalty that generally applies to distributions made before age 59½, and the regular tax liability…
2020 – 07/13 There’s a new IRS form for business taxpayers that pay or receive nonemployee compensation. Beginning with tax year 2020, payers must complete Form 1099-NEC, Nonemployee Compensation, to report any payment of $600 or more to a payee. Why the new form? Prior to 2020, Form 1099-MISC was filed to report payments totaling…
2020 – 07/08 The sudden shutdown of the economy in March because of the COVID-19 pandemic forced many businesses to rely more heavily on technology. Some companies fared better than others. Many businesses that had been taking an informal approach to IT strategy discovered their systems weren’t as robust and scalable as they’d hoped. Some…
