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Inventory management is especially important this year

2020 – 10/21 As year-end draws near, many businesses will be not only be generating their fourth quarter financial statements, but also looking back on the entire year’s financials. And what a year it’s been. The COVID-19 pandemic and resulting economic fallout have likely affected your sales and expenses, and you’ve probably noticed the impact…

The 2021 “Social Security wage base” is increasing

2020 – 10/19 If your small business is planning for payroll next year, be aware that the “Social Security wage base” is increasing. The Social Security Administration recently announced that the maximum earnings subject to Social Security tax will increase from $137,700 in 2020 to $142,800 in 2021. For 2021, the FICA tax rate for…

October 15th Tax Deadline

2020 – 10/13 The deadline for various tax-related actions is almost here. Oct. 15, 2020 is the deadline for filing several types of 2019 income tax returns that were extended. For example, it’s the due date for 2019 individual income tax returns for those who requested an extension. It’s also the due date for corporate…

Understanding the passive activity loss rules

2020 – 10/12 Are you wondering if the passive activity loss rules affect business ventures you’re engaged in — or might engage in? If the ventures are passive activities, the passive activity loss rules prevent you from deducting expenses that are generated by them in excess of their income. You can’t deduct the excess expenses…

The IRS Timeline

2020 – 10/12 You have the right to know the IRS’s timeline for, or finality of, certain interactions with you. You have the right to know: the maximum amount of time you have to challenge the IRS position if you’re under audit; the maximum amount of time the IRS has to audit a tax year…

The easiest way to survive an IRS audit is to get ready in advance

2020 – 10/05 IRS audit rates are historically low, according to the latest data, but that’s little consolation if your return is among those selected to be examined. But with proper preparation and planning, you should fare well. In fiscal year 2019, the IRS audited approximately 0.4% of individuals. Businesses, large corporations and high-income individuals…

4 steps to improving your company’s sales

2020 – 10/7 Most salespeople would tell you that there are few better feelings in life than closing a deal. This is because guiding a customer through the sales process and coming out the other side with dollars committed isn’t a matter of blind luck. It’s a craft — based on equal parts data mining,…

IRS & Closing a Business

2020 – 10/05 One unfortunate fallout of the COVID-19 pandemic is that some businesses are closing permanently. If you’re considering a closure, be prepared to address several issues, along with your tax advisor. The IRS has redesigned its “Closing a Business” page “to help businesses comply with final tax responsibilities,” said Eric Hylton, Commissioner of…

Reinforce protection of your company’s mobile devices

2020 – 09/30 Whether it’s a smart phone, tablet or laptop, mobile devices have become the constant companions of today’s employees. And this relationship has only been further cemented by the COVID-19 pandemic, which has thousands working from home or other remote locations. From a productivity standpoint, this is a good thing. So many tasks…

Records Destroyed in a Disaster?

2020 – 09/29 Have some of your records been destroyed in a disaster? Records can help people prove their disaster-related losses. Past financial statements can be recovered from credit card companies or banks. Homeowners can get property-related documents by contacting their title or escrow companies, or the lender that handled their home purchase. Also, taxpayers…

Does Your Vehicle Qualify for a Tax Credit?

2020 – 09/29 New vehicles are now available for a tax break. On its website, the IRS has added several 2021 model year Honda and Volvo vehicles to the list of vehicles eligible for the plug-in electric drive motor vehicle tax credit. The tax code provides a credit to the purchaser of a qualified plug-in…

Form 1099-C: Cancellation of Debt

2020 – 09/23 In an announcement, the IRS stated that lenders who make Paycheck Protection Program loans that are later forgiven under the CARES Act shouldn’t file Form 1099-C, “Cancellation of Debt” with the IRS or provide a payee statement to the eligible recipient as a result of the qualifying forgiveness. Filing such information returns…

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