2020 – 09/17 Taxpayers have the right to know what they need to do to comply with the tax laws. “The right to be informed” is included in the IRS’s “Taxpayer Bill of Rights.” The tax agency explains that this means you have the right: to have a clear explanation of the laws and IRS procedures in all IRS materials, including in correspondence; to be informed of IRS decisions about your tax accounts; and to receive clear explanations of the outcomes of IRS decisions. You can learn more about this right here:
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Last Day to File
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Payroll Tax Holiday
2020 – 08/19 September starts in two weeks and there’s still no guidance from U.S. Treasury Secretary Steven Mnuchin on how to implement the payroll tax holiday announced on Aug. 8. In an executive memorandum, President Trump directed that Social Security taxes be deferred from some employees’ paychecks from Sept. 1 through Dec. 31, 2020….
Social Security and Medicare Taxes
2020 – 08/10 In an executive order, President Trump directed that Social Security and Medicare taxes be deferred from Sept. 1 through Dec. 31, 2020. There are still many questions that are unanswered about how this will work and there may be legal challenges. At this point, the taxes are just deferred, meaning they will…
Telecommuting: Do you Owe State Taxes?
2020 – 09/08 Are you an employer with employees working at home due to COVID-19? In response to the pandemic, some states have issued specific guidance on whether telecommuting employees temporarily working in a state due to COVID-19 create “nexus” for an employer who doesn’t operate in that state. Contact us for more information about…
August 31st Deadline Approaching
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ESOPs offer businesses a variety of potential benefits
2020 – 09/02 Wouldn’t it be great if your employees worked as if they owned the company? An employee stock ownership plan (ESOP) could make this a reality. Under an ESOP, employee participants take part ownership of the business through a retirement savings arrangement. Meanwhile, the business and its existing owner(s) can benefit from some…
