2020 – 08/13 A disaster can strike at any time whether it strikes your home, your city or a much bigger area. That’s why the IRS is encouraging taxpayers to think ahead and prepare. This may include developing an evacuation plan, assembling kit of essential supplies and putting financial safety measures in place. Here are some tips for protecting your financial safety. Review your emergency plan annually for relevance. Keep important documents (such as insurance policies, tax returns, bank statements) in a safe place and create electronic copies if possible. Inventory your valuables, with photos or videotape, to make insurance claims easier. For more from the IRS:
Similar Posts
IRS Resumes Enforcement Activities
2020 – 08/14 The IRS is partially resuming its enforcement activities. In March, the tax agency’s Small Business/Self-Employed (SB/SE) Division announced that it was suspending some enforcement activities due to the COVID-19 crisis. In cases where a taxpayer may have been affected by a disaster, the IRS could use “soft contact” procedures to contact the…
Form 990
2021 – 12/17 The IRS announced that the publicly available data it provides on electronically filed Forms 990 in a machine-readable format will soon be available solely on the Tax Exempt Organization Search webpage. Beginning Dec. 31, 2021, the IRS will no longer update the Form 990 Series data on Amazon Web Services. This change…
Many factors are involved when choosing a business entity
2021 – 11/08 Are you planning to launch a business or thinking about changing your business entity? If so, you need to determine which entity will work best for you — a C corporation or a pass-through entity such as a sole-proprietorship, partnership, limited liability company (LLC) or S corporation. There are many factors to…
Tax breaks to consider during National Small Business Week
2021 – 09/13 The week of September 13-17 has been declared National Small Business Week by the Small Business Administration. To commemorate the week, here are three tax breaks to consider. 1. Claim bonus depreciation or a Section 179 deduction for asset additions Under current law, 100% first-year bonus depreciation is available for qualified new…
EIDL loans, restaurant grants offer relief to struggling small businesses
2021 – 03/31 The American Rescue Plan Act (ARPA), signed into law in early March, aims at offering widespread financial relief to individuals and employers adversely affected by the COVID-19 pandemic. The law specifically targets small businesses in many of its provisions. If you own a small company, you may want to explore funding via…
How do taxes factor into an M&A transaction?
2022 – 07/05 Although merger and acquisition activity has been down in 2022, according to various reports, there are still companies being bought and sold. If your business is considering merging with or acquiring another business, it’s important to understand how the transaction will be taxed under current law. Stocks vs. assets From a tax…