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:
Similar Posts
100% Bonus Depreciation
2020 – 09/23 The IRS has issued another set of final regulations on the additional first-year depreciation deduction, otherwise known as 100% bonus depreciation. The deduction generally applies to qualifying property acquired and placed into service after Sept. 27, 2017, and before Jan. 1, 2023. The final regs offer guidance on the requirements that must…
Deductions: Estates and Trusts
2020 – 09/22 Final guidance is available for decedent’s estates and non-grantor trusts on the treatment of certain deductions. The Tax Cuts and Jobs Act prohibits individuals, estates and non-grantor trusts from claiming miscellaneous itemized deductions for tax years after 2017 and before 2026. The final regulations clarify deductions that don’t fall under that heading,…
The President’s action to defer payroll taxes: What does it mean for your business?
2020 – 08/17 On August 8, President Trump signed four executive actions, including a Presidential Memorandum to defer the employee’s portion of Social Security taxes for some people. These actions were taken in an effort to offer more relief due to the COVID-19 pandemic. The action only defers the taxes, which means they’ll have to be…
Prioritize customer service now more than ever
2020 – 09/09 You’d be hard-pressed to find a business that doesn’t value its customers, but tough times put many things into perspective. As companies have adjusted to operating during the COVID-19 pandemic and the resulting economic fallout, prioritizing customer service has become more important than ever. Without a strong base of loyal buyers, and…
Take a fresh look at your company’s brand
2020 – 08/19 A strong, discernible brand is important for every business. Even a company that never undertakes a formal branding effort will, over time, establish a brand through its communications with customers and interactions with the public. For this reason, it’s a good idea to regularly take a fresh look at your brand and…
5 common accounting software mistakes to avoid
2020 – 08/12 No company can afford to operate without the right accounting software. When considering whether to buy a new product or upgrade their current solutions, however, business owners often fall prey to some common mistakes. Here are five gaffes to avoid: 1. Relying on a generic solution. Some companies rush into buying an…
