Posted on March 16, 2020
by
Joseph Saka
The Small Business Administration (SBA) announced it will offer up to $2 million in low-interest disaster-recovery loans to support the nation’s 30 million small businesses suffering losses due to the novel coronavirus (COVID-19). Under the Economic Injury Disaster Loan program, the SBA will provide states and territories with federal aid to help qualifying small businesses […]
Posted on March 04, 2020
by
Adam Cohen
With the cheer of a New Year, businesses must contend with new rules for calculating employees’ overtime hours under the Fair Labor Standards Act (FLSA). According to the Department of Labor, companies will need to begin paying overtime in 2020 to approximately 1.3 million workers who were not previously eligible to receive it. In general, […]
Posted on February 04, 2020
by
John Ebenger
The sale, exchange or liquidation of partnership interest in appreciated property, such as real estate, is a common occurrence among partners and members of partnerships and LLCs taxed as partnerships. Whether due to disagreements among the partners, the death or divorce of a partner, or the addition of new partners, these transactions can result in […]
Posted on January 29, 2020
by
Lewis Taub
The IRS updated the standard mileage rates that taxpayers may use to substantiate the costs they incur, and may be reimbursed by their employers, when they use their personal cars, vans or trucks for business purposes. These are the rates taxpayers will use beginning on Jan. 1, 2020, for the tax returns they will file […]
Posted on January 21, 2020
by
Andreea Cioara
The IRS recently updated the daily rates that employers may use to reimburse their employees for the ordinary and necessary expenses incurred when traveling for business purposes, including the costs that workers pay out of their own pockets for lodging, meals and entertainment, rental cars and car-share services. In general, companies have two options when […]
Posted on January 16, 2020
by
Rick Bazzani
The 2020 tax season officially begins on January 27, when the IRS will begin accepting and processing individuals’ electronically filed tax returns for 2019. With the federal filing deadline on Wednesday, April 15, taxpayers have just two-and-a-half months to gather important documents, meet with their tax advisors and pay any outstanding tax liabilities from 2019. […]
Posted on January 14, 2020
Two of the easiest steps you can take to protect yourself from identity theft, cyberthreats and loss of personal information and/or money is to 1) use strong passwords and 2) rely on multi-factor authentication when logging into their online accounts. With the start of the 2020 tax season and the proliferation of scams targeting taxpayers […]
Posted on December 30, 2019
by
Jack Winter
Businesses have until January 31, 2020, to file employee wage statements and non-employee compensation forms with the federal government for tax year 2019. Failure to correctly and timely file this information may result in penalties and back wages and back taxes. The Forms to File Employers must provide IRS Forms W-2, Wage and Tax Statement, […]
Posted on December 30, 2019
by
Richard Cabrera
Since Congress passed the Tax Cuts and Jobs Act (TCJA) in December 2017, it has focused a lot of attention on the new law’s lower individual and corporate tax rates. What Congress is not publicizing are some the revenue raisers it wrote into the TCJA to pay for the new tax cuts, including the elimination […]
For many small business owners, taxes are a once-a-year chore that requires them to dig through files of paper and pull together all of the documents required by their tax preparers to file their annual returns. Truth be told, maintaining tax compliance and minimizing one’s annual tax bill is a year-round process that demands constant […]
