Coronavirus Tax Relief RS

Coronavirus (COVID-19): Tax relief for small businesses

Businesses across the country are being affected by the coronavirus (COVID-19). Fortunately, Congress recently passed a law that provides at least some relief.

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IRS Extends Payment Deadline RS

More Details About the Tax Payment Deadline Extension

The IRS released Notice 2020-17 providing additional information related to the extension of the deadline for Federal income tax payments.

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Families First Act RS

Congress Passes Families First Coronavirus Response Act

Congress has passed and the President has signed the Families First Coronavirus Response Act.

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Multiple Revenue Streams Nonprofit RS

Multiple Income Streams: The Key to Sustainability for Nonprofits

Organizations with only one or two sources of revenue are particularly vulnerable to financial trouble. Now is the time to ensure your revenue streams are sufficiently diverse.

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IRS Extends Payment Deadline RS

Tax Payments Deferred Until July 15

Treasury Secretary Steven Mnuchin announced that individual taxpayers who owe up to a million dollars in federal taxes can defer paying until July 15.

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Simplified Employee Pension Image RS

Business Owners Still Have Time to Set Up a SEP Plan for 2019

A Simplified Employee Pension (SEP) can still be set up for 2019, and you can make contributions to it that you can deduct on your 2019 income tax return.

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Are There Embedded Leases Hiding in Your Contracts?

GAAP-compliant construction businesses with a calendar year end now have until 2021 to implement Accounting Standards Codification (ASC) Topic 842, Leases.

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Determining Reasonable Compensation RS

Compensation vs. Dividends: Determining Reasonable Compensation

There’s a tax advantage to taking money out of a C corporation as compensation rather than as dividends because a corporation can deduct the salaries and bonuses that it pays …

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Rental Real Estate: Determining if a Property is a Business or an Investment

If you own rental real estate, its classification as a trade or business rather than an investment can have a big impact on your tax bill.

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Work Opportunity Tax Credit Extended RS

Work Opportunity Tax Credit Extended

If you’re a business owner, be aware that the Work Opportunity Tax Credit, a credit for hiring individuals from one or more targeted groups, has been extended.

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