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