For many businesses, retaining employees has been difficult, if not impossible. If your company has been able to keep all or some of its workers, you may still be able to qualify for the payroll tax credit created under the Coronavirus Aid, Relief and Economic Security (CARES) Act, known as the Employee Retention Credit. ASSESSING [...]
The novel coronavirus (COVID-19) crisis has spurred much confusion and unprecedented economic challenges. It has also created ample opportunities for dishonest individuals and criminal organizations to pretty on the anxieties of many Americans. As the year rolls along, fraud schemes related to the crisis will continue as well, potentially becoming even more sophisticated. Here are [...]
July 15* Due date (without extension) for the following: 2019 individual income tax payments and return filing on Form 1040.2019 calendar-year corporate income tax payments and return filing on Form 1120.2019 estate and trust income tax payments and return filing on Form 1041.2019 calendar-year exempt organization return filing on Forms 990 or 990PF and business [...]
Traditionally, important tax and financial records have been stored as hardcopies in desk drawers, filing cabinets and safe deposit boxes. Nowadays, it’s become increasingly popular and easy to digitize documents and store them electronically. Is this the right move for you? PLUSES OF ELECTRONIC STORAGE Perhaps the biggest advantage of digital documents is a drastic [...]
When a trade or business’s deductible expenses exceed its income, a net operating loss (NOL) generally occurs. When filing your 2019 income tax return, you might find that your business has an NOL – and you may be able to turn it to your tax advantage. But the rules applying to NOLs have changed and [...]
Earlier this year, in response to the novel coronavirus (COVID-19) crisis, the IRS postponed numerous federal tax filing and payment deadlines. If you took advantage of the extra time, it’s important not to forget about your return or lose sight of any important details. RECAPPING THE RELIEF For taxpayers with a 2019 federal income tax [...]