July 15 If the monthly deposit rule applies, employers must deposit the tax for payments in June for Social Security, Medicare, withheld income tax and nonpayroll withholding. August 2 The second quarter Form 941 (“Employer’s Quarterly Federal Tax Return”) is due today. (If your tax liability is less than $2,500, you can pay it in [...]
Under the Families First Coronavirus Response Act (FFCRA), enacted in March of 2020, employees could (through December 31, 2020) take paid sick time and paid family leave to care for themselves or loved ones because of COVID-19. In turn, eligible employers could claim tax credits to offset costs of the leave. If your business has [...]
If you share a vacation home with family members, holding it in a limited liability company (LLC) is one option that offers several important benefits. Here are a few: Asset protection. By establishing an LLC to own the home and transferring interests to family members, you can protect the home against claims by a family [...]
When you think back on this spring, you may fondly recall a substantial deposit made to your bank account by the federal government (if you were eligible). Economic Impact Payments were a focal point of the American Rescue Plan Act (ARPA), but it contains many other provisions also worth remembering. Here are four highlights: The [...]
With the economy expected to improve in the months or quarters ahead, many business owners and entrepreneurs may decide to launch new enterprises. If you’re among them, be aware that the way you handle some of your initial expenses can make a large difference in your tax bill. GENERAL RULES Start-up costs include those incurred [...]
Most people feel a sense of relief after filing their tax returns. But even if you’ve successfully filed your 2020 return with the IRS, there may still be some issues to bear in mind. Here are three important things to know: You can check on your refund. The IRS has an online tool that can [...]