June 2020 Tax Due Dates
June 2020 Individual Due Dates June 1 – Final Due Date for IRA Trustees to Issue Form 5498 Final due date for IRA trustees to issue Form 5498, providing IRA owners with the fair market value (FMV) of their IRA accounts as of December 31, 2019. The FMV of an IRA on the last day of…
Read MorePost-Pandemic Trends Shifting the Economy for Small Businesses Everywhere
While it’s absolutely true that the ongoing COVID-19 pandemic has created significant challenges for small and large businesses alike, there are also some changes happening that can be viewed as less negative. Behaviors have changed during the Coronavirus outbreak, and some of these could end up being positive for small businesses in particular moving forward.…
Read MoreCoronavirus-Related Tax Relief for U.S. Families and Individuals
As Americans and global citizens, we are living in unprecedented times with the onset of coronavirus (COVID-19) around the world. As we work together to move through these difficult times together, the IRS has provided some tax relief provisions for affected taxpayers. Let’s take a look at what’s being offered. Extended Due Date to File…
Read MoreIRS Guidance: PPP Loan Expenses Not Tax-Deductible
On April 30th, the IRS released guidance announcing that expenses related to Paycheck Protection Program (PPP) forgivable loans will not be tax-deductible. The PPP was originally created as part of the CARES Act, a $2.2 trillion coronavirus relief bill. The program provides low-interest loans to small businesses that will be forgivable as long as the…
Read MoreUnemployed by COVID-19? Special Benefits May Apply to You.
Article Highlights: Pandemic Unemployment Assistance Benefit Extensions Self-employed Coverage Taxability Withholding – Estimated Payments The CARES Act includes Pandemic Unemployment Assistance (PUA) provisions that extend and supplement state-provided unemployment insurance and are intended to lessen the financial burdens on individuals who have lost their jobs because of the COVID-19 emergency by allowing states to extend…
Read MoreTips to Keep Your Business Afloat During COVID-19
COVID-19 has had an unprecedented impact on all aspects of American businesses, but perhaps none have been as severely affected as small business owners. Surviving this disaster will require more than just time: you will need to take a pragmatic view of what has happened and what steps you are willing and able to take…
Read MoreW-2 Deadlines, Penalties, & Extension for 2019/2020
Form W-2 is an annual payroll report that shows the amount of taxes withheld from the employees’ paycheck for the year and is used to file federal and state taxes. As 2019 draws to a close, it is important for all the employers to issue Form W-2 to their employees without any delay so they…
Read MoreI have no box D or Control Number on my W-2
A Control Number (box D) is used by many payroll departments to uniquely identify a W-2 in their system. If your W-2 doesn’t have one, it’s no big deal. You can simply leave it blank. If you get errors when attempting to e-file with an empty box D, just enter any number in this format:…
Read More1099 Deadlines, Penalties & State Filing Requirements for 2019/2020
As the year 2020 has started, the 1099 deadlines will loom closer. Being a responsible employer, it’s important to prepare and issue 1099s to the recipients, and file them to IRS responsibly without any delay. 1099 tax form, referred to as “Information Returns” by IRS, should be sent by the company to the independent contractors…
Read MoreWho Owes You? 5 QuickBooks Online Reports That Can Tell You Fast
Keep a constant watch on your accounts receivable to improve cash flow. Quick: How many of your invoices are unpaid? Have any of your customers gone over 30 days past due? Did you bill all of the time and expenses for that project you just completed for a customer? If you’re doing your accounting manually,…
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