Recent IRS instructions to its auditors limit face-to-face contacts. In a memo to auditors, the IRS has provided guidance about conducting audits in the COVID-19 environment. If there are less than 180 days remaining on the statute of limitations in a case, the IRS advises the auditor to contact the taxpayer by phone using “soft … Read More
Many businesses now offer, as part of their health care benefits, various types of accounts that reimburse employees for medical expenses on a tax-advantaged basis. These include health Flexible Spending Accounts (FSAs), Health Reimbursement Arrangement (HRAs) and Health Savings Account (HSAs, which are usually offered in conjunction with a high-deductible health plan). For employees to … Read More
The U.S. Chamber of Commerce has sent a letter to Washington officials stating that its members won’t defer payroll taxes. On Aug. 8, President Trump signed a memorandum that allows employers to defer the employee’s portion of Social Security tax for certain workers from Sept. 1-Dec. 31, 2020. The action directed the Treasury Secretary to … Read More
A strong, discernible brand is important for every business. Even a company that never undertakes a formal branding effort will, over time, establish a brand through its communications with customers and interactions with the public. For this reason, it’s a good idea to regularly take a fresh look at your brand and determine whether tweaks … Read More
Did you ask for an extension for your 2019 tax return this year? If so, keep in mind that Oct. 15, 2020 is the last day to file for most people who requested an extension. You can file your return any time before that date if you have all your required tax documents. Contact us … Read More
No company can afford to operate without the right accounting software. When considering whether to buy a new product or upgrade their current solutions, however, business owners often fall prey to some common mistakes. Here are five gaffes to avoid: 1. Relying on a generic solution. Some companies rush into buying an accounting system without … Read More
The IRS has announced new data (for tax year 2017) for foreign-controlled domestic corporations. For 2017, there were 128,601 tax returns filed with the IRS for domestic corporations with foreign owners (usually other corporations) who had 50% or more of the domestic corporation’s stock. These returns reported $14.6 trillion of total assets and $5.5 trillion … Read More
The deadline to return distributions to certain retirement accounts is coming up. IRA owners, beneficiaries or workplace retirement plan participants who received a required minimum distribution (RMD) this year have until Aug. 31 to roll over or repay the distributions to avoid paying taxes. The CARES Act waived RMDs during 2020 for IRAs and retirement … Read More
Economic Impact Payments (EIPs) will soon be sent to certain taxpayers whose payments had been sidelined. The IRS has announced that in early-to-mid-September, it will send EIPs to about 50,000 “injured spouses” whose portion of the EIP was diverted to pay past-due child support owed by their spouses. This applies to joint-filer spouses who aren’t … Read More
Although many businesses have had to reduce their workforces because of the COVID-19 pandemic, others are hiring or may start adding employees in the weeks or months ahead. A thoughtful onboarding program has become more important than ever in today’s anxious environment of safety concerns and compliance challenges. Crucial opportunity Onboarding refers to “[a formal] … Read More