by Admin | Jan 13, 2021 | Business Taxes
This is our annual reminder that if you use workers other than employees to perform services for your business and pay them $600 or more for the year, you are required to issue each one a Form 1099-NEC after the end of the year to avoid facing the loss of the...
by Admin | Dec 23, 2020 | Business Taxes
If you are a small business owner, every penny of your income counts. This means that you not only want to optimize your revenue, but also minimize your expenses and your tax liability. Unfortunately, far too many entrepreneurs are not well-versed on the tricks and...
by Admin | Dec 23, 2020 | Business Taxes
December 1 – EmployersDuring December, ask employees whose withholding allowances will be different in 2021 to fill out a new Form W4 or Form W4(SP).December 15 – Social Security, Medicare and Withheld Income Tax If the monthly deposit rule applies,...
by Admin | Dec 23, 2020 | Business Taxes
It is common practice this time of year for employers to give their employees gifts. Where a gift is infrequently offered and has a fair market value so low that it is impractical and unreasonable to account for it, the gift’s value would be treated as a de minimis...
by Admin | Dec 18, 2020 | Business Taxes, Individual Taxes
Health insurance premiums, especially in the wake of the Affordable Care Act, have risen dramatically and are one of the greatest expenses that most individuals pay. Although the cost of health insurance is allowed as part of an individual’s medical deductions when...
by Admin | Nov 20, 2020 | Business Taxes, COVID-19, PPP Loans & EIDL Loans
We now have official guidance from the I.R.S. that the advice provided by our Firm related to not being able to deduct eligible expenses related to PPP loans in 2020 is confirmed. While most PPP loans will not be forgiven in 2020 due to the time provided between...
