by angieduran | Jul 10, 2020 | Uncategorized
If you own or manage a business with employees, you may be at risk for a severe tax penalty. It’s called the “Trust Fund Recovery Penalty” because it applies to the Social Security and income taxes required to be withheld by a business from its employees’ wages....
by angieduran | Jul 2, 2020 | Uncategorized
The extended federal income tax deadline is coming up fast. As you know, the IRS postponed until July 15 the payment and filing deadlines that otherwise would have fallen on or after April 1, 2020, and before July 15. Retroactive COVID-19 business relief The...
by angieduran | Jun 25, 2020 | Uncategorized
If you are receiving Social Security benefits you may have to pay income taxes on a portion of those benefits. Social Security benefits include monthly retirement, survivor and disability benefits. They do not include supplemental security income payments, which...
by angieduran | Jun 15, 2020 | Uncategorized
If you operate a small business, or you’re starting a new one, you probably know you need to keep records of your income and expenses. In particular, you should carefully record your expenses in order to claim the full amount of the tax deductions to which you’re...
by angieduran | Jun 11, 2020 | Uncategorized
The recent riots around the country have resulted in many storefronts, office buildings and business properties being destroyed. In the case of stores or other businesses with inventory, some of these businesses lost products after looters ransacked their property....
by angieduran | Jun 3, 2020 | Uncategorized
Restaurants and entertainment venues have been hard hit by the novel coronavirus (COVID-19) pandemic. One of the tax breaks that President Trump has proposed to help them is an increase in the amount that can be deducted for business meals and entertainment. It’s...
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