Advertising and Marketing Costs May Be Tax Deductible
The tax law allows small businesses to deduct expenses that help them bring in new customers and keep existing ones.
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Bookkeeping
Bookkeeping tips from Vernoia, Enterline + Brewer, CPA LLC.
Your Research Credit Claim Refund
The IRS has set forth the information that taxpayers will be required to include for a research credit claim for refund to be considered valid.
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Guidance for Employers Claiming the Employee Retention Credit
The IRS issued further guidance on the Employee Retention Credit. This includes guidance for employers who pay qualified wages after June 30, 2021, and before January 1, 2022, and guidance on miscellaneous issues that apply to the employee retention credit in both 2020 and 2021.
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Repaying Deferred Social Security Tax
The Coronavirus Aid, Relief, and Economic Security Act allowed self-employed individuals and household employers to defer the payment of certain Social Security taxes on their Form 1040 for tax year 2020 over the next two years. Half of the deferred Social Security tax is due by December 31, 2021, and the remainder is due by
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Payments for Deferred Tax Reported by Third Party Payers
The Coronavirus, Aid, Relief and Economic Security Act – CARES Act – allowed employers to defer the deposit and payment of the employer’s share of Social Security taxes and self-employed individuals to defer payment of certain self-employment taxes.
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What You Do This Summer May Impact Your Taxes
It’s summertime and for many people, summertime means change. Whether it’s a life change or a typical summer event, it could affect incomes taxes.
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The First Good Step of Tax Planning
Year-round tax planning is for everyone. An important part of that is recordkeeping. Gathering tax documents throughout the year and having an organized recordkeeping system can make it easier when it comes to filing a tax return or understanding a letter from the IRS. Good records help: Identify sources of income. Taxpayers may receive money
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Sales and Use Tax Audits
Protect Your Business from Sales and Use Tax Risk Failure to accurately manage sales and use tax compliance is likely to have serious consequences for manufacturers and wholesalers, particularly in this post-Wayfair/economic nexus, increased remote and direct-to-consumer pandemic selling environment. Many manufacturers still don’t realize that they may be subject to complex sales and use
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Treasury Department and IRS Provide Safe Harbor for Small Businesses
Treasury Department and IRS provide safe harbor for small businesses to claim deductions relating to first-round Paycheck Protection Program loans
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New Law Provides Additional Flexibility for Health FSAs and Dependent Care Assistance Programs
Employers may allow participants to carry over unused amounts The Internal Revenue Service provided greater flexibility, due to the pandemic, to employee benefit plans offering health flexible spending arrangements (FSAs) or dependent care assistance programs.