Bookkeeping tips from Vernoia, Enterline + Brewer, CPA LLC.
The Internal Revenue Service released Notice 2021-11 addressing how employers who elected to defer certain employees’ taxes can withhold and pay the deferred taxes throughout 2021 instead of just the first four months of the year.
Employers Can Withhold, Make Payments of Deferred Social Security Taxes from 2020 Read More »
Some small businesses pay employment tax quarterly while others may pay it just once a year.
Small Businesses Should Use the Right Form When Filing Employment Tax Returns Read More »
Real estate professionals who own short-term rental properties that are managed by a third party may find it more difficult to escape the grasp of the passive loss rules.
Short-Term Rental Property Generated Passive Losses Read More »
On October 8th, the SBA and Treasury rolled out a simpler PPP forgiveness process for loans $50,000 or less.
SBA and Treasury Issue Simplified PPP Forgiveness Process for Loans of $50k or Less Read More »
The Internal Revenue Service reminds people to create or maintain an emergency preparedness plan. A well-thought-out plan is a critical component for surviving natural disasters. Taxpayers, whether individuals, organizations or businesses, should take time now to create or update their emergency plans. A solid plan includes securing and duplicating essential documents, creating lists of property
IRS Reminds People to Prepare for Natural Disasters Read More »
People who are working from home in response to the coronavirus pandemic may be looking forward to claiming a home office tax deduction. However, most will be disappointed.
Home Office Deduction Doesn’t Benefit Everyone Who Works from Home Read More »
Recordkeeping is an important part of running a small business. In fact, keeping good records helps business owners make sure their business stays successful.
Good Recordkeeping Is Good Business Read More »
After a natural disaster, taxpayers may need records to help them prove their disaster-related losses. This may be for tax purposes, getting federal assistance or insurance reimbursement.
Follow These Steps After a Disaster to Reconstruct Records Read More »
A real estate developer could not deduct a portion of his S corporation’s losses because there was no debt between the S Corp and the developer as shareholder.
S Corp Losses Not Deductible: Debt Didn’t Run to Shareholder Read More »
The IRS has released 2019 maximum vehicle fair market values for use with the vehicle cents-per-mile valuation rule and the fleet-average valuation rule.
2019 Fleet Average Valuation and Vehicle-Cents-Per Mile Number Released Read More »