Article Highlights: October 15 extended due date for filing federal individual tax returns for 2019.Late-filing penalty.Interest on tax due. Other October 15 deadlines. Because of the COVID-19 pandemic emergency, the IRS postponed the original due date for filing 2019 returns to July 15, 2020. If you could not complete your 2019 tax return by July 15 [...]
Ever since the coronavirus pandemic began impacting the United States, businesses around the country have responded by instituting work-from-home policies. While it is unclear how much longer the nation will be in the grips of the crisis, social distancing is likely to remain in place for many organizations. Some of the country’s most recognizable brands, [...]
September 10 - Report Tips to EmployerIf you are an employee who works for tips and received more than $20 in tips during August, you are required to report them to your employer on IRS Form 4070 no later than September 10. Your employer is required to withhold FICA taxes and income tax withholding for [...]
Article Highlights: Away-from-home travelLodging and mealsEntertaining for charityAutomobile travelUniformsSubstantiation requirements If you volunteered your time for a charity or governmental entity during the COVID-19 pandemic, you probably qualify for some tax breaks. These rules actually apply to all charity volunteers not just COVID-19 volunteers. Although no tax deduction is allowed for the value of services [...]
According to one recent study, consumer debt in the United States was approaching an incredible $14 trillion as of the second quarter of 2019. Mortgage debt alone had increased by about $407 billion from a few years earlier in 2017, and credit cards themselves had crossed the $1 trillion mark during the same period of [...]
Regardless of the type of business you're running, it's safe to say that you've likely already been impacted by the ongoing COVID-19 pandemic that is making its way across the globe. With no complete end to the situation in sight, many have begun to try to settle into whatever this "new normal" actually is. They're [...]
It has been more than ten years since the United States’ economy has gone through a recession, and when the National Bureau of Economic Research announced in June that we have officially entered another, it hit many Americans like a body blow. The dark financial times we experienced between December of 2007 and June of [...]
COVID-19 has had an unprecedented impact on all aspects of American businesses, but perhaps none have been as severely affected as small business owners. Surviving this disaster will require more than just time: you will need to take a pragmatic view of what has happened and what steps you are willing and able to take [...]
Article Highlights: Paycheck Protection ProgramLoan TermsLoan AmountLoan ForgivenessReduction in PayDecrease in EmployeesQualified Expenses LimitationDocumenting Forgiveness Now that you have gotten a Paycheck Protection Program loan (PPPL), it is time to start planning how to spend the loan proceeds so some portion of the loan will be forgiven. As the loan title implies, the purpose of [...]
In the face of the global pandemic and the subsequent economic crisis it has spurred, the federal government has taken several steps to protect small business owners. One of the most notable of these steps is the offering of Paycheck Protection Program (PPP) loans, which are being trumpeted as forgivable loans. Though the loans are indeed [...]
