Tax and Accounting Blog, San Diego

/Tax and Accounting Blog, San Diego/
26 09, 2020

Still Waiting for the IRS to Cash Your Check?

By |2020-09-24T20:45:09+00:00September 26th, 2020|Categories: Uncategorized|0 Comments

Article Highlights: IRS’s Unopened Mail BacklogUncashed ChecksDishonored Payment PenaltyIRS Relief for Taxpayers During the COVID-19 pandemic, the IRS has furloughed many of its employees or had them work from home to mitigate the spread of the virus. Many IRS offices remained shuttered for months, and a backlog of millions of pieces of unopened mail accumulated [...]

24 09, 2020

October’s Extended Due Date Is Fast Approaching

By |2020-09-24T20:37:23+00:00September 24th, 2020|Categories: Uncategorized|0 Comments

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 [...]

7 09, 2020

How States are Reshaping Nexus Laws for Remote Employees Due to COVID-19

By |2020-09-04T21:58:35+00:00September 7th, 2020|Categories: Uncategorized|0 Comments

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, [...]

4 09, 2020

September 2020 Individual Due Dates

By |2020-09-04T21:44:00+00:00September 4th, 2020|Categories: Uncategorized|0 Comments

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 [...]

25 08, 2020

Charity Volunteer Tax Breaks

By |2020-08-25T21:05:48+00:00August 25th, 2020|Categories: Uncategorized|0 Comments

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 [...]

24 08, 2020

This is What Happens to Your Unpaid Debts If You Pass Away

By |2020-08-24T22:45:16+00:00August 24th, 2020|Categories: Uncategorized|0 Comments

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 [...]

19 08, 2020

Wealth Transition and Succession Planning: Best Practices for Businesses During COVID-19

By |2020-08-19T18:00:12+00:00August 19th, 2020|Categories: Uncategorized|0 Comments

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 [...]

11 08, 2020

We’re Officially in a Recession, So Make These 5 Money Moves Now

By |2020-08-11T19:56:32+00:00August 11th, 2020|Categories: Uncategorized|0 Comments

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 [...]

22 05, 2020

Tips To Keep Your Business Afloat During COVID-19

By |2020-05-22T15:30:54+00:00May 22nd, 2020|Categories: Uncategorized|0 Comments

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 [...]

22 05, 2020

Your PPP Loan Forgiveness Will Probably Be Less Than Anticipated

By |2020-05-22T15:15:02+00:00May 22nd, 2020|Categories: Uncategorized|0 Comments

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 [...]