David Reape CPA

Posted in: Articles, Tax

Business website costs: How to handle them for tax purposes

The business use of websites is widespread. But surprisingly, the IRS hasn’t yet issued formal guidance on when Internet website costs can be deducted. Fortunately, established rules that generally apply to the deductibility of business costs, and IRS guidance that applies to software costs, provide business taxpayers launching a website with some guidance as to […]

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Posted in: Articles, Tax

IRS to mail a special letter to estimated 9 million non-filers, urging them to claim Economic Impact Payment by Oct. 15

The Internal Revenue Service plans to mail out letters to roughly 9 million Americans who typically don’t file federal income tax returns who may be eligible for, but have not registered to claim, an Economic Impact Payment. The letters will urge recipients to register at IRS.gov by Oct. 15 in order to receive their payment […]

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David Reape CPA

Posted in: Articles, COVID-19, Federal, Tax

Employers have questions about deferring employees’ Social Security taxes

The IRS has provided guidance to employers regarding the recent presidential action to allow employers to defer the withholding, deposit and payment of certain payroll tax obligations, social security taxes. The three-page guidance in Notice 2020-65 was issued to implement President Trump’s executive memorandum signed on August 8. Private employers still have questions and concerns […]

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Posted in: Articles, COVID-19, Federal, Tax

Guidance issued for deferring certain employee Social Security tax withholding

The Department of Treasury and Internal Revenue Service have issued guidance implementing the Presidential Memorandum issued on Aug. 8, 2020. This allows employers to defer withholding and payment of the employee’s portion of the Social Security tax if the employee’s wages are below a certain amount. In short, employers can defer withholding Social Security tax […]

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Kate Protsenko-Blake CPA

Posted in: Articles, COVID-19, Federal, Tax

CARES Act made changes to excess business losses

As a follow up to an article we posted earlier in the spring, the CARES Act made changes to excess business losses. This includes some changes that are retroactive and there may be opportunities for some businesses to file amended tax returns. If you hold an interest in a business, or may do so in […]

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