The holiday season is when many people think about how they can give back, often wanting to donate to a charity. The IRS has a tool that can help figure out if giving to a favorite cause will also give the gift of a tax deduction. Tax Exempt Organization Search allows users to search for […]
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S corporations can provide tax advantages over C corporations in the right circumstances. This is true if you expect that the business will incur losses in its early years because shareholders in a C corporation generally get no tax benefit from such losses. Conversely, as an S corporation shareholder, you can deduct your percentage share […]
Read the full articleNow that we’re coming up on the end of the year, many employers may be wondering about filing for the FFCRA tax credit. They may have employees who took the time off to care for children or family members during the COVID-19 pandemic. This act, signed into law in March 2020, made it financially possible […]
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Unfortunately, the COVID-19 pandemic has forced many businesses to shut down. If this is your situation, we’re here to assist you in any way we can, including taking care of the various tax obligations that must be met. Of course, a business must file a final income tax return and some other related forms for […]
Read the full articleThe IRS recently posted guidance on how to report the deferral of withholding, depositing, and paying of certain payroll tax obligations, as authorized by the Aug. 8, 2020, presidential memorandum directing Treasury to defer taxes under Sec. 7508A. The IRS has also updated Form 941, Employer’s Quarterly Federal Tax Return, to allow for reporting the […]
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