Tax

Is my charitable donation tax deductible?

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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The importance of S corporation basis and distribution elections

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 […]

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Families First Coronavirus Response Act (FFCRA)

Now 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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Payroll Tax Deferral: Updated Guidance

The 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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