DO YOU KNOW UNEMPLOYMENT BENEFITS ARE TAXABLE?
Article Highlights: CARES Act Unemployment Benefits States Taxation of Unemployment Will Unemployment Be Taxable? With the passage of the CARES Act stimulus package earlier this year, the federal government added $600 to the normal state weekly unemployment benefits and increased the number …
IF YOU ARE FACING FORECLOSURE, HERE ARE TAX ISSUES YOU WILL CONFRONT
Article Highlights: Mortgage Forbearance Fannie Mae and Freddie Mac Penalty Free Pension Plan Withdrawals Cancellation of Debt Income As part of the CARES Act, Congress provided temporary relief for homeowners with federally backed mortgages who were financially impacted by COVID-19. For those …
IS THE TEMPORARY DEFERRAL OF EMPLOYEE PAYROLL TAX WORTH IT?
Article Highlights Withholding of Social Security Tax Deferred IRS Guidance Employer Responsibility Unresolved Issues President Trump issued a Presidential Memorandum on August 8, 2020, that directs the Treasury Secretary to use his authority to defer the withholding, deposit and payment of employees’ …
ARE YOU PAYING TOO MUCH INTEREST ON YOUR HOME MORTGAGE?
Article Highlights: Lower Mortgage Interest Rates Refinancing Limits on Loan Terms Limit on Home Mortgage Debt Refinance Calculator Interest rates are currently at an all-time low, and it may be time for you to consider refinancing your existing home mortgage to take …
IRS EXTENDS THE OPPORTUNITY TO DEFER CAPITAL GAINS
Article Highlights: Tax Benefits Investment Period Qualified Opportunity Zone Funds Qualified Opportunity Zones Deferral Period 10 Year Election As part of tax reform put into place a couple of years ago, individuals are able to defer both short- and long-term capital gains …
HOW TO CREATE PRODUCT RECORDS IN QUICKBOOKS ONLINE, PART 2
Last month, we covered the setup you have to do before you start building your product and service records in QuickBooks Online. We told you to click the gear icon in the upper right, then click Account and settings, then the Sales tab, then Products and …
SEPTEMBER 2020 BUSINESS DUE DATES
September 15 – S Corporations File a 2019 calendar year income tax return (Form 1120-S) and pay any tax due. This due date applies only if you requested an automatic 6-month extension. Provide each shareholder with a copy of K-1 (Form 1120-S) …
INDIVIDUALS HAVE A NEW OPPORTUNITY TO RECEIVE $500 ECONOMIC IMPACT PAYMENTS FOR THEIR CHILDREN
Article Highlights: $500 Per Child Stimulus Payment Non-Filer Tool Those Who Have Already Used the Non-Filer Tool Those Who Haven’t Used Non-Filer Tool How Payment Will be Made Get My Payment Tool Non-Filers The Internal Revenue Service has announced it will reopen …
HOW STATES ARE RESHAPING NEXUS LAWS FOR REMOTE EMPLOYEES DUE TO COVID-19
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 …
WHAT ARE THE TAX PLANS OF THE MAJOR PARTIES’ PRESIDENTIAL CANDIDATES?
Article Highlights: Tax Issues Current Law Trump Proposals Biden Proposals As the November elections approach, you might want to know what the two front-running presidential candidates’ tax plans for the future are. The following is an overview of their positions, at least …
