There are a few changes to the rules for the employee retention credit. Businesses established in 2019 can now use the quarter in which they began as the base for determining their decline for the quarter. In addition, employers can now include tips in qualified wages. As a result, this […]
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Many taxpayers wait until the height of tax season to know if they are to get a tax refund or if they will owe Uncle Sam some cash. This can be an anxious time as one calculates or awaits to find out their position from the preparer. However, any taxpayer […]
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Until now, corporate social responsibility (CSR) has come to be one of the accepted business norms of our time. It’s regarded as business practices involving initiatives that benefit society. The European Commission not long ago defined CSR as “the responsibility of enterprises for their impacts on society”, a succinct and […]
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Fines for late filing of returns The fines for late returns have been increased. The old one hundred pound fine has been replaced if you file your return more than three months late and even higher if you are six months late. How can they be set aside? Simply by […]
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With the April deadline for filing taxes behind us, it can be easy to put taxes out of your mind until next filing season. Before you do, review your financial situation to see if you could benefit from early tax planning. A little organization today may help you reduce your […]
Continue ReadingConflict with the IRS is quite common, whether it is a taxpayer who forgot to mail in a tax return, an expatriate who has inadvertently neglected to claim foreign income, or an investor who accidentally racked up a huge tax bill after cashing in some stock options. In all these […]
Continue ReadingEvery business needs an accountant, regardless of other factors. However, entrepreneurs often make grave mistakes when it comes to selecting one. First things first, there’s a big difference between accountants and CPAs. In this post, we will discuss that and much more about selecting an accountant/CPA for your company. Difference […]
Continue ReadingOver 1 million taxpayers are audited every year. Most of those audited are audited through a letter. The IRS sends a letter to the taxpayer, requesting further information concerning item(s) in the tax return. If the taxpayer being audited responds to such a letter with the required information, then it […]
Continue ReadingIf you are thinking about setting up a corporation for running your business these tax planning tips will be helpful. Taxation of the corporation: Keep the corporation a small business corporation, so that your shares are qualified for small business shares at all times. This will preserve your ability to […]
Continue ReadingEvery tax season, taxpayers are all excited as they await a refund check from Uncle Sam. The large list of reliefs from the IRS has made it possible for a vast majority of American taxpayers to go without paying any Federal Income Taxes. In fact, the Tax Policy Center estimated […]
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