Business Articles

Tax Due Dates

October 2020 Individual Due Dates

October 13 - Report Tips to Employer If you are an employee who works for tips and received more than $20 in tips during September, you are required to report them to your employer on IRS Form 4070 no later than October 13. Your employer…
Man with Keyboards

Employers, Don’t Miss Out on the Work Opportunity Credit

The Taxpayer Certainty and Disaster Tax Relief Act of 2019 extended the Work Opportunity Tax Credit (WOTC) allowing employers who are willing to help disadvantaged individuals  to benefit from a substantial federal tax credit. The WOTC is…
US Currency
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Loan Application Period for the Paycheck Protection Program Extended

If you missed the opportunity to apply for a Paycheck Protection Program (PPP) loan before the program expired at the end of June, you have another chance. Congress has overwhelmingly voted to extend the application period for a PPP loan through…
US Currency

10 Things to Know About Credit Scores

Once you get above a certain age, you start hearing about a magical thing called a credit score. You hear that everybody has one and that you need to do everything you can to bolster it. You hear that there are things you can do to hurt your…
Capital Building
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Congress Liberalizes PPP Loan Forgiveness

If you are the owner of a small business that was able to obtain a Paycheck Projection Program (PPP) Loan, you have probably already started worrying about how you are supposed to spend the loan proceeds to maximize loan forgiveness. When…
Small Business

Does Your Business Qualify for the Research Tax Credit?

For businesses, the tax code provides a tax credit of up to 20% of qualified expenditures to encourage businesses to develop, design or improve products, processes, techniques, formulas or software and similar activities. In the past, this credit—called…
Tax Due Dates

June 2020 Individual Due Dates

June 1 - Final Due Date for IRA Trustees to Issue Form 5498 Final due date for IRA trustees to issue Form 5498, providing IRA owners with the fair market value (FMV) of their IRA accounts as of December 31, 2019. The FMV of an IRA on the…
Small Business
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Tips to Keep Your Business Afloat During COVID-19

COVID-19 has had an unprecedented impact on all aspects of American businesses, but perhaps none have been as severely affected as small business owners. Surviving this disaster will require more than just time: you will need to take a pragmatic…
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Coronavirus-Related Tax Relief for U.S. Families and Individuals

As Americans and global citizens, we are living in unprecedented times with the onset of coronavirus (COVID-19) around the world. As we work together to move through these difficult times together, the IRS has provided some tax relief provisions…