Here are some of the key tax-related deadlines affecting businesses and other employers during the fourth quarter of 2020. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you.…
The IRS has provided guidance to employers regarding the recent presidential action to allow employers to defer the withholding, deposit, and payment of certain payroll tax obligations. The three-page guidance in Notice 2020-65 was issued to implement…
You’re probably aware of the 100% bonus depreciation tax break that’s available for a wide range of qualifying property. Here are five important points to be aware of when it comes to this powerful tax-saving tool. Bonus…
On Aug. 8, 2020, President Trump issued a Presidential Memorandum to defer the withholding, deposit, and payment of certain payroll tax obligations. The Memorandum directed the Secretary of the Treasury to defer the withholding on wages for…
On Aug. 8, 2020, President Trump signed an executive memorandum that defers an employee’s portion of Social Security and Medicare taxes from Sept. 1 through Dec. 31, 2020. At this point, the taxes are just deferred, meaning…
Don’t let the holiday rush keep you from taking some important steps to reduce your 2019 tax liability. You still have time to execute a few strategies, including: Buying assets.Thinking about purchasing new or used heavy vehicles,…
If you read the Internal Revenue Code (and you probably don’t want to!), you may be surprised to find that most business deductions aren’t specifically listed. It doesn’t explicitly state that you can deduct office supplies and…
Is Remaining an S Corporation the Right Move For Your Business? “To be or not to be, that is the question.” Is it better to stay as an S Corporation or make the switch to a C…
If you think that once your non-profit receives its official tax-exempt status from the IRS, you don’t have to revisit it, think again. Whether your organization is a Section 501(c)(3), Sec. 501(c)(7), or other type, be careful.…
Limited liability company (LLC) members commonly claim that their distributive shares of LLC income — after deducting compensation for services in the form of guaranteed payments — aren’t subject to self-employment (SE) tax. However, the IRS has…
The flat 21 percent federal income tax rate for C corporations under the Tax Cuts and Jobs Act (TCJA) has been great news for these entities and their owners.However, some fundamental tax truths for C corporations largely…
A sales and use tax exemption is available in a majority of states for manufacturers— including Ohio. So who is considered a manufacturer? A manufacturer is someone engaged in manufacturing, processing, assembling, or refining a product for…
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