October 7, 2020 / by Brett Hess / Deadlines, Small Business, Tax
IRS audit rates are historically low, according to the latest data, but that’s little consolation if your return is among those selected to be examined. But with proper preparation and planning, you should fare well. In fiscal year 2019, the IRS audited approximately 0.4% of individuals. Businesses, large corporations and high-income individuals are more likely […]
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Providing a company car? Here’s how taxes are handled
December 23, 2021 / by Brett Hess / Newsletter, Small Business
The use of a company vehicle is a valuable fringe benefit for owners and employees of small businesses. This perk results in tax deductions for the employer as well as tax breaks for the owners and employees using the cars. (And of course, they get the nontax benefit of getting a company car.) Plus, current […]
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IRS additional guidance addresses COBRA assistance under ARPA
August 24, 2021 / by Brett Hess / Deadlines, Small Business, Tax
In Notice 2021-46, the IRS recently issued additional guidance on the COBRA premium assistance provisions of the American Rescue Plan Act (ARPA). Under the ARPA, a 100% COBRA premium subsidy and additional COBRA enrollment rights are available to certain assistance eligible individuals (AEIs) during the period beginning on April 1, 2021, and ending on September […]
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Still have questions after you file your tax return?
May 20, 2021 / by Brett Hess / Deadlines, Newsletter, Small Business, Tax
Even after your 2020 tax return has been successfully filed with the IRS, you may still have some questions about the return. Here are brief answers to three questions that we’re frequently asked at this time of year. Are you wondering when you will receive your refund? The IRS has an online tool that can […]
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Providing education assistance to employees? Follow these rules
May 4, 2021 / by Brett Hess / Newsletter, Small Business
Many businesses provide education fringe benefits so their employees can improve their skills and gain additional knowledge. An employee can receive, on a tax-free basis, up to $5,250 each year from his or her employer for educational assistance under a “qualified educational assistance program.” For this purpose, “education” means any form of instruction or training […]
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The COVID-19 relief law: What’s in it for you?
January 12, 2021 / by Brett Hess / Deadlines, Newsletter, Small Business, Tax, Uncategorized
The new COVID-19 relief law that was signed on December 27, 2020, contains a multitude of provisions that may affect you. Here are some of the highlights of the Consolidated Appropriations Act, which also contains two other laws: the COVID-related Tax Relief Act (COVIDTRA) and the Taxpayer Certainty and Disaster Tax Relief Act (TCDTR). Direct […]
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The easiest way to survive an IRS audit is to get ready in advance
October 7, 2020 / by Brett Hess / Deadlines, Small Business, Tax
IRS audit rates are historically low, according to the latest data, but that’s little consolation if your return is among those selected to be examined. But with proper preparation and planning, you should fare well. In fiscal year 2019, the IRS audited approximately 0.4% of individuals. Businesses, large corporations and high-income individuals are more likely […]
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Subchapter V: A silver lining for small businesses mulling bankruptcy
May 14, 2020 / by Brett Hess / Newsletter, Small Business
Many small businesses continue to struggle in the wake of the coronavirus (COVID-19) pandemic. Some have already closed their doors and are liquidating assets. Others, however, may have a relatively less onerous option: bankruptcy. Although bankruptcy obviously isn’t an optimal outcome for any small company, there may be a silver lining: A new bankruptcy law […]
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Hiring independent contractors? Make sure they’re properly classified
April 30, 2020 / by Brett Hess / Uncategorized
As a result of the coronavirus (COVID-19) crisis, your business may be using independent contractors to keep costs low. But you should be careful that these workers are properly classified for federal tax purposes. If the IRS reclassifies them as employees, it can be an expensive mistake. The question of whether a worker is an […]
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Answers to questions you may have about Economic Impact Payments
April 21, 2020 / by Brett Hess / Deadlines, Newsletter, Small Business, Tax, Uncategorized
Millions of eligible Americans have already received their Economic Impact Payments (EIPs) via direct deposit or paper checks, according to the IRS. Others are still waiting. The payments are part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act. Here are some answers to questions you may have about EIPs. Who’s eligible to get […]
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COVID-19: IRS announces more relief and details
April 20, 2020 / by Brett Hess / Deadlines, Newsletter, Small Business, Tax, Uncategorized
In the midst of the coronavirus (COVID-19) pandemic, Americans are focusing on their health and financial well-being. To help with the impact facing many people, the government has provided a range of relief. Here are some new announcements made by the IRS. More deadlines extended As you probably know, the IRS postponed the due dates […]
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