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Tag Archives: taxes
IRS highlights employer credits for businesses during Small Business Week
During Small Business Week, the IRS reminds business owners and self-employed individuals of employer credits available during COVID-19. These special credits were created to help small business owners during this unprecedented times. Reach out to your tax professional to see … Continue reading
Payroll Tax Deferral took effect Sept. 1, What does it mean for your paycheck?
President Trump’s payroll tax holiday took effect on September 1. Participating employers can expect heftier responsibilities, while workers who participate in the holiday could see a temporary pay boost this fall and a dip in January. The employees may see … Continue reading
Federal benefit recipients with children have more time to the $500 Stimulus Payment
The IRS has reopened the registration period for individuals who receive Social Security, Supplemental Security Income, Railroad Retirement or veteran’s benefits, but didn’t receive $500 per child earlier this year when they received their own stimulus payment. Federal benefit recipients … Continue reading
Guidance Issued to Implement Presidential Memorandum Deferring Employee Social Security Tax Withholding
The Department of Treasury and the Internal Revenue Service issued guidance on implementing the Presidential Memorandum allowing employers to defer withholding and payment of the employee’s portion of the Social Security taxes if the employee’s wages were below a certain … Continue reading
Tax Deadline for Extension Filers is Almost Here
The October 15 filing deadline is quickly approaching. If you filed an extension for your federal or state taxes don’t forget to get your returns on file before Thursday, October 15. Are you ready to file now? We can help … Continue reading
Tax Filing Extension Update
The deadline for filing taxes was recently extended to July 15th due to outbreak of coronavirus. To clarify, the IRS says, taxpayers who need more time even after this date to file, must request to do so. However, the date … Continue reading
Non Tax-Filers Still To Receive Stimulus Payment
Recipients of Social Security retirement, Railroad retirement, disability, and survivor benefits are all still entitled to a stimulus check. In addition to the benefits already claimed, those who have children under the age of 17 will receive an additional $500 … Continue reading
Missing Tax Returns for High Income Earners means more upcoming IRS Visits
In an IRS announcement on Feb. 20th, 2020, it was stated that an increase in IRS visits to high-income tax payers would be coming. They want to ensure fair tax practices and are revisiting those who haven’t filed returns in … Continue reading
Filing taxes 101: Common errors taxpayers should avoid
Mistakes can result in processing delays, which can mean it takes more time to get a refund. Some easy ways to avoid mistakes are tofile electronically – the electronic system can immediately mark errors that would normally not be caught … Continue reading
90 Day Tax Payment Relief Due to Coronavirus
On March 18th, 2020 it was announced that the IRS would extend the due date of federal tax payments from April 15th to July 15th because of the growing Coronavirus crisis. This extension applies to individual taxpayers owing up to … Continue reading