Each year the IRS publishes their activities in a publication called the Data Book. And each year for the past number of years the number one target of audits are those tax returns with a Schedule C for small business activity. So how do you prepare yourself for a possible audit? Here are some tips. […]
With millions of Americans working remotely for the first time this year, the Federal Trade Commission is warning people about work-from-home scams. Here are some common work-from-home offers to be careful of according to the FTC: At-Home Medical Billing Businesses. Many medical billing business opportunities are worthless. Their promoters don’t tell the truth about earnings potential […]
A U.S. Supreme Court ruling involving the state of South Dakota vs Wayfair (an online furniture retailer) opens the door for states to impose sales taxes on online retailers located outside their borders. This will have wide-reaching effects on small businesses and consumers. Here’s what you need to know: Who benefits? State governments. States will be […]
Thieves are getting creative with different ways to gain access to your checking account and personal information during the COVID-19 pandemic. Here are some of the reported schemes: Mandatory online COVID-19 Test Individuals posing as workers from the U.S. Department of Health and Human Services or other federal departments use text messages to instruct you […]
The following is an overview of some of the tax proposals discussed or introduced in Congress in September 2020. It is important that you not treat these proposals as passed legislation. Many hurdles remain before any of these legislative ideas become law. In the meantime, it is useful to see what types of tax laws […]
More of a business’s Paycheck Protection Program (PPP) loan used to pay certain owner-employee salaries can be forgiven under updated guidance from the Small Business Administration (SBA). What Changed The original PPP forgiveness rule stated that any employee who also had a stake in a company – regardless of how small the stake was – […]
The IRS released its 2020 edition of its annual Dirty Dozen list of tax scams with a special emphasis on aggressive and evolving schemes related to COVID-19 tax relief, including Economic Impact Payments. Here are six of the more common scams. Phishing. Phishing refers to potential fake emails or websites looking to steal your personal information. Remember the […]
Trimming unnecessary expenses is something most businesses did in earnest to survive the economic downturn that began earlier this year. While revenues have started rising again for some businesses, other companies continue to be mired in the effects of this year’s pandemic. If you’re still looking to cut expenses, here are some areas where your […]
Think twice about automatically paying the amount due on a notice Quotes from actual IRS correspondence received by clients: “Thank you for your correspondence. We currently do not have a copy of the correspondence we sent to you regarding your child’s tax return.” “Our records show we received a 1040X…for the tax year listed above. […]
Suppose you’re switching jobs if you were furloughed because of the pandemic or you’re simply searching for greener pastures. If you have a 401(k) from your soon-to-be former employer, you must decide what to do with your retirement account when you leave. Here are your four options: Leave the money in your previous employer’s pension […]
