Just as other American businesses are struggling to stay open, the IRS too faces many of the same challenges. Managing a virtual workforce, social distancing, live telephone and online assistance to taxpayers are notable examples of how COVID-19 is impacting…
COVID-19 is changing the landscape for many schools this fall. But many children and young adults are going back, even if it’s just for online learning, and some parents will be facing tuition bills. If your child has been awarded…
Finding resources for COVID-19 relief programs can be overwhelming. Many states provide information on their websites about programs they have made available for their resident businesses. If you operate a business in Kansas or Missouri, you’ll find the latest information…
If your business was fortunate enough to get a Paycheck Protection Program (PPP) loan taken out in connection with the COVID-19 crisis, you should be aware of the potential tax implications. PPP basics The Coronavirus Aid, Relief and Economic Security…
Economic fallout from the COVID-19 crisis may cause some cash-strapped individuals to default on loans they've taken out from company qualified retirement plans, including 401(k) and profit-sharing plans. Defaulting on a plan loan will cause adverse tax and retirement-saving consequences.…
Purchases of new and used business vehicles may qualify for tax breaks under current tax law. If you need a new vehicle to use for business purposes, review these details before you go shopping. Some vehicles may qualify for bigger…
The second half of 2020 has begun. What steps can small business owners take today to lower taxes for the current tax year? Alternatively, would it make more sense to maximize taxable income this year if you expect higher income…
Today, many people sell homemade products online or work on some unincorporated sideline venture outside of their regular day jobs. Such activities can generate extra spending money. This can be especially helpful for retired people and stay-at-home parents — or…
What happens when an employee quits and you can’t find her to send a final paycheck? What if a customer has a credit balance on an account and you can’t locate him to return it? Or what happens when you…
The Internal Revenue Service and Treasury Department announced new guidance for employers requiring them to report the amount of qualified sick leave and family leave wages they paid to employees under the Families First Coronavirus Response Act on Form W-2.…