COVID-19 Relief: Overview of the New CARES Act
The Coronavirus Aid, Relief, and Economic Security (CARES) Act was signed into law on March 27, 2020. In addition to giving people access to health care treatments, the new law will…
Major Business Assistance Provisions of the 2020 CARES Act
On March 27th, President Trump signed into law the 2020 CARES Act, which provides several provisions that are extremely relevant to small and mid-sized businesses. Two of the most significant…
More COVID-19 Updates from the IRS
As you may have heard, the IRS has announced special federal income tax return filing and payment relief in response to the ongoing coronavirus (COVID-19) pandemic. For a taxpayer with…
4 new law changes that may affect your retirement plan
If you save for retirement with an IRA or other plans, you’ll be interested to know that Congress recently passed a law that makes significant modifications to these accounts. The…
The IRS is targeting business transactions in bitcoin and other virtual currencies
Bitcoin and other forms of virtual currency are gaining popularity. But many businesses, consumers, employees and investors are still confused about how they work and how to report transactions on…
DOL expands retirement plan options for smaller businesses
The U.S. Department of Labor (DOL) has released a final rule which should make it easier for smaller businesses to provide retirement plans to their employees. According to the DOL,…
Hire your children this summer: Everyone wins
If you’re a business owner and you hire your children (or grandchildren) this summer, you can obtain tax breaks and other nontax benefits. The kids can gain on-the-job experience, save…
Employee vs. independent contractor: How should you handle worker classification?
Many employers prefer to classify workers as independent contractors to lower costs, even if it means having less control over a worker’s day-to-day activities. But the government is on the…
The TCJA changes some rules for deducting pass-through business losses
It’s not uncommon for businesses to sometimes generate tax losses. But the losses that can be deducted are limited by tax law in some situations. The Tax Cuts and Jobs…
Should you file Form SS-8 to ask the IRS to determine a worker’s status?
Classifying workers as independent contractors — rather than employees — can save businesses money and provide other benefits. But the IRS is on the lookout for businesses that do this…