“Launching a business? How to treat start-up expenses on your tax return”

October 19, 2020

While the COVID-19 crisis has devastated many existing businesses, the pandemic has also created opportunities for entrepreneurs to launch new businesses. For example, some businesses are being launched online to provide products and services to people staying at home. Entrepreneurs often don’t know that many…

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    Why Do Partners Sometimes Report More Income on Tax Returns Than They Receive in Cash?

    October 12, 2020

    If you’re a partner in a business, you may have come across a situation that gave you pause. In a given year, you may be taxed on more partnership income than was distributed to you from the partnership in which you’re a partner. Why is…

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      Employers Have Questions and Concerns About Deferring Employees’ Social Security Taxes

      October 5, 2020

      The IRS has provided guidance to employers regarding the recent presidential action to allow employers to defer the withholding, deposit and payment of certain payroll tax obligations. The three-page guidance in Notice 2020-65 was issued to implement President Trump’s executive memorandum signed on August 8….

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        Compare and Contrast: How do the Republican and Democratic Tax Plans Differ?

        September 29, 2020

        With the presidential election only weeks away, many people are beginning to pay closer attention to each candidate’s positions on such issues as the COVID-19 pandemic, health care, the environment and taxes. Among their many differences, President Donald Trump and former Vice President Joe Biden…

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          Tax Implications of Working From Home or Collecting Unemployment

          September 28, 2020

          COVID-19 has changed our lives in many ways, and some of the changes have tax implications. Here is basic information about two common situations. 1. Working from home. Many employees have been told not to come into their workplaces due to the pandemic. If you’re…

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