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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          The IRS Issues Guidance on the Executive Action Deferring Payroll Taxes

          September 21, 2020

          On August 28, the IRS issued guidance that provides some explanation of how employers can defer withholding and remitting an employee’s share of Social Security tax when wages are below a certain amount. The guidance in Notice 2020-65 was issued to implement President Trump’s executive…

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