As the federal business tax deadline for pass-throughs with extensions is approaching on September 15th, we summarized the following relevant tax saving tips and reminders. 1. UPDATE YOUR W-4 WITHHOLDING Did you receive a large refund for 2019? If so, you’re part of the great majority of individuals who have too much withheld from their paychecks....Read More
The IRS has just issued Revenue Procedure 2020-23 to address a problem caused under prior law by some tax changes under the CARES Act for partnerships. This procedure provides relief permitting partnerships to obtain the benefit of the new tax provision more quickly. The CARES Act includes a number of new tax deductions, particularly involving the...Read More
Employers are scrambling to find ways to help their employees who are impacted by the novel coronavirus (COVID-19). Help is available. Now that COVID-19 has been declared a national emergency, Internal Revenue Code Section 139 can be used to allow employers to make tax-free payments or reimbursements to employees as “qualified disaster payments.” Below are some...Read More
The U.S. treasury secretary announced today that is extending the federal income tax filing deadline to July 15th, in order to provide taxpayers and businesses additional time to file and make payments without interest or penalties amid the Coronavirus pandemic. This three-month extension is part of an effort to keep the economy afloat while people and companies...Read More
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