Reconstruct Records Lost in a Natural Disaster
Between tornadoes, floods, and hurricanes for some of our southern and eastern neighbors, we have witnessed our fair share of national disasters over the last several years. Reconstructing records after…
The Effect of COVID-19 on Valuations
It is no surprise that the COVID-19 pandemic has created tremendous uncertainty regarding the current value of businesses. Earlier this year, our country witnessed major stock indexes lose more than…
Businesses can file cash transaction reports electronically and in batches
Businesses that receive cash transactions of more than $10,000 must report these payments to the IRS – it’s the law. Now businesses can batch file their cash reports; this is…
Treatment of Applicable Partnership Interests
The IRS has issued proposed regulations on the treatment for a partner that holds interest in a partnership that is transferred to or held by a taxpayer in connection with…
Guidance for Deferring Social Security Tax Withholding
Recently, the President issued a memorandum directing the Secretary of the Treasury to use his authority to defer the withholding, deposit, and payment of certain payroll tax obligations. Accordingly, the…
IRS Addresses Employee Payroll Tax Deferral
The IRS issued Notice 2020-65 that provides some needed guidance for employers wondering whether and how to comply with the employee payroll tax deferral described in the August 8, 2020 Presidential memorandum (often referred…
Proposed Regulations Address Small Business Simplified Accounting Rules
The IRS has issued proposed regulations on the simplified tax accounting method rules for small-business taxpayers enacted by the Tax Cuts and Jobs Act (TCJA). For tax years beginning in…
Tips on Virtual Business Meeting Etiquette
Virtual meetings are here to stay; they are the future! Like face-to-face meetings, virtual meetings should be effective, concise, and professional. Your clients and other participants should feel valued. “I’ve…
Presidential Order Deferring Payroll Tax Obligations in Light of the Ongoing COVID-19 Disaster
On August 8, President Trump issued a memorandum to the Secretary of Treasury entitled “Deferring Payroll Tax Obligations in Light of the Ongoing COVID-19 Disaster.” The payroll tax deferral in…
Education Credits
With schools hopefully resuming this fall, parents and students should look into tax credits that can help with the cost of higher education. Credits reduce the amount of tax someone…
