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Now more than ever, carefully track payroll records

Now more than ever, carefully track payroll records

The subject of payroll has been top-of-mind for business owners this year. The COVID-19 pandemic triggered economic changes that caused considerable fluctuations in the size of many companies’ workforces. Employees have been laid off, furloughed, and, in some cases,...

What tax records can you throw away?

What tax records can you throw away?

What tax records can you throw away? October 15 was the deadline for individual taxpayers who extended their 2019 tax returns. If you’re finally done filing last year’s return, you might wonder: Which tax records can you toss once you’re done? Now is a good time to go...

Do you qualify for Innocent Spouse Relief?

Do you qualify for Innocent Spouse Relief?

If you file a joint tax return with your spouse, you should be aware of your individual liability. And if you’re getting divorced, you should know that there may be innocent spouse relief available if the IRS comes after you for certain past-due taxes from a married...

IRS announces per diem rates for business travel

IRS announces per diem rates for business travel

In Notice 2020-71, the IRS recently announced per diem rates that can be used to substantiate the amount of business expenses incurred for travel away from home on or after October 1, 2020. Employers using these rates to set per diem allowances can treat the amount of...

Employers should approach payroll tax deferral cautiously

Employers should approach payroll tax deferral cautiously

As you’re probably aware, President Trump signed an executive memorandum on August 8 creating a payroll tax deferral. The development has brought with it much uncertainty regarding administrative compliance and the long-term impact of this pandemic-related relief....

What happens if an individual can’t pay their income taxes?

What happens if an individual can’t pay their income taxes?

Wondering what will happen if you or someone you know cannot pay their income taxes? Here’s a look at your options. Common penalties The “failure to file” penalty accrues at 5% per month or part of a month (to a maximum of 25%) on the amount of income tax your tax...

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