Aug 24, 2020 | Individuals
In the COVID-19 era, many parents are hiring nannies and babysitters because their daycare centers and summer camps have closed. This may result in federal “nanny tax” obligations. Keep in mind that the nanny tax may apply to all household workers, including...
Aug 18, 2020 | Small Business
On August 8, President Trump signed four executive actions, including a Presidential Memorandum to defer the employee’s portion of Social Security taxes for some people. These actions were taken in an effort to offer more relief due to the COVID-19 pandemic....
Jun 22, 2020 | Small Business
For business owners, succession planning is ideally a long-term project. You want to begin laying out a smooth ownership transition, and perhaps grooming a successor, years in advance. And you shouldn’t officially hand over the reins until many minute details have...
Jun 1, 2020 | Small Business
The IRS recently issued frequently asked questions (FAQs) regarding retirement plan distribution and loan relief under the Coronavirus Aid, Relief and Economic Security (CARES) Act. This relief applies to qualified individuals affected by the novel coronavirus...
May 4, 2020 | Small Business
The Internal Revenue Service recently issued Notice 2020-32 concerning expenses paid from funds received through the Paycheck Protection Program. In this guidance, the IRS explains that any expenses paid with forgiven PPP loan funds will not be deductible. Background...
