The sheer number of taxes companies must pay surprises many new business owners. They can be assessed for unemployment, Social Security and a variety of excise taxes, to mention a few. The latter affects businesses dealing with everything from sports wagering and gasoline to indoor tanning and tire sales. They are imposed by some states … Read more
nThe IRS has posted Frequently Asked Questions regarding the 90-day tax filing and payment relief. https://www.irs.gov/newsroom/filing-and-payment-deadlines-questions-and-answers
Image Credit: www.sba.gov/coronavirus We know that the current Coronavirus (COVID-19) pandemic has not only had a major impact on our personal lives but also on the economy and especially on small businesses. There is news daily of possible legislation to help those impacted by COVID-19. Some of this legislation is aimed at alleviating the economic … Read more
JUST RELEASED: THE U.S. EXTENDS INDIVIDUAL AND BUSINESS TAX FILING DEADLINE TO JULY 15TH On Monday, March 17, 2020, Treasury announced a 90-day extension of time to pay taxes owed by individuals and corporations. On Wednesday, the IRS has provided some guidance as to what was included in the extension. WHAT IS COVERED IN … Read more
President Trump signed a new law on March 18, 2020 called the Families First Coronavirus Response Act. (FFCRA). The new law will provide for emergency paid sick leave for employees and tax credits for employers. The FFCRA can be divided into two laws. The first being the Emergency Family and Medical Leave Expansion Act (EFMLEA), … Read more
The IRS has created a new website, https://www.irs.gov/coronavirus, they say is focused on steps to help taxpayers, businesses and others affected by the coronavirus(COVID-19). As of the time we went to press, this page only contains: References to IR 2020-54, 3/11/2020, and Notice 2020-15, 2020-14 IRB (see https://www.irs.gov/newsroom/irs-high-deductible-health-plans-can-cover-coronavirus-costs), which provide information regarding high-deductible health plans … Read more
COVID-19 UPDATE FROM ADKF Akin, Doherty, Klein & Feuge, PC takes prides in providing excellent customer service to all our clients. With the increased concern surrounding the COVID-19 (aka Coronavirus,) the government has heightened security measures to prevent the spread of the virus. We understand this pandemic is affecting everyone we know and care for … Read more
Elijah is an employee of a technology company and also has his own company on the side. He has contributed to a 401(k) plan for each job. Now he learned he contributed too much and could owe penalties. What should he do? First, Elijah should be congratulated for his savings discipline. The earlier you put … Read more
If your company offers a 401(k) plan loan, it can be among your most cost-effective options for short-term needs (five or fewer years). However, these loans come with potential drawbacks. Before you take money from your 401(k), understand all the consequences. THE BASICS Not every 401(k) plan will allow loans, but the majority that do … Read more
If you missed the announcement of higher retirement plan limits for 2020, heres another look at some of them. WORK PLANS The annual limit for defined benefit plans rose from $225,000 to $230,000, while the combined (employer/employee) annual limit for 401(k), 403(b) and most 457 plans rose $1,000 to $57,000. The latter limit includes a … Read more