When the coronavirus (COVID-19) causes a lost job or reduced hours, can affected employees draw unemployment compensation (UC)? UC is paid for by a tax on employers to replace part of a displaced worker’s wages. Generally, to collect UC, individuals must be able to, be available for and actively seek work. However, states have flexibility … Read More
Thanks to the Internet and social media, we’re bombarded daily with all kinds of information. As a result, most people prefer clear, concise snippets of data over lengthy text. Have your financial statements kept up with today’s data-consumption trends? Show and tell Humans are visual learners. In business, the use of so-called “infographics” started with … Read More
Are you a business owner with employees unable to work due to coronavirus (COVID-19)? As you may have heard, employers can begin taking advantage of two new refundable payroll tax credits created by the Families First Coronavirus Response Act. The Act was signed into law on March 18, 2020. The IRS also announced that it … Read More
It’s all too easy to let not-for-profit programs that have outlived their effectiveness to continue, even as they consume budget resources. To help ensure your resources are being deployed efficiently and effectively, consider using the tradition of spring cleaning to review and, potentially, replace older programs. Go to the sources Instead of relying on old … Read More
New IRS guidance addresses when construction begins for purposes of the carbon sequestration tax credit. Taxpayers that began construction on a qualified facility or carbon capture equipment by satisfying either a “physical work test” or a “five percent safe harbor test” before the effective date may use it as the date that construction began. A … Read More
The IRS says it’s targeting high-income taxpayers who haven’t filed federal income tax returns. How? With unannounced, face-to-face visits. The tax agency says it’s hired additional enforcement personnel and will increase collection visits nationwide with taxpayers who haven’t filed tax returns in 2018 or previous years. High-income non-filing taxpayers are generally defined as those who’ve … Read More
Due to the coronavirus (COVID-19) pandemic, the U.S. Tax Court building in Washington, D.C., is closed until further notice. Taxpayers may comply with statutory deadlines for filing petitions or notices of appeal by timely mailing a petition or notice of appeal to the court. (But petitions and other documents may not be hand delivered to … Read More
Every company has faced unprecedented challenges in adjusting to life following the widespread outbreak of the coronavirus (COVID-19). Small businesses face particular difficulties in that, by definition, their resources — human, capital and otherwise — are limited. If this describes your company, one place you can look to for some assistance is the Small Business … Read More
As previously reported, taxpayers can defer filing a tax return and making certain federal income tax payments, due on April 15, to July 15, without penalties or interest. What if you need more time beyond July 15? Individuals can request an extension to October 15 by filing Form 4868. However, if you’re expecting a refund, … Read More
The coronavirus (COVID-19) outbreak — officially a pandemic as of March 11 — has prompted global health concerns. But you also may be worried about how it will affect your business and its financial statements for 2019 and beyond. Close up on financial reporting The duration and full effects of the COVID-19 outbreak are yet unknown, but … Read More