July 2020
Even If No Money Changes Hands, Bartering Is A Taxable Transaction
During the COVID-19 pandemic, many small businesses are strapped for cash. They may find it beneficial to barter for goods and services instead of paying cash for them. If your business gets involved in bartering, [...]
Conduct A “Paycheck Checkup” To Make Sure Your Withholding Is Adequate
Did you recently file your federal tax return and were surprised to find you owed money? You might want to change your withholding so that this doesn’t happen next year. You might even want to [...]
Businesses: Get Ready For The New Form 1099-NEC
There’s a new IRS form for business taxpayers that pay or receive nonemployee compensation. Beginning with tax year 2020, payers must complete Form 1099-NEC, Nonemployee Compensation, to report any payment of $600 or more to [...]
California Tax Updates for July 8th
Post 1: Interest rates set on overdue payroll tax in California. For the period beginning July 1, 2020, through Dec. 31, 2020, the rate will be 5% compounded daily, according to the CA Employment Development [...]
After You File Your Tax Return: 3 Issues To Consider
The tax filing deadline for 2019 tax returns has been extended until July 15 this year, due to the COVID-19 pandemic. After your 2019 tax return has been successfully filed with the IRS, there may [...]
Steer Clear Of The Trust Fund Recovery Penalty
If you own or manage a business with employees, you may be at risk for a severe tax penalty. It’s called the “Trust Fund Recovery Penalty” because it applies to the Social Security and income [...]