On June 14, 2022, the Senate Finance Committee heard testimony on the impact on small businesses and remote sales of the U.S. Supreme Court’s decision in South Dakota v. Wayfair, Inc., 138 S. Ct. 2080, 201 L. Ed. 2d 403 (2018). In Wayfair, the U.S. Supreme Court ruled that a business’s physical presence in a state (or lack […]
Taxes
Understanding How Donations & Charitable Giving Reduce Business Taxes
Charitable donations can have life-saving results for people all over the planet. They can also give you a break on your business taxes—sometimes a big one if you know how to file them properly. Business taxes are always difficult, but only more so as the nation heads towards a recession. Small business owners everywhere can […]
Employers: IRS Changes Payroll Tax Form 941 For Q1 of 2022
The IRS changed Form 941 for the first quarter of 2022 and warns taxpayers not to use an earlier version of the form. The IRS also indicated there is going to be a different Form 941 every quarter of 2022. Recall, Form 941, Employer’s Quarterly Federal Tax Return, is the federal form employers use to […]
Employers: What is Form 940 and Do I Need to FiLe it?
Did you employ workers at your small business this year? If yes, you need to deal with employment taxes, like federal unemployment (“FUTA”) taxes. For each employee, you must pay a percentage of his or her wages for federal unemployment taxes, deposit the tax with the IRS, and report your tax liability on Form 940. […]
Employers: IRS Changes Payroll Tax Form 941 for Q1 2021
In 2020, to combat the economic effects on small businesses caused by the COVID-19 pandemic, new legislation/executive actions drastically changed the format of Form 941, expanding it from two to three pages, and adding 58 new data fields. Many the new relief measures were extended for businesses into 2021 (but not all). While the first […]
5 Steps to a Successful R&D Claim
It is undoubtedly the case that research and development (R&D) tax relief is something that many businesses overlook. A huge range of companies won’t even consider the possibility that they might be eligible for R&D tax credits because of a misunderstanding about what is meant by the term R&D. “Despite being launched all the way […]
5 Ways to Optimize Tax Paying for Your Business
Taxes can be a challenge for any business owner. Of course, all the procedures related to taxes have become more comfortable as we can use fillable W2 and other forms, but this is still stressful. There are many ways to save on taxes. Here we will share five ways to reduce your taxable income. Financing […]
Know These Tax Implications of Settlements & Judgments
Your client just settled—or better yet, won a judgment. What are the tax consequences? Admittedly, the tax impact of resolving a dispute is often little more than an afterthought. But a client’s net after-tax recovery can vary drastically depending on the applicable tax rules. An attorney armed with an understanding of the relevant tax issues […]
Taxes: Why Do I Owe A Penalty And What Can I Do About It?
I sent a payment to the IRS. Why did I get a bill? If you mailed a payment to the IRS on or before July 15, it may still be unopened in the backlog of mail the IRS is processing due to COVID-19. The IRS will process your payment with the date the IRS received it. […]
Important: IRS Finalizes Changes to Payroll Tax Return Form 941
On June 20, 2020, the IRS finalized tax Form 941, Employer’s Quarterly Federal Tax Return, to collect information about the new COVID-19 tax incentives, expanding the form from two to three pages, and adding 58 new data fields (previously 18 total lines). See Appendix I: Summary of COVID-19 Employer Tax Incentives for more information. While the […]
