wash sale rule

Steer clear of the "wash sale" rule when selling stocks

Are you thinking about selling stock shares at a loss to offset gains that you’ve realized during 2020? If so, it’s important not to run afoul of the “wash sale” rule. IRS may disallow the loss Under this rule, if you sell stock…
deferring certain payroll tax obligations

Concerns: Deferring certain payroll tax obligations

The IRS has provided guidance to employers regarding the recent presidential action to allow employers to defer the withholding, deposit and payment of certain payroll tax obligations. The three-page guidance in Notice 2020-65 was issued…
per diem rates

IRS announces per diem rates for business travel

In Notice 2020-71, the IRS recently announced per diem rates that can be used to substantiate the amount of business expenses incurred for travel away from home on or after October 1, 2020. Employers using these rates to set per diem allowances…

ESOPs offer businesses a variety of benefits

Wouldn’t it be great if your employees worked as if they owned the company? Employee stock ownership plan (ESOPs) could make this a reality. Under an ESOP, employee participants take part ownership of the business through a retirement savings…
balance due notice

Did you receive a balance due notice from the IRS?

Many taxpayers have been receiving a balance due notice from the IRS even though they sent in their tax payments to the IRS months ago. At one point, the IRS had approximately 12 million pieces of unopened correspondence in its inventory.…
can't pay taxes

What Happens if an Individual Can’t Pay Taxes

While you probably don’t have any problems paying your tax bills, you may wonder: What happens in the event you (or someone you know) can’t pay taxes on time? Here’s a look at the options. Most importantly, don’t let the inability…
transaction reports

File cash transaction reports for your business

Does your business receive large amounts of cash or cash equivalents? You may be required to submit forms to the IRS to file these transaction reports. Filing requirements Each person engaged in a trade or business who, in the course of…
employer-provided life insurance

The Tax Implications of Group Term Life Insurance

Does your employer provide you with group term life insurance? If so, and if the coverage is higher than $50,000, this employee benefit may create undesirable income tax consequences for you. “Phantom income” The first $50,000 of group…
paycheck checkup

Conduct a “Paycheck Checkup” to Ensure Tax Withholding

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 do that if you got a big refund. Receiving a tax…