tax

Our tips and tricks to get you on track

Who in a Small Business Can Be Hit with the “Trust Fund Recovery Penalty?”

July 14, 2021

There’s a harsh tax penalty that you could be at risk for paying personally if you own or manage a business with employees. It’s called the “Trust Fund Recovery Penalty” and it applies to the Social Security and income taxes required to be withheld by a business from its employees’ wages. Because taxes are considered…

Eligible Businesses: Claim the Employee Retention Tax Credit

June 29, 2021

The Employee Retention Tax Credit (ERTC) is a valuable tax break that was extended and modified by the American Rescue Plan Act (ARPA), enacted in March of 2021. Here’s a rundown of the rules. Background Back in March of 2020, Congress originally enacted the ERTC in the CARES Act to encourage employers to hire and…

What are the Advance Child Tax Credit payments?

June 25, 2021

Some of you may have recently received correspondence from the Department of Treasury indicating that you may be eligible for the advance payments of the Child Tax Credit starting in July as part of the American Rescue Plan Act of 2021.  What are the advance Child Tax Credit payments?  The Advance Child Tax Credit (ACTC)…

Traveling for Business Again? What Can You Deduct?

June 22, 2021

As we continue to come out of the COVID-19 pandemic, you may be traveling again for business. Under tax law, there are a number of rules for deducting the cost of your out-of-town business travel within the United States. These rules apply if the business conducted out of town reasonably requires an overnight stay. Note…

Don’t Assume Your Profitable Company Has Strong Cash Flow

June 18, 2021

Most of us are taught from a young age never to assume anything. Why? Well, because when you assume, you make an … you probably know how the rest of the expression goes. A dangerous assumption that many business owners make is that, if their companies are profitable, their cash flow must also be strong.…

2021 Q3 Tax Calendar: Key Deadlines for Businesses and Other Employers

June 15, 2021

Here are some of the key tax-related deadlines affecting businesses and other employers during the third quarter of 2021. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. Contact us to ensure you’re meeting all applicable deadlines and to learn more about the filing requirements. Monday,…