May 2021

Tax filing deadline is coming up: What to do if you need more time

Individual Income Tax, Internal Revenue Service (IRS), Tax Calendar, Tax Deadlines / Douglas Freeman

“Tax day” is just around the corner. This year, the deadline for filing 2020 individual tax returns is Monday, May 17, 2021. The IRS postponed the usual April 15 due date due to the COVID-19 pandemic. If you still aren’t ready to file your return, you should request a tax-filing extension. Anyone can request one […]

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Providing education assistance to employees? Follow these rules

COVID-19, Employee Benefits, Qualified Educational Assistance Program, Small Business, Tax / Douglas Freeman

Many businesses provide education fringe benefits so their employees can improve their skills and gain additional knowledge. An employee can receive, on a tax-free basis, up to $5,250 each year from his or her employer for educational assistance under a “qualified educational assistance program.” For this purpose, “education” means any form of instruction or training

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