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Douglas Freeman

Employers have questions and concerns about deferring employees’ Social Security taxes

Employees, Small Business, Social Security, Tax, Tax Withholding's, U.S. Treasury Department /

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 to implement President Trump’s executive memorandum signed on August 8. Private employers still have questions and concerns about whether, and […]

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Homebuyers: Can you deduct seller-paid points?

(NAR) National Association of Realtors, Home Mortgage, Income Tax, Mortgage loans, Tax Deduction /

Despite the COVID-19 pandemic, the National Association of Realtors (NAR) reports that existing home sales and prices are up nationwide, compared with last year. One of the reasons is the pandemic: “With the sizable shift in remote work, current homeowners are looking for larger homes…” according to NAR’s Chief Economist Lawrence Yun. If you’re buying

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ESOPs offer businesses a variety of potential benefits

C Corporations, Employee Benefits, Employee Stock Ownership Plans, Employees, Retirement, S Corporation, Small Business, Tax, Tax Deduction, Tax Planning /

Wouldn’t it be great if your employees worked as if they owned the company? An employee stock ownership plan (ESOP) could make this a reality. Under an ESOP, employee participants take part ownership of the business through a retirement savings arrangement. Meanwhile, the business and its existing owner(s) can benefit from some tax breaks, an

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Back-to-school tax breaks on the books

American Opportunity Tax Credit (AOTC), Education Tax Breaks, Lifetime Learaning Credit (LLC), Tax, Tax Credits, Tax Deduction /

Despite the COVID-19 pandemic, students are going back to school this fall, either remotely, in-person, or under a hybrid schedule. In any event, parents may be eligible for certain tax breaks to help defray the cost of education. Here is a summary of some of the tax breaks available for education. 1. Higher education tax

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5 key points about bonus depreciation

(CARES ACT), Depreciation, S Corporations, Section 179, Small Business, Sole Proprietors, Tax Credits, Tax Cuts and Job Acts (TCJA), Tax Planning /

Under current law, 100% bonus depreciation will be phased out in steps for property placed in service in calendar years 2023 through 2027. Thus, an 80% rate will apply to property placed in service in 2023, 60% in 2024, 40% in 2025, and 20% in 2026, and a 0% rate will apply in 2027 and

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Helping employees understand their health care accounts

FSA, HRA, HSA, Tax Deduction /

Many businesses now offer, as part of their health care benefits, various types of accounts that reimburse employees for medical expenses on a tax-advantaged basis. These include health Flexible Spending Accounts (FSAs), Health Reimbursement Arrangement (HRAs) and Health Savings Account (HSAs, which are usually offered in conjunction with a high-deductible health plan). For employees to

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CARES Act made changes to excess business losses

(CARES ACT), Business Income Tax, Capital Gains, Income Tax, Net Operating Loss (NOL), Small Business, Tax, Tax Cuts and Job Acts (TCJA), Tax Deduction /

The Coronavirus Aid, Relief and Economic Security (CARES) Act made changes to excess business losses. This includes some changes that are retroactive and there may be opportunities for some businesses to file amended tax returns. If you hold an interest in a business or may do so in the future, here is more information about

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Take a fresh look at your company’s brand

Budgeting, Business Expenses, Marketing, Small Business, Strategic Business Planning /

A strong, discernible brand is important for every business. Even a company that never undertakes a formal branding effort will, over time, establish a brand through its communications with customers and interactions with the public. For this reason, it’s a good idea to regularly take a fresh look at your brand and determine whether tweaks

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What happens if an individual can’t pay taxes

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

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 to pay your tax liability in full keep you from filing a tax return

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