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Douglas Freeman

The President’s action to defer payroll taxes: What does it mean for your business?

(CARES ACT), COVID-19, Employees, Payroll Tax, Small Business, Social Security, Tax, U.S. Treasury Department /

On August 8, President Trump signed four executive actions, including a Presidential Memorandum to defer the employee’s portion of Social Security taxes for some people. These actions were taken in an effort to offer more relief due to the COVID-19 pandemic. The action only defers the taxes, which means they’ll have to be paid in […]

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5 common accounting software mistakes to avoid

Accounting, Small Business, Software /

No company can afford to operate without the right accounting software. When considering whether to buy a new product or upgrade their current solutions, however, business owners often fall prey to some common mistakes. Here are five gaffes to avoid: 1. Relying on a generic solution. Some companies rush into buying an accounting system without

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More parents may owe “nanny tax” this year, due to COVID-19

Employees, Employment Tax, Federal Income Tax, FICA, Form W-4, Independent Contractors, Nanny Tax /

In the COVID-19 era, many parents are hiring nannies and babysitters because their daycare centers and summer camps have closed. This may result in federal “nanny tax” obligations. Keep in mind that the nanny tax may apply to all household workers, including housekeepers, babysitters, gardeners, or others who aren’t independent contractors. If you employ someone

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The possible tax consequences of PPP loans

(CARES ACT), COVID-19, Income Tax, Internal Revenue Service (IRS), Paycheck Protection Program, Small Business, Small Businesses Administration /

If your business was fortunate enough to get a Paycheck Protection Program (PPP) loan taken out in connection with the COVID-19 crisis, you should be aware of the potential tax implications. PPP basics. The Coronavirus Aid, Relief and Economic Security (CARES) Act, which was enacted on March 27, 2020, is designed to provide financial assistance

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Thoughtful onboarding is more important than ever

Employees, Human Resources, Small Business /

Although many businesses have had to reduce their workforces because of the COVID-19 pandemic, others are hiring or may start adding employees in the weeks or months ahead. A thoughtful onboarding program has become more important than ever in today’s anxious environment of safety concerns and compliance challenges.   Crucial opportunity  Onboarding refers to “[a formal]

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The tax implications of employer-provided life insurance

Employee Benefits, Employees, Federal Taxes, Life Insurance, Local Taxes, Medicare Taxes, Social Security, State Tax, Tax, Tax Planning /

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 term life insurance coverage that your employer provides is excluded from taxable income and doesn’t add anything

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File cash transaction reports for your business — on paper or electronically

Cash Payment, Form 8300, Internal Revenue Service (IRS) /

Does your business receive large amounts of cash or cash equivalents? You may be required to submit forms to the IRS to report these transactions. Filing requirements. Each person engaged in a trade or business who, in the course of operating, receives more than $10,000 in cash in one transaction, or in two or more

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Strengthen your supply chain with constant risk awareness

Small Business, Supply Chains /

When the COVID-19 crisis exploded in March, among the many concerns was the state of the nation’s supply chains. Business owners are no strangers to such worry. It’s long been known that, if too much of a company’s supply chain is concentrated (that is, dependent) on one thing, that business is in danger. The pandemic

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Why do partners sometimes report more income on tax returns than they receive in cash?

Capital Gains, Charitable, Contributions, Deductions, Income Tax, Partnerships, Securities, Tax, Tax Planning /

If you’re a partner in a business, you may have come across a situation that gave you pause. In a given year, you may be taxed on more partnership income than was distributed to you from the partnership in which you’re a partner. Why is this? The answer lies in the way partnerships and partners

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