U.S. Treasury Department – DougFreemanCPA.com

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

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

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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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 / Douglas Freeman

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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Watch out for tax-related scams

Internal Revenue Service (IRS), Tax Scams, U.S. Treasury Department / Douglas Freeman

“Thousands of people have lost millions of dollars and their personal information to tax scams,” according to the IRS. Criminals can contact victims through regular mail, telephone calls, and email messages. Here are just two of the scams the tax agency has seen in recent months. Fake property liens. A tax bill is sent from

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When is tax due on Series EE savings bonds?

Bonds, Tax, U.S. Treasury Department / Douglas Freeman

You may have Series EE savings bonds that were bought many years ago. Perhaps you store them in a file cabinet or safe deposit box and rarely think about them. You may wonder how the interest you earn on EE bonds is taxed. And if they reach final maturity, you may need to take action

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