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Employers to Defer WH Tax DEPOSITS(Notice 2020-65, 2020-38 IRB 1). Employees who earned less than $4,000 in wages every two weeks between 9/1/20 and 12/31/20 are able to use this deferral. With this deferral, the employer is required to pay all applicable taxes...
For years, ENERGY STAR appliances have been a worthwhile investment for homeowners. Many Maryland residents have wanted to invest in new appliances that not only work better, but also run more efficiently. These unique appliances are designed to use less energy while...
IRS Small Business/Self-Employed Division (SB/SE) temporarily modifies levy procedures for Paycheck Protection Program loans whereby employees are to (1) if the taxpayer secured a PPP loan, the amount; and (2) where and when the funds were deposited. Further, SB/SE...
It is reasonable for many people to think that bankruptcy is not an option to resolve federal tax debt, but in certain cases, the debt may be dischargeable after certain conditions have been met. To determine eligibility, you must consider both the type of tax at...
Recent COVID tax legislation has led to changes in the 1040 and 1040-SR instructions for the 2020 tax year. The new draft has recently been released by the IRS, incorporating the changes from the CAA, 2021. Among the changes is new information regarding the handling...
In the coming months, the IRS will proceed with its focus on high-income taxpayers who have yet to file their tax returns. The potential for significant penalties, limited voluntary disclosure options, and possible criminal prosecution is abounding. The IRS issued...
Restaurants and other businesses have struggled to remain in business during this pandemic. But this has also led to tax shortfalls and budget deficits for state and local governments. In this environment, restaurants can anticipate audits and aggressive tax...
Most of us experience, or have experienced, payroll tax withholding but with more recent discussions about the topic, what exactly are payroll taxes? It is helpful for any taxpayer who is seeing their hard-earned dollars withheld every month to understand what payroll...
MAILBOX RULE For COVID & Beyond? According to the IRS, with the July 15 filing and tax returns possibly sitting in mail facilities for several days because of COVID-19, by following IRC §7502 Mailbox Rule, a return will be treated as filed on the date of the...
A new business tax case enforcement office In the spring of 2020, the Internal Revenue Service (IRS) opened a new division devoted primarily to investigating tax fraud involving small businesses. Heightened vigilance by the IRS Any small business or self-employed...
