In consideration of the 80,000 plus additional IRS agents in the Biden Administration’s proposed Build Back Better Legislation, we want to remind all “S” Corporation clients of three matters important to protecting yourself from adverse tax consequences. After reading, if you have any questions or need assistance please contact your resource at BFI. REASONABLE SHAREHOLDER SALARY: The IRS places a HIGH priority [...]
Are you taking advantage of all the Business COVID -19 assistance your business may have available? Payroll Protection Plan Loans – Rounds One and Two- loans can be 100% forgiven. Employee Retention Credits are now available to businesses that had PPP Loans. If your business has 20-50% decreases in revenue since 2019 or has been shut down or limited by government orders- you [...]
As an S-corporation owner – how do I pay myself?? One of the biggest advantages of running your business as an S-corporation is minimizing the 15.3% Self-Employment Tax. To do that, you typically pay yourself a reasonable salary based on the work you perform for your company. The amount you pay yourself via salary tends to be much less than your total company [...]
Texas residents, you get a small reprieve in an extended tax deadline! On February 23rd, the IRS announced it would be extending the tax filing deadline (for Texas residents) to June 15, 2021 after the state’s weather disaster. The extended filing date applies to individual, business, and trust returns. This means filing and payment deadlines will now be due June 15, 2021. Please [...]
2020 has been an unprecedented year in so many ways, and taxes are no exception. To assist your business, we want to make sure you aware of payroll compliance items that may need your attention before the end of the year.
On March 18, 2020, the U.S. Treasury Department and the Internal Revenue Service released Notice 2020-17 and issued Notice 2020-18, clarifying the tax filing and payment relief related to the COVID-19 pandemic. We discuss what this means for you.
What You Need to Know Regarding the Coronavirus Aid, Relief, and Economic Security Act or the “CARES Act”
As of March 27, 2020, the U.S. President signed a bill known as the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) intended to help citizens with the turmoil the pandemic has summoned by providing economic relief to individuals, families, small businesses and other sectors of the United States economy. We discuss some key CARES Act provisions for businesses and individuals to understand how it will apply to their income and earnings.
On March 27, 2020, the President signed a bill known as the Coronavirus Aid, Relief, and Economic Security Act (CARES Act). This bill will provide economic relief to individuals, families, small businesses and other sectors of the United States economy. The following is a summary of some key CARES Act Provisions for businesses and individuals.
On March 18, 2020, the Treasury Department and the Internal Revenue Service released Notice 2020-17 and then issued Notice 2020-18, which clarifies the tax filing and payment relief related to the COVID-19 pandemic.