How Nonprofits Should Handle Tax Form 990
Form 990, Return of Organization Exempt From Income Tax, is the IRS’ method of evaluation to make sure your nonprofit is financially honest and legitimate. The form is required for tax-exempt organizations to file each year to remain compliant with the regulations and requirements set by the IRS. Form 990 requires expenses to be separated […]
401(k) Plans: Know the Rules
If you offer a 401(k) plan — in any of its various flavors — to your employees, everyone should know the tax rules that govern them. Although the details can get very technical, you can learn the basics. To start with, many companies find that since a 401(k) plan is much prized by employees, it’s […]
What’s in the New 2021 Stimulus Bill?
After much debate, the Senate and House reached various compromises on the latest relief bill, the American Rescue Plan Act, which President Biden signed into law on March 11. The 600 pages contain many provisions and additional guidance is likely to follow in the coming weeks. Meanwhile, here are the key benefits. The $1,400 relief check […]
Hidden Tax Break: Meal Deductions Get a Boost
The recently passed relief bill, officially called the Consolidated Appropriations Act, 2021, contained a provision designed to give a boost to the restaurant industry: upgrading what had been a 50% meal deduction to 100% for “food or beverages provided by a restaurant, and paid or incurred before January 1, 2023.” There are no provisions right […]
Will You Be Subject to a Penalty for Not Filing Your 2020 Estimated Taxes?
This has been a difficult year for everyone, and the last thing anyone wants to think about is owing an unexpected tax penalty. Unfortunately, self-employed individuals and small-business owners who are required to pay estimated taxes may find themselves in that position if they did not pay their estimated tax for 2020. The IRS requires […]
Employee Retention Tax Credit Gets a Boost
The second relief bill, passed at the end of 2020, contains updates to the employee retention credit, a refundable payroll tax credit. Each option has its own rules and regulations for first- and second-round funding. The act changes some requirements for the ERC — retroactively and prospectively — giving businesses more options to claim it. […]
