When Identity Theft Hits Your Taxes
When someone uses your stolen personal information — your Social Security number, for example — to file a tax return claiming a fraudulent refund, that’s considered tax-related identity theft. How do you know if you’ve been a victim? It often starts with a letter from the IRS saying there’s a problem with your return. Here […]
IRS Gives Break on Flexible Spending Plans
The IRS has granted relief for 125 cafeteria plans, health flexible spending arrangements and dependent care assistance programs. In Notice 2020-29, the IRS has: Extended claims periods for taxpayers to apply unused amounts remaining in a health FSA or dependent care assistance program for expenses incurred through December 31, 2020. Expanded the ability of taxpayers to […]
Using LLCs in Real Estate
Investing in real estate can be a complicated process. That is why many people turn to establishing limited liability companies, or LLCs, to account for all of the complex legal and tax implications of owning multiple properties. Before you advise someone on their options or choose one for yourself, here are some things you may […]
Physician Practices and Their Tax Issues
Historically, physician practices were set up as sole proprietorships or partnerships. As the business of medicine and the liability risks grew more complex, however, new entities were created. Medical practices now have a number of legal organization form options, including; Sole proprietorship. General partnership. Limited partnership. C corporation. S corporation. Limited liability company (LLC). Limited […]
REVIEWING LOAN COVENANTS
If you have a line of credit or a term loan with a bank, chances are your loan agreement contains various covenants. There are generally three types: Affirmative covenants, which require you to adhere to the provisions of the loan agreement and provide your lender with certain information, such as tax returns or financial statements. […]
2020 PAYROLL TAX RATES
To our valued clients: Listed below are a few key points to keep in mind when preparing payroll tax returns and making payroll tax deposits for 2020: 2020 PAYROLL TAX RATES 1) The ceiling on which social security taxes are imposed on wages and self-employment income increased to $137,700 for 2020. The social security tax […]
