Category: Tax Services
FAMILIES FIRST CORONAVIRUS RESPONSE ACT The Families First Coronavirus Response Act, has been signed by the President and includes mandatory paid leave requirements and related tax credits that will affect many small businesses. These new rules are effective April 2, 2020. Required Paid Leave Employers with fewer than 500 employees...
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The IRS issued guidance on March 21, 2020 allowing a deferral of federal income tax filings and payments until July 15, 2020. All individual, corporate and other non-corporate tax filers may defer federal income tax (including self-employment tax) filings and payments due on April 15, 2020 until July 15, 2020...
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On June 21, 2018, the US Supreme Court issued a decision in South Dakota v. Wayfair overturning the physical presence requirement commonly applied to determine sales tax nexus and opening the door for economic nexus. What that means is the federal government will allow each state to determine whether a...
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March 11, 2019 by Staff
There is a buzz around Sales Tax due to last summer’s Wayfair Supreme Court decision. This decision changed a long-standing rule requiring a physical presence in a state before a business had to collect sales tax. Physical presence in no longer a requirement. States are taking advantage of this change...
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One provision that generates lots of attention is the 20% Qualified Business Income (QBI) deduction for small businesses. A huge area of uncertainty is whether a residential rental activity qualifies for the deduction because it may not pass the threshold of being an active trade or business. Recent guidance provides...
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