Form W-4, Employee's Withholding Certificate, has been redesigned for 2020. Previously, income tax withholding was based on an employee's marital status and withholding allowances or tied to the value of the personal exemption. With the revised Form W-4, [...]
A common question that clients ask us is this: "May my business claim a deduction when a customer fails to pay us?" The answer is, "It depends." Every business must adopt a "method of accounting" in its [...]
QuickBooks is a great bookkeeping tool for small and mid-sized businesses. If you have made the decision to use it, an important initial question you face is whether to adopt the desktop version or instead to use [...]
The IRS has recently issued final regulations regarding details about investment in qualified opportunity zones (QOZ). The regulations modified and finalized proposed regulations for QOZ businesses that IRS previously issued. The final regulations provide additional guidance for [...]
We have received several questions from South Carolina clients about whether they may claim a deduction for personal losses attributable to Hurricane Dorian in 2019. The short answer is no. For tax year 2019, personal casualty losses [...]
The optional standard mileage rates for business use of a vehicle will decrease slightly in 2020, the IRS announced (Notice 2020-05). For business use of a car, van, pickup truck, or panel truck, the rate for 2020 [...]
December 10 Employees who work for tips - If you received $20 or more in tips during November, report them to your employer. You can use Form 4070. December 16 Corporations - Deposit the fourth installment of [...]
Cost of living adjustments affecting dollar limitations for pension plans and other retirement-related items for 2020 are as follows: 401(k), 403(b), 457 plans, and Thrift Savings Plan. Contribution limits for employees who participate in 401(k), 403(b), most [...]
Farmers and ranchers who were forced to sell livestock due to drought may get extra time to replace the livestock and defer tax on any gains from the forced sales. Here are some facts about this to [...]
Small business owners who are also employers should remember that the Electronic Federal Tax Payment System (EFTPS) has features that make it easier to meet their tax obligations - whether they prepare and submit payroll taxes themselves [...]
