2020 – 09/11

2020 – 09/11

The IRS has postponed, until Jan. 15, 2021, the due date for reporting and paying the excise taxes on minimum required contributions to a single employer defined benefit plan. The tax is imposed on employers that maintain such plans as follows: 10% of the aggregate...
2020 – 09/11

2020 – 09/11

Have you been unemployed during the COVID-19 pandemic? If so, it’s a good idea to have tax withheld from your unemployment compensation now to avoid a tax-time surprise. Withholding is voluntary. By law, unemployment benefits are taxable and must be reported on your...
2020 – 08/31

2020 – 08/31

The IRS has released guidance on deferring employee Social Security tax withholding under President Trump’s executive action. The guidance in Notice 2020-65 is brief and many employers still have questions and challenges about how, and whether, to implement deferral...
Back-to-school tax breaks on the books

Back-to-school tax breaks on the books

Despite the COVID-19 pandemic, students are going back to school this fall, either remotely, in-person or under a hybrid schedule. In any event, parents may be eligible for certain tax breaks to help defray the cost of education. Here is a summary of some of the tax...