How to Close a Business: Tax and Paperwork

Closing a business is difficult and challenging. The IRS acknowledges that small businesses and self-employed individuals face challenges in their personal and business lives during these uncertain times. Closing a business is a difficult decision. Toward the end of...

New Updates to the Paycheck Protection Program

The Consolidated Appropriations Act, 2021 (Act) was signed into law by President Trump on December 27, 2020. The Act reopened the Paycheck Protection Program (PPP) and clarified some key points on the forgiveness process.  Paycheck Protection Program The second round...

Paid Sick and Family Leave: The Tax Rules

As of this writing, 15 states and Washington, D.C., require paid sick leave, while eight states and Washington, D.C., require paid family leave. Many local governments also mandate paid sick or family leave. In addition, studies show that most employers offer paid...

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...

What’s the New Jobless Benefit Aid?

In the Consolidated Appropriations Act, 2021, Congress is adding federal unemployment benefits of $300 for at least 10 weeks — possibly 11. Details can get complicated, however, and because the bill was signed at the last minute, there is some uncertainty about how...

Know About the Unemployment Tax

Employers needs to make themselves familiar with Form 940, used to report the Federal Unemployment Tax Act tax. The FUTA tax provides funds for paying unemployment compensation to workers who have lost their jobs. Most employers pay both federal and state unemployment...
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