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Understanding the passive activity loss rules

Understanding the passive activity loss rules Are you wondering if the passive activity loss rules affect business ventures you’re engaged in — or might engage in? If the ventures are passive activities, the passive activity loss rules prevent you from…

The easiest way to survive an IRS audit is to get ready in advance

The easiest way to survive an IRS audit is to get ready in advance IRS audit rates are historically low, according to the latest data, but that’s little consolation if your return is among those selected to be examined. But…

Business website costs: How to handle them for tax purposes

Business website costs: How to handle them for tax purposes The business use of websites is widespread. But surprisingly, the IRS hasn’t yet issued formal guidance on when Internet website costs can be deducted. Fortunately, established rules that generally apply…

2020 Q4 tax calendar: Key deadlines for businesses and other employers

2020 Q4 tax calendar: Key deadlines for businesses and other employers Here are some of the key tax-related deadlines affecting businesses and other employers during the fourth quarter of 2020. Keep in mind that this list isn’t all-inclusive, so there…

Employers have questions and concerns about deferring employees’ Social Security taxes

Employers have questions and concerns about deferring employees’ Social Security taxes The IRS has provided guidance to employers regarding the recent presidential action to allow employers to defer the withholding, deposit and payment of certain payroll tax obligations. The three-page…

Oh, no, your original will is missing!

Oh, no, your original will is missing! In a world that’s increasingly paperless, you’re likely becoming accustomed to conducting a variety of transactions digitally. But when it comes to your last will and testament, only an original, signed document will…

Will You Have to Pay Tax on Your Social Security Benefits?

Will You Have to Pay Tax on Your Social Security Benefits? If you’re getting close to retirement, you may wonder: Are my Social Security benefits going to be taxed? And if so, how much will you have to pay? It…

CARES Act made changes to excess business losses

CARES Act made changes to excess business losses The Coronavirus Aid, Relief and Economic Security (CARES) Act made changes to excess business losses. This includes some changes that are retroactive and there may be opportunities for some businesses to file…