There has been a lot of talk about tax penalties under the Affordable Care Act (ACA) in recent years. You may have heard of this tax penalty known as "individual mandate."Simply...
Paying taxes should be a priority for everyone, no matter the line of business. One of the areas where the government shows incredible seriousness and dexterity is collecting tax debts....
This is an employer-sponsored pension plan that offers qualified employees a guaranteed payment during retirement. This is an alternative to the defined contribution plan, which allows...
What is the trust fund penalty?The term "trust fund" has a varied meaning when applied to labor tax rather than asset management. This is the amount of payroll tax levied...
It's tax season! Tax return companies and DIY software vendors work hard to convince individual taxpayers that their services and products are the way to maximize tax refunds or...
QBI, also known as qualified business income deduction is a form of tax deduction that allows business owners and qualified self-employed people to deduct as much as 20% out of their...
The payment of income tax is a reality. And when Uncle Sam says income, he is talking about all the money you make, whether it's from your job or your investment. This includes...
Restaurants can claim a federal income tax credit based on the share of FICA and Medicare ("employment") taxes that they pay on reported tip income to employees. In an ideal...
Posted by Elliot Kravitz, ATP on 03/05/2021
The CARES Act (Coronavirus Aid, Relief and Economic Security Act) came up with a new assistance program for small businesses (with employees below 500) to cushion the coronavirus's...