Recent News & Blog / Business Tax
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.
5 key points about bonus depreciation
Under current law, 100% bonus depreciation will be phased out in steps for property placed in service in calendar years 2023 through 2027.
Does your business have a unique selling proposition?
Many business owners — particularly those who own smaller companies — spend so much time trying to eliminate weaknesses that they never fully capitalize on their strengths. One way to do so is to identify and explicate your unique selling proposition (USP).
Businesses: Get ready for the new Form 1099-NEC
There’s a new IRS form for business taxpayers that pay or receive nonemployee compensation. Beginning with tax year 2020, payers must complete Form 1099-NEC, Nonemployee Compensation, to report any payment of $600 or more to a payee.
Hiring independent contractors? Make sure they’re properly classified
As a result of the coronavirus (COVID-19) crisis, your business may be using independent contractors to keep costs low. But you should be careful that these workers are properly classified for federal tax purposes. If the IRS reclassifies them as employees, it can be an expensive mistake.
IRS guidance on payroll tax credits
IRS released the below Frequently Asked Questions (FAQs), and provided a new Form 7200 for employers to apply for a refund of their credits in excess of their payroll tax deposits.
Preparing for tax season tips
Here are tips and strategies from the tax advisors and tax experts at SEK on how to prepare for tax season and filing your taxes.
New rules will soon require employers to annually disclose retirement income to employees
As you’ve probably heard, a new law was recently passed with a wide range of retirement plan changes for employers and individuals.
Finalized IRS Hardship Distribution Regulations
In September 2019, the IRS published long-awaited final hardship distribution regulations for almost a year following their initial proposal.
Reminder: Pennsylvania 1099-Misc Withholding Tax Requirements
Are you withholding the right amount from your Pennsylvania-source income? You could be subject to penalties if not. Contact the tax advisors at SEK with your tax questions.