After you file your tax return: 3 issues to consider
The tax filing deadline for 2019 tax returns has been extended until July 15 this year, due to the COVID-19 pandemic. After your 2019 tax return has been successfully filed with the IRS, there may still be some issues to bear in mind. Here are three considerations.
Accounting for cloud computing arrangements
The costs to set up cloud computing services can be significant, and many companies would prefer not to immediately expense these setup costs. Updated guidance on accounting for cloud computing costs aims to reduce differences in the accounting treatment for these arrangements.
Steer clear of the Trust Fund Recovery Penalty
If you own or manage a business with employees, you may be at risk for a severe tax penalty. It’s called the “Trust Fund Recovery Penalty” because it applies to the Social Security and income taxes required to be withheld by a business from its employees’ wages.
Update on PPP forgiveness and SEK team activities
UPDATE: SEPTEMBER 2, 2020 To our valued clients: We would like to update everyone on SEK's activities and expectations regarding PPP loan forgiveness engagements.
A win-win proposition: A CRT can benefit you and your favorite charity
Are you a multitasker? If so, you may appreciate an estate planning technique that can convert assets into a stream of lifetime income, provide a current tax deduction and leave the remainder to your favorite charity — all in one fell swoop.
Assessing productivity as you cope with the pandemic
The COVID-19 crisis is affecting not only the way many businesses operate, but also how they assess productivity. How can you tell whether you’re getting enough done when so much has changed?
DOL Issues Bulletin on FFCRA Leave for Closure of Summer Camps and Programs
The Families First Coronavirus Response Act (FFCRA) requires covered employers to provide eligible employees with up to twelve weeks of childcare leave when the employee is unable to work or telework due to a need to care for a child whose school or place of care is closed due t
Avoid pitfalls when splitting gifts with your spouse
The annual gift tax exclusion allows you to transfer up to $15,000 per beneficiary gift-tax-free for 2020, without tapping your lifetime gift and estate tax exemption. And you can double the exclusion to $30,000 per beneficiary if you elect to split the gifts with your spouse.
Regaining your tax-exempt status if you failed to file Form 990s
There are many ways for a not-for-profit organization to lose its tax-exempt status — including participating in lobbying and campaign activities, receiving excessive unrelated business income and allowing board members to financially benefit from their positions.