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REFUND STATUTE EXPIRING
REFUND STATUTE EXPIRING: DON’T MISS OUT! If you have not filed your 2018 tax return and have a refund coming, time to claim that refund is running out! The IRS estimates that more than 1.35 million taxpayers have not filed their 2018 tax returns with approximately $1.3 billion of unclaimed refunds available for…
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Accounting for Restaurants
ACCOUNTING FOR RESTAURANTS Operating a restaurant is a dream for many, but there is a lot more to it than meets the eye. There are far more restaurants that fail than succeed, and that’s frequently because entrepreneurs spend more time focusing the daily operations of the business rather than on the accounting and tax…
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Working Out of State
Employees Working out of state Some employees are still working at home and will keep doing so in the future. If you have employees working out of state, this can create additional tax and payroll challenges. State income tax withholding for employees When it comes to payroll tax withholding, state withholdings primarily follows…
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Fraud on the Rise
According to a report released in September by the Association of Certified Fraud Examiners (ACFE), experts have noticed a rise in fraud this year due in large part to the COVID-19 pandemic. Professionals are seeing fraud increases in nearly every category. The largest growth was in insurance, loan and bank, financial statement, identity theft,…
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Defer Payroll Taxes? Here’s What It Means.
The President’s action to defer payroll taxes: What does it mean? Stay up to date on payroll tax and deferments! President Trump issued a memo regarding deferring payroll tax obligations on August 8, 2020. This memorandum directs the Treasury Secretary to defer the withholding on employee FICA and Medicare, and the employer deposit and…
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How to Legally Dissolve a Corporation
How to Legallty Dissolve a Corporation “Dissolution” is the act of formally dissolving (closing) a business entity with the state. It involves far more than just stopping to sell products and services. Dissolution is a process for wrapping up all legal and financial aspects of the business and legally terminating its existence in the…
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Flexible Spending Accounts (FSA) and Small Business
Open An Flexible Spending Account (FSA) For Your Small Business Did you know, a small business can set up a Flexible Spending Account for individual employees’ medical expenses. FSA plans are established and offered through an employer for the benefit of the employees. These funds are not subject to federal income or Social Securty…
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Tax Withholding Estimator
Double Check Your Paychecks With This Tax Withholding Estimator All taxpayers should use the new Tax Withholding Estimator to do a Paycheck Checkup. This tool helps people make sure their employers are taking out the right amount of tax from the employee’s paychecks. The money withheld from an employee’s paychecks throughout the year should cover the amount…
