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

by KLPCPA | Sep 14, 2020 | IRS, Small Business, Taxes

Call Now Setup an Appointment 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 may be additional deadlines that apply to you. Contact us...

The possible tax consequences of PPP loans

by KLPCPA | Aug 14, 2020 | IRS, Small Business, Taxes

Call Now Setup an Appointment If your business was fortunate enough to get a Paycheck Protection Program (PPP) loan taken out in connection with the COVID-19 crisis, you should be aware of the potential tax implications. PPP basics The Coronavirus Aid, Relief and...

Why do partners sometimes report more income on tax returns than they receive in cash?

by KLPCPA | Jul 29, 2020 | Small Business, Taxes

Call Now Setup an Appointment If you’re a partner in a business, you may have come across a situation that gave you pause. In a given year, you may be taxed on more partnership income than was distributed to you from the partnership in which you’re a partner. Why is...

Even if no money changes hands, bartering is a taxable transaction

by KLPCPA | Jul 22, 2020 | Taxes

Call Now Setup an Appointment During the COVID-19 pandemic, many small businesses are strapped for cash. They may find it beneficial to barter for goods and services instead of paying cash for them. If your business gets involved in bartering, remember that the fair...

Steer clear of the Trust Fund Recovery Penalty

by KLPCPA | Jul 7, 2020 | Small Business, Taxes

Call Now Setup an Appointment 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...

Launching a business? How to treat start-up expenses on your tax return

by KLPCPA | Jun 23, 2020 | Small Business, Taxes

Call Now Setup an Appointment While the COVID-19 crisis has devastated many existing businesses, the pandemic has also created opportunities for entrepreneurs to launch new businesses. For example, some businesses are being launched online to provide products and...