by Brian Hare, CPA, CGMA | Nov 17, 2020 | Business
Online retail sales have been booming during the COVID-19 pandemic. This trend has been driven not only by the buying public’s increased inclination to minimize visits to brick-and-mortar stores, but also by the effectiveness of many retailers’ virtual marketing...
by Brian Hare, CPA, CGMA | Nov 13, 2020 | Business
If your small business is planning for payroll next year, be aware that the “Social Security wage base” is increasing. The Social Security Administration recently announced that the maximum earnings subject to Social Security tax will increase from $137,700 in 2020 to...
by Brian Hare, CPA, CGMA | Nov 10, 2020 | Business
Are you wondering if the passive activity loss rules affect business ventures you’re engaged in — or might engage in? If the ventures are passive activities, the passive activity loss rules prevent you from deducting expenses that are generated by them in excess of...
by Brian Hare, CPA, CGMA | Nov 10, 2020 | Business
IRS audit rates are historically low, according to the latest data, but that’s little consolation if your return is among those selected to be examined. But with proper preparation and planning, you should fare well. In fiscal year 2019, the IRS audited approximately...
by Brian Hare, CPA, CGMA | Nov 9, 2020 | Tax
The business use of websites is widespread, and you are likely to have business website costs associated with that. But surprisingly, the IRS hasn’t yet issued formal guidance on when Internet website costs can be deducted. Fortunately, established rules that...
