by Paula Kennedy, EA | Aug 24, 2020 | Tax
Many taxpayers have been receiving a balance due notice from the IRS even though they sent in their tax payments to the IRS months ago. At one point, the IRS had approximately 12 million pieces of unopened correspondence in its inventory. Despite this unprocessed...
by Paula Kennedy, EA | Aug 19, 2020 | COVID-19, Tax
On August 8, President Trump signed four executive actions, including a Presidential Memorandum to defer the employee’s portion of Social Security taxes for some people. These actions on payroll tax deferral were taken in an effort to offer more relief due to the...
by Paula Kennedy, EA | Aug 19, 2020 | Tax
While you probably don’t have any problems paying your tax bills, you may wonder: What happens in the event you (or someone you know) can’t pay taxes on time? Here’s a look at the options. Most importantly, don’t let the inability to pay your tax liability in full...
by Paula Kennedy, EA | Aug 19, 2020 | COVID-19
In the COVID-19 era, many parents are hiring nannies and babysitters because their daycare centers and summer camps have closed. This may result in federal “nanny taxes” obligations. Keep in mind that the nanny tax may apply to all household workers, including...
by Paula Kennedy, EA | Aug 4, 2020 | Business, Tax
Does your employer provide you with group term life insurance? If so, and if the coverage is higher than $50,000, this employee benefit may create undesirable income tax consequences for you. “Phantom income” The first $50,000 of group term life insurance coverage...
