Category Archives for Small Business Tax Advice
Does Giving an Employee a Gift Card or Other Small Gift Cause a Tax Issue?
Are employer gift cards taxable? Yes. In the past, employers could give employees cash or a cash equivalent gift such as a gift certificate for amounts less than $25 without any tax concern. These were
Read MoreIs Tax Evasion Always a Felony?
A very common question that comes up in our tax legal defense work involves the term "tax evasion" and whether it is always considered a felony criminal offense.The short answer is, yes, tax evasion is
Read MoreTop 10 Year-End Tax Planning Tips
Between the political environment and the COVID-19 pandemic and its attendant stimulus packages, this year has seen more than its share of uncertainty around tax – which makes year-end tax planning all
Read MoreCan Bankruptcy Solve Tax Problems?
Bankruptcy may be a popular remedy for towering balances on credit cards, getting houses out of foreclosure, and eliminating enormous medical bills. But bankruptcy can be used for more than that; it can
Read MoreAvoiding Tax Debt with PPP Loans
The Paycheck Protection Program (PPP) loans are a popular option for businesses struggling due to COVID-19, but understanding the tax obligations associated with them can be confusing and challenging,
Read MorePlanning for Tax Changes for the 2020 Tax Year
We Americans will have a long menu of tax changes for the 2020 tax year...and it's never too early to start thinking about managing next year's return. And there's a lot of good news.Just a few months
Read MoreCoronavirus Tax Breaks Businesses can Take Advantage of Now
The IRS recently rolled out three new coronavirus tax breaks for businesses aimed at helping them through the coronavirus pandemic. As businesses and individuals across the country have been hit hard
Read MoreWhile the “Stimulus Checks” are Helpful, We Can’t Tell You When You’ll Receive One.
We're hearing, "Where is my stimulus check?" a lot these days. It's a recurring question that's impossible for us to answer. We understand the frustration some folks are feeling, not having received a
Read MoreIf You Owe, You Can Delay Paying Taxes, But You Still Must File on Time!
Many are asking if they still have to file on time if I owe taxes, in the midst of the COVID-19 outbreak. As a response, the Trump administration just announced $300 billion in tax deferrals as part of
Read MoreWhat If You Can’t Afford to Pay the Taxes You Owe?
Maybe you've just finished preparing your tax return and you find that you owe the IRS a large sum, but you can’t afford to pay it. Are you going to jail? Probably not. The realization that you can’t
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