Tag Archives for " business taxes "
Avoid Tax Problems when Providing New Benefits
Providing new perks or benefits without realizing that they're likely taxable can cause tax problems down the road, for employees and employers.With the COVID-19 pandemic forcing major changes around where
Read MoreSmall Businesses that Received PPP Aid May Face Tax Problems
A recent IRS ruling tying up a loose end in the 2020 economic-relief law could require many small businesses to pay taxes on government PPP aid meant to help through the pandemic.On Nov. 18, the agency
Read MoreDoes 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 MoreAvoid the Temptation of Tax Evasion
If you intentionally fail to pay taxes or underreport your taxable income, you could be charged with tax evasion. In order to be convicted of tax evasion, the IRS must show that you deliberately tried
Read MoreViolating Federal Employment Tax Rules Brings Heavy Penalties!
And there are many ways to incur those penalties. Violating federal employment tax rules is very serious business – and not just for employers – employees will suffer as well.Both employers and employees
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