For the latest information about developments related to Form 2553 and its instructions, such as legislation enacted after they were published, go to IRS.gov/Form2553. Michael Marz has worked in the financial sector since 2002, specializing in wealth... Read more
In those circumstances, the returns are due on the next business day. An automatic extension until Oct. 15 to file Form 1040 can be obtained by filing Form 4868. If you are in business as a sole proprietorship, you report your income and expenses on ... Read more
For business tax returns for partnerships, S corporations, and corporations, use Form 7004 to file an extension application. Form 7004 can be e-filed through the Modernized e-File platform. All the returns shown on Form 7004 are eligible for an autom... Read more
FICA taxes include salary, wages, tips, bonuses, commissions, and taxable fringe benefits. IRS Publication 15-B has a chart of various fringe benefits that are subject to FICA and those that are exempt (see Table 2-1). Compensation subject to FICA al... Read more
Rely on our team of small business certified tax pros to get your taxes right and keep your business on track. Find out how Block Advisors can help with your small business taxes.She is a graduate of Washington University in St. Louis. This is where ... Read more
Qualified leave wages.Refundable tax credits are available for paid sick leave and paid family leave (“qualified leave wages”) required under the Families First Coronavirus Response Act (the “FFCRA”). Qualified leave wages are... Read more
This means that the credit is only calculated based on wages paid during the dates of full or partial suspension. In this respect, the effective dates of government orders are crucial to supporting an ERC calculation. The rule is different for an emp... Read more
See Publication 15-B, Employers' Tax Guide to Fringe Benefits, for more information. The employee will have to report the reimbursement as income and must generally claim a miscellaneous itemized deduction for the allowable business expenses if he or... Read more
In addition, the new bill allows the deduction of business expenses paid for with forgiven Paycheck Protection Program loans. Government grants are taxable income to the recipient unless the tax law makes an exception.... Read more
If you use tools like Klaviyo or AdEspresso to manage your email and Facebook campaigns, they count as “ordinary and necessary” marketing expenses. Sometimes customers or clients simply won’t pay for the product or service you alrea... Read more
