The Consolidated Appropriations Act, 2021 (Act) was passed by Congress on December 21, 2020, and signed by President Trump on December 27, 2020, granting further Covid-19 relief. This article highlights some of the tax changes and extenders that will be of interest to...
payroll tax
What We Know About the Payroll Tax Deferral Program Based on Guidance from the IRS
In August President Trump issued an Executive Order to create a temporary deferral of payroll taxes beginning September 1, 2020 through December 31, 2020, but details were lacking. The IRS recently released official guidance in the form of Notice 2020-65, but there is...
Is Your Small Business Ready for an Economic Recession?
Given the current economic uncertainty amidst the Coronavirus pandemic, small business owners worldwide are experiencing the gravity of preparing for an economic downturn. Read on for some practices that, moving forward, will help ensure your small business’s survival...
Breaking Down Taxes: Here Are the Main Types We Pay in the U.S.
The U.S. tax system is complex, but understanding the different taxes we pay can be a beneficial tool for financial planning. Below is a broad overview of the most common types of taxes we pay in the U.S. Income Tax Income taxes, which are levied on personal income,...