November 2020
Business Year-End Tax Planning Strategies
Several end-of-year tax planning strategies are available to business owners that can be used to reduce their tax liability. Let's take a look: DEFERRING INCOME Businesses using the cash method of accounting can defer [...]
Individual Year-End Tax Planning Strategies
With the end of the year fast approaching, now is the time to take a closer look at tax planning strategies you can use to minimize your tax burden for 2020. GENERAL TAX PLANNING [...]
October 2020
Tips for Starting Your Own Business
Starting your own business can be an exciting prospect, but there is more to it than simply writing a business plan. Also, if you expect to have employees, there are a variety of federal [...]
September 2020
Watch Out for PFIC Status if You Own Foreign Investments
The term “passive foreign investment company” (PFIC) suggests a sophisticated, highly specialized investment that the majority of U.S. persons probably would not own. In reality, many U.S. persons--whether living in the United States or [...]
Say No to Payroll Tax Deferral
On August 8, 2020, the President issued a Memorandum allowing employers to defer withholding and payment of an employee's portion of the Social Security tax (i.e., the 6.2% FICA portion of the federal payroll [...]
August 2020
Tips for Filing an Amended Tax Return
If you discover a mistake on your tax return after you've already filed, don't panic. In most cases, all you have to do is file an amended tax return. Here's what you need to [...]