If you own or manage a business with employees, there’s a harsh tax penalty that you could be at risk for paying personally. The IRS Trust Fund Recovery Penalty (TFRP) applies to Social Security and income taxes that are withheld by a business from its employees’ wages. Sweeping Penalty The TFRP is dangerous because it … Continue reading “The Trust Fund Recovery Penalty: Who can it be personally assessed against?”
Month: June 2023
Cultivate Connections With A Well-Used CRM System
Has your business invested in customer relationship management CRM software? Many companies have. In fact, according to research cited by career-resource website Zippia, 91% of businesses with 10 or more employees use it. Essentially, CRM software enables you to gather, track, manage and analyze customer-related data in a multitude of ways. If you’ve yet to … Continue reading “Cultivate Connections With A Well-Used CRM System”
2023 Q3 tax calendar: Key deadlines for businesses and other employers
Here are some of the key deadlines affecting businesses and other employers during for 2023 Q3 taxes. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. Contact us to ensure you’re meeting all applicable deadlines and to learn more about the filing requirements. July 31 Report … Continue reading “2023 Q3 tax calendar: Key deadlines for businesses and other employers”
Hiring Family Members Can Offer Tax Advantages (But Be Careful)
Summertime can mean hiring time for many types of businesses. With legions of working-age kids and college students out of school, and some spouses of business owners looking for part-time or seasonal summer job opportunities, companies may have a much deeper hiring pool to dive into this time of year. If you’re considering hiring family … Continue reading “Hiring Family Members Can Offer Tax Advantages (But Be Careful)”
DOs and DON’Ts When Deducting Business Meal and Vehicle Expenses
If you’re claiming deductions for business meals or auto expenses, expect the IRS to closely review them. In some cases, taxpayers have incomplete documentation or try to create records months (or years) later. In doing so, they fail to meet the strict substantiation requirements set forth under tax law. Tax auditors are adept at rooting … Continue reading “DOs and DON’Ts When Deducting Business Meal and Vehicle Expenses”