This is the time of year when we give thanks, share in family traditions, and make memories with the ones we love. But, as most of 2020 was a challenging time, this holiday season will likely be celebrated differently. (more…)
In the wake of the COVID-19 pandemic, the U.S. government launched several programs to offer financial benefits to small businesses. While we’ve outlined the CARES Act and the Payment Protection Program Flexibility Act of 2020 and explained their differences, there’s one other thing that needs to be discussed – the impact on your tax return. Every type of financial aid program comes with tax implications.
Last week, our team began working remotely under the governor’s orders for social distancing. This week, we’re pleased to give you an update on operations at Boris Benic and Associates LLP. We also have some important tax news you’ll need during this time.
When it comes to filing taxes, an audit is arguably the worst-case scenario of the entire process. While there are ways to avoid getting audited, sometimes an audit is unavoidable. If you do find yourself on the receiving end of an IRS audit, consider these important steps:
Tax Day is still a few months away. That has many Americans nervous about the dreaded “A” word. Although the word “audit” fosters anxiety for many, the chances of being audited are low for most Americans. However, you can still reduce those odds. Here are five ways to avoid getting on the IRS’ radar: