The IRS just updated its annual list of “Dirty Dozen” tax scams for 2020 with a special emphasis on the unique threats presented by the COVID-19 pandemic. Tax scams are a perennial threat to taxpayers, but the current crisis affords scammers more opportunities to strike than ever before. While some demographics are historically vulnerable to tax scams, today, everyone is at risk of falling prey to them, thanks to the ever-changing nature of the public and private responses to the pandemic. Knowing what types of “Dirty Dozen” tax scams are popular right now and how to spot them can help you protect your personal finances and those of your business.
The Silver State is renowned for its lenient taxation policies, but how much is payroll tax in Nevada in 2020? If you’re starting a new business in Nevada or relocating yours here from afar, you’ll want to know about your payroll tax obligations. Falling behind on your taxes can lead to costly fines and penalties, possibly causing you to change your business plans to handle them. Take some time to learn about Nevada’s payroll tax laws so you can stay ahead of your obligations and keep your business in good standing.
As the coronavirus pandemic continues to sweep across the world, our normal procedures and lifestyles have been forced to adapt. The United States 2020 Tax Season is no exception.
On March 17, 2020, U.S. Treasury Secretary Steven Mnuchin announced that the Internal Revenue Service (IRS) will extend the 2020 Tax Payment deadline. This tax extension was created to alleviate taxpayers coping with the pandemic and minimize economic upheaval. Yet, it’s an extension that has also invited confusion.
Starting your own company was probably one of the most exciting times in your life. Every choice you made was personal, and now your business is truly a reflection of your hard work and determination. Now that it’s tax season, you might be wondering if you have to file in your first year. Here are a few tax tips that will make you a bit more knowledgeable about your obligations.
If you are thinking of starting a business in Nevada or relocating an existing business here, there are many reasons to do so. You can count on fantastic weather, palm trees, swimming pools, gambling, professional sports teams, 24-hour entertainment…wait, those probably aren’t the main reasons you considered in your business plans. Or maybe they are? We don’t judge. But let’s take a look at some of the major benefits of basing your business in the Silver State, especially in the critical area of corporate taxation.