Running a business is a lot of work. You enjoy what you do, but sometimes the less-exciting administrative tasks, like payroll and taxes, can feel burdensome. Your business is humming along and you’re excitedly drumming up business. 

Then March 15th goes by and you’ve forgotten to file your taxes. You now owe the IRS back taxes. If running a business wasn’t hard enough, now you have the added stress of getting in trouble with the IRS. 

The tax filing deadline for businesses is usually on March 15th or April 15th depending on your business type. Back taxes are those not paid by the deadline. If you owe taxes, there can be serious consequences to your business. 

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Among the raft of changes ushered in with the CARES Act is an overhaul to net operating losses that can impact your 2020 tax obligations. Overall, the changes were designed to increase the amount of liquidity available to businesses to help them survive the pandemic, with a special eye toward helping small business payroll obligations. This means that your business may be able to enjoy a wide range of unexpected benefits when you file this year. Find out how these changes can impact your 2020 taxes and if you stand to gain from them.

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The year 2020 packed quite a wallop for business owners around the country and the world. Not wanting to lay off trusted employees, many businesses struggled to keep up with payroll, many were forced to close their doors during quarantine, and sadly, some were forced to close their doors permanently.

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Who could have imagined a year like 2020? It feels like the entire world has been turned on its head. Among those lucky enough to still have jobs, many are now remote teleworking, and who knows if any of those positions will ever be office-based again. This has both employers and employees wondering just what the future holds.

The COVID-19 pandemic also brings up some thorny tax questions as we move into tax season. Both employers and employees need to understand the ramifications of this unusual year. Since remote work allows employees to maintain a home office from basically anywhere with a computer, phone, and internet connection, what happens if the worker changes states? What if they decide to take a remote job from a foreign country?

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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.

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