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How to Deal With Payroll Taxes For Your Business If You’re Struggling Because of the Pandemic

Payroll taxes are often a considerable source of frustration for employers, but this is especially true in the midst of a pandemic. A few options are available for relief, but these aren’t always worth pursuing. The wisdom of deferral, for example, depends on your ability to eventually cover owed payroll taxes. The better you understand […]

IRS Fears Compounded By Pandemic Fears: How to Calm Yourself Down, Get Help, And Make Rational Decision

Anxiety is part and parcel of living through a pandemic. From job loss to worries about contracting the virus, it’s only natural to feel stressed. Now, add tax drama to the mix. It’s no wonder you feel worried. If you allow yourself to be paralyzed by fear, you’re unlikely to take the action needed to […]

Lost a Loved One to COVID in 2020? Will You Have to Deal With the IRS?

There’s no denying the grief and anger suffered by those who have lost loved ones during the COVID pandemic. Unfortunately, the struggle goes far beyond these emotions to include practical matters such as federal tax returns. As you grieve the loss of a spouse or family member, keep the following tax concerns in mind: Prepare […]

The New IRS COVID Relief Rules — What You Need to Know: Part III

Tax debt has always prompted considerable stress, but this is doubly true during a pandemic, when resources for handling this burden may be scarce. While the previous IRS People First Initiative made it possible to step back and focus on other, more urgent financial concerns, the agency may be in the first stages of cracking […]

The New IRS COVID Relief Rules — What You Need to Know: Part II

After a brief and unprecedented period of COVID-prompted forgiveness from the IRS, the agency appears poised for a crackdown. It will no longer be as easy to procrastinate on paying taxes or making arrangements to resolve debt. Thankfully, IRS Deputy Commissioner Darren Guillot and other leaders at the agency recognize that well-meaning individuals are going […]

The New IRS COVID Relief Rules — What You Need to Know: Part I

Between a pandemic and an economic crisis, the average person has more than enough to worry about right now. The last thing we need is the stress of taxes. Unfortunately, current financial woes make this already anxiety-inducing ordeal that much worse. As such, the IRS has taken significant steps to make this year’s taxes a […]

No More PPP Funds: What Options Are Available For Businesses Struggling During the Pandemic?

In an effort to ease the financial burden of the pandemic, Congress authorized the Paycheck Protection Program (PPP) as part of the 2020 Coronavirus Aid, Relief, and Economic Security Act (CARES Act). Employers who took advantage of this popular program enjoyed the opportunity to obtain loans with favorable terms and the possibility of forgiveness — […]

FAQ About the Trust Fund Recovery Penalty During COVID

Life goes on during a pandemic — and that includes tax confusion and frustration. While deferrals gave many people temporary respite from their IRS concerns, the usual tax drama is now back in full force. The Trust Fund Recovery Penalty (TFRP), in particular, is a major source of anxiety among those already struggling with the […]

Rebooting 2020: How to Take Back the Second Half of the Year After COVID And Economic Uncertainty

Think back to your resolutions for 2020. You might not have felt confident about your ability to save money or lose weight, but you probably assumed that, at worst, you’d continue with the status quo. COVID-19 threw all that for a loop, with illness, job loss, and lockdown changing nearly every facet of daily life. […]

You Owe the IRS — And COVID Is Affecting Your Business: What Can You Do?

There’s no discounting the economic impact of the coronavirus pandemic, which has proven devastating for already vulnerable businesses. Even as quarantine restrictions ease, you may face a variety of unprecedented challenges that prevent your business from achieving expected profits — and handling already overwhelming tax issues. Thankfully, the IRS and SBA offer a variety of […]