Pandemic remote working tax relief is ending

As we begin to see an end in sight for the pandemic in the United States, some states have started eliminating their temporary pandemic remote working tax relief programs related to employees working remotely. This could lead to your business being subject to additional state taxes, which may require you to file state tax returns …

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Tax method changes can provide beneficial opportunities

Last week I was visiting with a friend of mine who runs a family-owned business in Colorado. I have historically removed myself from any financial or tax discussions with him as they have used the same local advisor for many years. However, as we were visiting the new local brewery the topic of taxation came …

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How to use the IRS’s Identity Verification Service

In an effort to tamp down on fraud, the Internal Revenue Service has repeatedly reminded Americans it will never contact taxpayers by telephone. When the IRS needs to talk to you, it will send you a letter, directing you to call a telephone number or log in online. Now, the agency has gone a step …

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Free eBook offers details on COVID economic resources

Looking for all finance related COVID-19 information? Since the onset of the pandemic, multiple aid packages, legislation, guidance, deadlines, caps and more have been issued, changed or suspended. It’s enough to make your head spin. Henry+Horne has stayed on top of the changes so you don’t have to and we’ve compiled it all into a …

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Do you qualify for the Employee Retention Credit?

With all the changes 2020 has brought us, the IRS figured why not add another to the seemingly never-ending list. Here comes the Employee Retention Credit (“ERC”). The ERC is a refundable payroll tax credit for qualified wages paid and health coverage provided by an employer whose operation was fully or partially suspended from the …

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Ending a partnership

Unfortunately, due to COVID-19, a lot of businesses have made the difficult decision to close their doors. If you are a partner in a partnership structure, several steps need to be taken and boxes checked to make sure the business is permanently closed. Below are the steps the IRS lays out to close a partnership …

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EIP’s, RRC’s and your stimulus checks

Congress passed several bills in the last year to provide relief for millions of Americans who are struggling financially due to the COVID-19 pandemic. Some of the provisions in these bills were geared toward assisting businesses (for example, PPP loans), while some provided aid directly to individuals. Don’t miss: Planning for stimulus The first bill …

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New form 8858 filing requirements for foreign rentals and businesses

Effective beginning in 2018, the IRS expanded the scope of those U.S. persons required to file a Form 8858 with their tax return.  In addition to reporting foreign disregarded entities (FDEs), foreign branches (FBs) must now be reported on the 8858. Don’t miss: Planning for stimulus What is considered a foreign branch for purposes of …

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Planning for stimulus

Will there be a third round of stimulus? While the White House and the Congress discuss such things, enough rumor is flying around that we need to plan for a potential third round of stimulus. As many realize, the official start of tax season was much later this year – February 12 – partially because …

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