On 8 August 2020, President Trump issued a Presidential Memorandum to defer the collection of the employee portion of the FICA tax (6.2%). The deferral period begins 1 September 2020 and ends 31 December 2020 for employees earning less than $4,000 every two weeks ($104,000 per year). The employer must then withhold the deferred taxes […]
Presidential Payroll Tax Action on COVID-19
As you have probably heard in the news, President Trump signed a Presidential Memorandum deferring certain payroll tax obligations. A link to the announcement follows: https://www.whitehouse.gov/presidential-actions/memorandum-deferring-payroll-tax-obligations-light-ongoing-covid-19-disaster/. In summary, the memorandum instructs the Secretary of the Treasury to use his authority under 26 U.S.C. 7508A to defer the withholding, deposit, and payment of the employee’s portion […]
Tracking Mileage in QuickBooks Online
If you’re having to drive for work during the pandemic, let QuickBooks Online make sure you’re recording all of your deductible mileage. Many states are starting to open for business again. If yours is one of them and this is affecting you, we hope you’re taking steps to stay healthy. We also hope that you’ve […]
Getting a Handle on Payment Issues
Most small business owners love what they do. But that’s not to say things can’t get a little difficult, especially when customers don’t pay their bills on time. Even one or two slow-pay or no-pay customers can be enough to throw your company’s finances off. Understanding what might be going on with your customers and […]
Tax Witching Hour
As many of you who trade securities know, a stock witching hour is the last hour of trading on the third Friday of each month as options and futures expire. There are triple and quadruple witching hours depending on the number of securities and markets expiring. Due to the coronavirus, we potentially have a sextuplet […]
Growing Pains: Structural Considerations for Growing Your Business
Ask any small-business owner what he sees as the major challenges to growing his business, and chances are he’ll say: winning more sales. Ask any medium- or large-business owner what her major challenges have been, however, and she’ll probably say: structural growing pains — putting into place the necessary processes and structure to accommodate a […]