IRS: Employers to repay deferred payroll tax
The IRS issued guidance at the end of August regarding deferral of the employee’s portion of Social Security tax as described in President Trump’s August 8 Presidential Memorandum. The Presidential Memorandum deferred the employee’s portion of Social Security taxes from September 1, 2020, through December 31, 2020. The president’s move was made in reaction to the ongoing coronavirus […]
Navigating to a new day: Antares Group hosts virtual financial symposium
It’s a new day in this post-COVID world. Much has changed in the past several months, and we want to shed light on some topics that are most relevant to you and your business. To help you navigate through this ever-evolving environment, Antares Group is hosting a virtual financial symposium specifically for McDonald’s owner/operators. This symposium […]
More parents may owe “nanny tax” this year, due to COVID-19
In the COVID-19 era, many parents are hiring nannies and babysitters because their daycare centers and summer camps have closed. This may result in federal “nanny tax” obligations. Keep in mind that the nanny tax may apply to all household workers, including housekeepers, babysitters, gardeners or others who are not independent contractors. If you employ […]
Antares Group named a Top 300 Accounting Firm and Top 300 Fastest-Growing Firm
Antares Group, Inc., has been named as a Top 300 Accounting Firm for 2020 by INSIDE Public Accounting. This national ranking by the award-winning newsletter for the public accounting profession recognizes the country’s top accounting firms in terms of revenue and growth. Antares Group has also been named a 2020 IPA 300 Fastest-Growing Firm. “We […]
PPP loan forgiveness FAQs released
The Small Business Administration released this week its first round of FAQs regarding the loan forgiveness process for Paycheck Protection Program Loans. These FAQs, which serve as guidance on the provisions of the CARES Act, follow closely to what we have been advising our clients already as we prepare their applications for PPP Loan forgiveness. […]
Take advantage of a “stepped-up basis” when you inherit property
If you’re planning your estate, or you’ve recently inherited assets, you may be unsure of the “cost” (or “basis”) for tax purposes. Fair market value rules Under the fair market value basis rules (also known as the “step-up and step-down” rules), an heir receives a basis in inherited property equal to its date-of-death value. So, […]
Businesses: Get ready for the new (old?) Form 1099-NEC
What’s old is new again. The IRS has introduced for tax year 2020 Form 1099-NEC for business taxpayers to report nonemployee compensation of $600 or more. Why the new form? Prior to 2020, Form 1099-MISC was filed to report payments totaling at least $600 in a calendar year for services performed in a trade or […]
Payroll tax deferral OK with PPP loan – but be careful
The ability to defer certain payroll taxes for employers who received a PPP loan is one of the benefits of the recently enacted Payroll Protection Program Flexibility Act. When the CARES Act first passed in April, employers had the option to defer paying the employer portion of Social Security tax through the end of 2020, […]
Auto depreciation limits remain unchanged for 2020
The deprecation limits for passenger automobiles remain unchanged for 2020. The IRS issued this month the annual depreciation dollar caps for vehicles purchased after September 27, 2017, and first placed in service in 2020. Those limits for taxpayers eligible for bonus first-year depreciation deduction for qualified property under Section 168(k) are: $18,100 for the placed-in-service […]
Steer clear of the Trust Fund Recovery Penalty
If you own or manage a business with employees, you may be at risk for a severe tax penalty. It’s called the “Trust Fund Recovery Penalty” because it applies to the Social Security and income taxes required to be withheld by a business from its employees’ wages. Because the taxes are considered property of the […]
