Stay on top of collecting W-9s from vendors

Collecting W-9 forms may not be top of mind when you hire a new vendor, but getting those as soon as possible is the best way to make sure you don’t get stuck tracking them down at the end of the year as the tax deadline nears. As you know, business owners must issue Forms […]

The power of the tax credit for buying an electric vehicle

Although electric vehicles (or EVs) are a small percentage of the cars on the road today, they’re increasing in popularity all the time. And if you buy one, you may be eligible for a federal tax break. The tax code provides a credit to purchasers of qualifying plug-in electric drive motor vehicles including passenger vehicles […]

2021 Q1 tax calendar: Key deadlines for businesses and other employers

Here are some of the key tax-related deadlines affecting businesses and other employers during the first quarter of 2021. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. Contact us to ensure you’re meeting all applicable deadlines and to learn more about the filing requirements. January […]

Ga. businesses should be aware of annual registration fraud

Several business owners in Georgia have reported receiving emails or letters in the mail appearing to originate from a state agency and stating that their annual registration is due by the middle of December. The forms further state the fee to file the annual registration is $150. If you receive a form like this, do not […]

Some contributions eligible for state tax credit and federal deduction

Many states offer various tax credits for donating to certain qualified charitable organizations, but it has been unclear how to treat those donations for federal tax purposes. The IRS in August issued final regulations that try to make sure people are not double dipping, that is, getting a tax credit and a tax deduction for […]

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 […]

Some Economic Impact Payments sent by prepaid debit cards

Millions of eligible Americans have already received their Economic Impact Payments (EIPs) via direct deposit or paper checks, and the IRS announced this week that some payments are being sent by prepaid debit card. The debit cards will arrive in a plain envelope from “Money Network Cardholder Services.” According to the IRS, nearly 4 million […]

Disaster relief payments help employees and can save taxes

In the aftermath of Hurricanes Florence and Michael this fall, employers are asking how they can help their employees during these difficult times. One option that employers have is to make disaster relief payments to their employees. A disaster relief payment is any amount paid to or for the benefit of an individual to reimburse […]

Phishing scams are everywhere so be sure to know the signs

Whether it’s an email, a phone call or a solicitation through social media, scams abound and it’s up to all of us to be aware. While they take different forms using various platforms, most scams have a few things in common that can serve as tell-tale signs the communications are not legitimate. Some of the […]

There is more than one way to pay your taxes

Just as more and more businesses accept electronic payment for purchases or bills, so too does the IRS.  Of course, you can still pay your taxes each year or quarterly by check or money order, but you can also use other options such as: Direct pay through your checking or savings account. This service is […]