IRS allows SALT cap workaround for pass-throughs

When the Tax Cuts and Jobs Act was enacted in 2017, the $10,000 cap on state and local taxes deductions left residents in high tax states out in the cold. For example, many New Yorkers and Californians know it is not unusual for state income tax amounts to approach the cap from payroll deductions alone. […]

Remember to close out POS each day

“Finish the drill” is the rallying cry of athletes and coaches to encourage their teammates to give it their all through the end of the game. The same principle holds true in business. Successfully closing out the day is as important as a strong opening. For McDonald’s owner/operators, making sure the point-of-sales systems are closed […]

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 […]