"Lost among all the recent legislation, however, is an existing provision of the tax law that, thankfully, has been little-used since its enactment in 2002, but that is very important in a time like this."
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Section 139 was designed for times like these; it allows an employer to make tax-free payments to employees to cover certain COVID-19 related expenses.Searching for Silver Spring, MD, accounting firm?
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jtempchincpa.com
If you’re searching for Silver Spring, MD, accountants who will go out of their way to accommodate your individual needs, look no further than the reputable team at Jordan Tempchin & Associates PC. You don’t take your financial security lightly, and neither do we. When you contact us for assista...There are hundreds of decisions that business’ need to make everyday.
Let us help guide these decisions for a more efficient and competitive future!
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Whether you are starting a new business or have been in business for several years, at Jordan Tempchin & Associates we provide a comprehensive service that will take you through the steps in achieving your goals. We aid you in your decision of the type of entity that will be most beneficial for your...The federal government is close to enacting a stimulus package to address the economic impact of the Coronavirus pandemic. Many states and local jurisdictions have also announced their own economic stimulus packages intended to help small businesses and workers affected by the Coronavirus pandemic. Learn more here.
Relief Packages To Help Workers & Businesses Affected By COVID-19
jtempchincpa.com
The federal government is close to enacting a stimulus package to address the economic impact of the Coronavirus pandemic. Many states and local jurisdictions have also announced their own economic stimulus packages intended to help small businesses and workers affected by the Coronavirus pandemic.We are still open and working, we are trying to keep everyone safe and healthy by following the State’s mandates. As most of your know most of the Tax Filing deadlines have been extended, but that hasn’t slowed our efforts in attempting provide you with the best service possible under the current conditions. We will keep you posted on any changes that may occur with the Federal or Local Governments and current or future Stimulus Packages that may become available.
Please stay safe and healthy.
-Robert Tempchin
(301) 564-3636
What is the Earned Income Credit listed on your tax return? It’s a refundable tax credit for low-income and middle-income workers, primarily those who have dependent children. If the credit is more than the amount of taxes you owe, you receive a refund from the IRS.
Jokes about falling prey to IRS tax penalties are common. “And to you taxpayers out there, let me say this: ‘Make sure you file your tax return on time! And remember that even though taxes can be a ‘pain in the neck’ the folks at the IRS are regular people just like you, except that they can destroy your life.” – Dave Barry, Pulitzer prize-winning humorist.
Keeping accurate records is essential for a small business. Hiring a professional takes the guess work out of a very important task, so that your business can stay on top!
It’s important to always pay the IRS any tax obligation in a timely manner. The IRS imposes steep penalties for filing a late return and paying taxes late. In fact, penalties can be as much as 25% of the tax owed.
Before you meet with your tax preparer, make sure you've gone through your mail and opened any envelopes marked as "tax information" or "tax documents." If you have several tax documents, group them by category (W-2s, 1099s, etc.).