Relief from not making employment tax deposits due to COVID-19 tax credits

14 April, 2020

The IRS has issued guidance providing relief from failure to make employment tax deposits for employers that are entitled to the refundable tax credits provided under two laws passed in response to the coronavirus (COVID-19) pandemic. The two laws are the Families First Coronavirus Response Act, which was signed on March 18, 2020, and the […]

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Answers to questions about the CARES Act employee retention tax credit

09 April, 2020

The recently enacted Coronavirus Aid, Relief, and Economic Security (CARES) Act provides a refundable payroll tax credit for 50% of wages paid by eligible employers to certain employees during the COVID-19 pandemic. The employee retention credit is available to employers, including nonprofit organizations, with operations that have been fully or partially suspended as a result […]

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The new COVID-19 law provides businesses with more relief

30 March, 2020

On March 27, President Trump signed into law another coronavirus (COVID-19) law, which provides extensive relief for businesses and employers. Here are some of the tax-related provisions in the Coronavirus Aid, Relief, and Economic Security Act (CARES Act).  Employee retention credit The new law provides a refundable payroll tax credit for 50% of wages paid […]

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Coronavirus (COVID-19): Tax relief for small businesses

23 March, 2020

Businesses across the country are being affected by the coronavirus (COVID-19). Fortunately, Congress recently passed a law that provides at least some relief. In a separate development, the IRS has issued guidance allowing taxpayers to defer any amount of federal income tax payments due on April 15, 2020, until July 15, 2020, without penalties or […]

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COVID-19 Update

20 March, 2020

To Our Client and Friends,   At Smith Dukes, our number one priority is the health of our clients, employees, business partners, and their families. In response to the COVID-19 outbreak, we have made a few changes in how we work but will continue to provide you with the accounting, tax and advisory services you […]

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Determine a Reasonable Salary for a Corporate Business Owner

09 March, 2020

If you’re the owner of an incorporated business, you probably know that there’s a tax advantage to taking money out of a C corporation as compensation rather than as dividends. The reason is simple. A corporation can deduct the salaries and bonuses that it pays executives, but not its dividend payments. Therefore, if funds are […]

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