Latest Covid-19 Updates: Round up of Key Information

These past few months have been a few of the more challenging we have faced. Going forward, for as long as it’s useful, we will bring you a regular round up of relevant COVID-19 information highlighting what you need to know to manage through this crisis. Click here for key updates. Checklist for SBA PPP […]

3 issues to consider AFTER you file your tax return

The tax filing deadline for 2019 tax returns has been extended until July 15 this year, due to the COVID-19 pandemic. Our tax team at Rudler has put together a list of considerations for after your 2019 tax return has been successfully filed with the IRS. 1. Some tax records can now be thrown away […]

What you need to know about the Trust Fund Recovery Penalty

The “Trust Fund Recovery Penalty” is a penalty that applies to the Social Security and income taxes that are required to be withheld by a business from its employees’ wages. These withholdings are sometimes referred to as “trustee taxes,” since the employer is a conduit for the withholdings. Since the taxes are considered property of […]

July 15 tax deadline is here: there may be ways to reduce your bill

As you know, the IRS announced a few months ago that they would extend the April 15 deadline for Americans to file 2019 income tax returns and pay taxes owed for that year. Retroactive COVID-19 business relief The Coronavirus Aid, Relief and Economic Security (CARES) Act, which passed earlier in 2020, includes some retroactive tax […]

Is your small business or nonprofit still being effected by COVID-19?

The Small Business Administration (SBA) has reopened the Economic Injury Disaster Loan (EIDL) and EIDL Advance program to eligible small businesses and nonprofits still struggling with the economic impact of the COVID-19 pandemic. The EIDL program offers long-term, low-interest loans to small businesses and nonprofits. If your company hasn’t been able to procure financing through […]

Learn how to take $100,000 in coronavirus-related retirement distributions

The Coronavirus Aid, Relief and Economic Security (CARES) Act allows “qualified” people to take certain “coronavirus-related distributions” from their retirement plans tax and penalty free.   Individuals who have been effected can take retirement plan distributions under new exceptions. So how do you qualify for a coronavirus related distributions? Early distribution basics In general, if […]

What you need to know when starting a new business

And how to treat start-up expenses on your tax return. If you handle your initial expenses in certain ways you could reduce the amount of taxes you pay.  While the COVID-19 crisis has devastated many existing businesses, the pandemic has also created opportunities for entrepreneurs to launch new businesses. For example, some businesses are being […]