The IRS has postponed most tax filing and payment deadlines until July 15, 2020 due to COVID-19. The IRS issued Notice 2020-23, which grants relief for returns, tax payments, and other tax-related actions. According to Notice 2020-23 no late-filing penalty, late-payment penalty, or interest will be assessed on the items covered by this notice. The result for most filings is an automatic extension of time to July 15. Check out the notice issued at the link below.
Accountable Plans: Tax-Free Reimbursements for Business Owners
As a business owner who is also an employee, you may have to pay for business expenses out of your own pocket. If you reimburse yourself for these expenses through an accountable plan, you can avoid paying taxes on the reimbursements. Accountable plans have four...
