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Tax and Employee Benefits
Pursuant to the memo “Deferring Payroll Tax Obligations in Light of the Ongoing COVID-19 Disaster,” employers will be allowed to defer the withholding, deposit, and payment of the employee portion of Social Security taxes if the employee’s bi-weekly pre-tax pay is less than $4,000. The IRS issued additional guidance for employers in implementing the payroll...
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Overview and discussion of the key provisions of the CARES Act and how they may affect businesses
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IRS guidance to employers about the documentation employers need to collect from employees requesting COVID-19-related paid leave, as well as documents employers should maintain for tax credit purposes.
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UPDATED April 1, 2020, to reflect IRS expanded application of payroll tax credits for employersUPDATED March 19, 2020, to reflect that President Trump signed H.R. 6201 into lawUPDATED March 18, 2020, to reflect passage of H.R. 6201 by the U.S. Senate Originally published March 17, 2020 In response to the coronavirus (COVID-19) outbreak, President Trump...
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Though Indiana property taxes remain due by May 11, 2020, Gov. Holcomb issued Executive Order #20-005 requiring all Indiana counties to waive delinquent payment penalties for property taxes paid on or before July 10, 2020.
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UPDATED March 23, 2020, to reflect Kentucky’s adoption of income tax relief announced by IRSOriginally published March 20, 2020 In light of the COVID-19 pandemic, the IRS announced that individuals and businesses will be given 90 extra days to file their Federal income tax returns and pay any tax liabilities resulting therefrom. The due date...
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The SECURE Act of 2019 makes substantial changes to the taxation and distribution of IRAs and retirement benefits. How does it affect your estate plans? KDDK tax and estate attorney Mark S. Samila explains.
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On June 21, 2018, in a narrow 5 to 4 decision, the United States Supreme Court in South Dakota v. Wayfair, Inc. issued a decision which opens the door for states to require out-of-state merchants to collect and remit sales tax on internet sales.  The issue of sales tax on internet sales is an issue...
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Recently enacted changes which may affect your business regarding IRS audits of partnerships and limited liability companies (LLCs) have gone into effect for tax years beginning on or after January 1, 2018.  Under the new Rules regarding partnership adjustments and audits, the IRS is no longer required to proceed against an individual partner but instead...
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Employers have a legal obligation to provide employees a Form W-2 stating the employee’s wages and withholdings for the year by January 31 of the following year. This obligation remains even when an employer has closed its doors and ceased operating. Employees should confirm that their employer (including former employers) have their most current contact information so...
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