The AB&P journal
Useful answers for the decisions owners make every week.
Clear guidance on the financial, payroll, and people questions that tend to become urgent when no one explains them early.
Bookkeeping · 2 min read ·
Telecommuting Employees May Establish Tax Nexus
Many states are taking advantage of the rise in telecommuting due to the pandemic to trigger the establishment of a tax nexus. Unfortunately, this may create additional administrative and tax burdens for small busines…
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Business · 2 min read ·
IRS Names it's Dirty Dozen for 2020
Each year, the IRS issues their Dirty Dozen tech scams list and the 2020 information has been released. Some items that appear this year have appeared in prior years as well and one of the ones that has continued to b…
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COVID-19 · 2 min read ·
Beware of New Tax and Coronavirus Payment Scams
The Criminal Investigation (CI) division of the IRS has recently reported a variety of scams related to the COVID-19 pandemic. Cons involving economic impact payments (EIPs) have been common over the last several mont…
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Taxes · 1 min read ·
Unemployment Benefits are Taxable
Are you a worker who's collecting unemployment benefits or an entrepreneur who had assistance through your state agency? Are you aware that these unemployment benefits are taxable and you may end up with a large tax b…
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Taxes · 3 min read ·
IRS Releases "Dirty Dozen" Tax Scams in 2020
The IRS recently released its list of scams to watch out for in 2020. Because of recent Coronavirus tax relief measures, scam artists are targeting taxpayers more heavily than ever before. According the IRS officials,…
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Taxes · 2 min read ·
IRS Moves Non-Employee Compensation to New Form
The IRS is moving Non-Employee Compensation reporting, previously 1099 MISC-box 7, to a new form called the 1099-NEC. This change takes effect for the 2020 tax year, so reports filed in 2021 and later will need to uti…
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Taxes · 2 min read ·
IRS Collections Suspended in Response to Coronavirus
The IRS recently announced a suspension period for collection activities in response to the COVID-19 crisis. This suspension, which is set to last from March 30 th to July 15 th , 2020, is designed to provide relief t…
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Taxes · 3 min read ·
Your Rights as a Taxpayer
Dealing with the IRS can be confusing and frustrating at times. While the agency does make the final decision regarding your taxable income and money owed, you also have rights as a taxpayer. Knowing these entitlement…
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Taxes · 2 min read ·
National Taxpayer Advocate Highlights IRS Shortcomings in Recent Report
The National Taxpayer Advocate’s office recently revealed that the IRS’s automatic fraud-detection tools are not functioning properly. According to Tax Pro Today , thousands of tax returns have been unnecessarily flag…
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COVID-19 · 2 min read ·
Everything You Need to Know About Filing Taxes Amidst Coronavirus
The IRS has changed many of its usual tax season policies and deadlines due to the Coronavirus pandemic. First it announced that the filing deadline for returns would be moved from April 15 to July 15 th in order to a…
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Taxes · 2 min read ·
IRS Extends Deadline for Health Coverage Statements
Similar to previous years, the IRS had once again extended the deadline for sending health care statements such as Forms 1095-B (Health Coverage) and 1095-C (Employer-Provided Health Insurance Offer and Coverage) to i…
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News · 2 min read ·
IRS Extends Tax Deadline in Response to COVID-19
In response to the COVID-19 pandemic, the IRS recently announced that the tax deadline to file 2019 returns has been moved from April 15 th , 2020 to July 15 th , 2020. This change was publicized after President Donal…
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