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.
Community · 3 min read ·
IRS Announces Paid Leave and Tax Credit Policies for Coronavirus
With many small businesses struggling under the new regulations surrounding the global pandemic of COVID-19, also known as Coronavirus, the IRS has announced measures that it plans to take to assist entrepreneurs. If…
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Taxes · 2 min read ·
When Will You Get Your Tax Refund?
While preparing and filing your taxes might not be the most enjoyable experience, there is one facet of tax season that many businesses look forward to each year: refunds. If you have paid more than your fair share of…
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Taxes · 3 min read ·
IRS Requires Tax Exempt Organizations to E-file Forms
IRS Requires Tax Exempt Organizations to E-file Forms Due to a change in legislation, tax exempt organizations who previously filed hard copies of Forms 490 (Return of Organization Exempt from Income Tax,) 490-PF (Ret…
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Taxes · 3 min read ·
IRS Wage Garnishments and How to Get Them Released
In the event that you owe taxes to the IRS and do not have an arrangement to pay such as an extension, payment plan, offer in compromise, or “currently not collectable” status, the IRS may seek wage garnishment. IRS w…
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Community · 2 min read ·
Tax Deadlines Extended for Imelda Victims
Between September 17th and 21st, Tropical Storm Imelda caused chaos in Texas and Louisiana, bringing up to 43 inches of flooding rain to some areas. The tempest caused at least 5 deaths and over 2 billion dollars in d…
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Taxes · 2 min read ·
IRS Assistant Helps Small Businesses Withhold the Right Amount of Tax
According to the IRS website, it has launched a new online assistant designed to help employers, especially small businesses, easily determine the right amount of federal income tax to withhold from their workers’ pay…
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Taxes · 3 min read ·
Surprising Truths About IRS Audits
Getting audited by the IRS sounds like a nightmare for many small business owners. While getting audited is certainly not the best-case scenario, the auditing process is actually much different than most entrepreneurs…
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Taxes · 2 min read ·
California FTB Collecting Taxes from Residents of Other States
Imagine that you’re a screenwriter living in Arizona. While you perform all of your screenwriting business in your state of residency, some of your clients predictably reside in California, where most major studios op…
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Taxes · 3 min read ·
Residency Audits from High-Tax States
With the recent Tax Cuts and Jobs Act placing a $10,000 cap on state tax deductions, many people are seeking to establish residency in a lower-tax state. According to Accounting Today , while California, New York, New…
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Taxes · 2 min read ·
IRS Announces New Ruling on Abbreviated Tax IDs
The IRS recently announced that it will now allow truncated tax identification numbers (TTINs) on most payee statements, including the Wage and Tax Statement form (W2.) This new ruling is the latest in a series of mea…
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Taxes · 2 min read ·
Guide to The Tax Cuts and Jobs Act for Every Stage of Life
The Tax Cuts and Jobs Act that was passed in 2017 made dramatic changes that affect nearly every taxpayer in every stage of life. Understanding what the TCJA means in regard to the season that you are in is essential…
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Taxes · 2 min read ·
Quarterly Estimated Taxes for Self-Employed Individuals
In a traditional job, an estimation of your federal and state income tax, as well as social security and Medicare taxes are taken from each paycheck. At the end of the year when you file your tax return, you will eith…
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