2020 Reminder Regarding Common Taxable Fringe Benefits
As 2020 draws to a close, we would like to remind you of the importance of reporting the proper inclusion of common fringe benefits in taxable wages for employees, officers, and shareholders. Fringe benefits are defined as a form of pay-for-performance of services given by a company to its employees as a benefit and must be included in an employee’s pay unless specifically excluded by law.
November 24, 2020/Furniture Insights
November 2020 Furniture Insights
More good news in our latest Furniture Insights as new orders in September were up 43% over September 2019 orders. This followed a 51% increase reported in August, 39% increase in July and a 30% increase in June. Orders were up for 91% of the participants for the month.
IRS Releases Guidance Regarding Deductibility of PPP Loan-Related Expenses
Based on the most recent IRS guidance on the deductibility of PPP loan-related expenses, the taxpayer is allowed to deduct expenses originally thought to be non-deductible on a timely filed return or can amend the return in the taxable year. Extending 2020 calendar year returns might be advisable for some taxpayers who will be applying for loan forgiveness in 2021.
October 29, 2020/Furniture Insights
October 2020 Furniture Insights
The August results of our latest survey continued to reflect what we had been hearing in our conversations with clients and other executives in the industry. The demand for product, from especially June through August, as well as into September and October, has continued to be very strong with orders significantly higher than the same months of 2019.
September 30, 2020/Furniture Insights
September 2020 Furniture Insights
The July results of our latest survey of residential furniture manufacturers and distributors continued to show more and more improvements. The survey reflected a 39% increase in new orders over July 2019 following a 30% increase reported in June.
August 31, 2020/Furniture Insights
August 2020 Furniture Insights
Year to date, new orders were down 16% from the same period last year after an 18% decline reported last month, but there is positive news as June orders are 30% ahead of June last year. Also good news is that 73% of participants reported an increase in June.
Paid Taxes but Received an IRS Notice for an Amount Due? Don’t Panic.
If you have received an IRS notice requesting an amount due when you know you’ve already sent in a payment, don’t panic. The delay is on their end, where they haven’t cashed the checks or applied the payments. They’re asking to allow 90 days to complete this action.
August 6, 2020/Tax, Financial Planning, COVID-19
Update to Required Minimum Distributions Rules for 2020
If you took a Required Minimum Distribution (RMD) in 2020, you now have until August 31, 2020 to rollover any RMD that was received in 2020, according to the latest IRS Notice 2020-51.
July 29, 2020/Furniture Insights
July 2020 Furniture Insights
May business picked back up and was only down 8% from 2019, a 166% increase from April 2020 numbers. Year to date, orders are down 18%, but the hope is that June and July will continue to show improvement in our latest Furniture Insights.
June 30, 2020/Furniture Insights
June 2020 Furniture Insights
As expected, Furniture Insights results from April 2020 have shown significant drops in orders, with 100% participants reporting a decline. New orders in April 2020 were down 61% from April 2019 and down 52% from this March. The April results brought the year to date orders to a decline of 21%.
