Insights & News
At Fiorita Kornhaas & Company, we believe in empowering our clients and community with knowledge that helps them navigate the complexities of the financial landscape. Through our blog, we aim to share expertise, practical tips, and industry updates that can assist you in making informed decisions and achieving your financial goals. Whether you’re a business owner, individual taxpayer, or financial enthusiast, we invite you to explore our blog for informative articles and stay updated on the latest trends and developments in finance and accounting.”
Article Highlights: The Employee Retention Credit (ERC) was introduced as a part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act in 2020 to help businesses keep employees on their payroll during the COVID-19 pandemic. The credit was designed to provide financial relief to businesses that experienced significant declines in revenue or were forced […]
Article Highlights: Social Security benefits serve as a crucial financial backbone for millions of retirees, disabled individuals, and families of deceased workers in the United States. However, the taxation of these benefits often presents a complex landscape for beneficiaries. This article delves into the intricacies of how Social Security benefits are taxed, the conditions under […]
Proper accounting is the backbone of any successful small business. It ensures that your financial records are accurate, helps you make informed decisions, and keeps you compliant with tax regulations. However, many small business owners, who juggle multiple responsibilities, often commit common accounting mistakes that can lead to significant issues down the line. Avoiding these […]
Dealing with the IRS can be a daunting experience, especially when you receive an audit notice. Understanding the different types of IRS audits and what each entails can help you navigate the process more effectively. However, it’s crucial to recognize that handling an audit is not a DIY task. Professional assistance can make a significant […]
August 12 – Social Security, Medicare and Withheld Income Tax File Form 941 for the second quarter of 2024. This due date applies only if you deposited the tax for the quarter in full and on time. August 15 – Social Security, Medicare and Withheld Income Tax If the monthly deposit rule applies, deposit the […]
August 12 – Report Tips to Employer If you are an employee who works for tips and received more than $20 in tips during July, you are required to report them to your employer on IRS Form 4070 no later than August 12. Your employer is required to withhold FICA taxes and income tax withholding […]
Now that your taxes are complete and filed for last year, you are probably wondering what old tax records can be discarded. If you are like most taxpayers, you have records from years ago that you are afraid to throw away. To determine how to proceed, it is helpful to understand why the records needed […]
Tax season should be a time to reclaim some of your hard-earned money, not a source of stress and anxiety. Yet, for many taxpayers, tax-related identity theft is a very real threat. Imagine filing your return, only to find out that someone else has already cashed in your refund. This is a harsh reality for […]
Children who are dependents of their parents are subject to what is commonly referred to as the kiddie tax. This generally applies to children under the age of 19 and full-time students over the age of 18 and under the age of 24. The kiddie tax originated many years ago as a means to close […]
In the intricate world of tax law, political donations occupy a unique space, blending civic engagement with financial implications. As taxpayers consider supporting their preferred political causes or candidates, understanding the tax aspects of these contributions is crucial. This article delves into the tax treatment of political donations, the distinctions between charitable contributions and political […]
As a small business owner, one of your primary goals should be to maximize your business deductions to minimize your tax liability. Effective tax planning can significantly impact your bottom line, allowing you to reinvest more into your business. This comprehensive guide will cover various strategies and deductions available to small business owners, including those […]
Underpayment penalties are a common concern for taxpayers, and many are unaware of how substantial they can be. These penalties are assessed by the Internal Revenue Service (IRS) when taxpayers fail to pay enough of their tax liability through withholding or estimated tax payments throughout the tax year. The interest rate for underpayments has been […]