APRIL 2022
Welcome to this month's edition of the Tax and Business Alert. Our goal is to provide you with current articles on various tax and business topics. The articles are intended to keep you up to date on trends and issues that may impact your business and personal financial affairs.  Please contact us if you have questions about any of the issues discussed.

Previous Issue

 

There’s a harsh tax penalty that business owners could have to pay personally if they own or manage a business with employees. It’s called the Trust Fund Recovery Penalty and it applies to the Social Security and income taxes required to be withheld by a business from the wages of its employees. This article looks at the risk and explains how business owners, managers and other involved parties can avoid incurring the penalty.


In recent months, some Americans have been victimized by severe storms, flooding, wildfires and other disasters. No matter where someone lives, an unexpected disaster may cause damage to his or her home or personal property. Before the passage of the Tax Cuts and Jobs Act, eligible casualty loss victims could claim a deduction on their tax returns. But now, restrictions make it tougher to qualify for these deductions.


Individuals who have a life insurance policy probably want to ensure that the benefits their families will receive after their deaths aren’t included in their estates. That way, the benefits won’t be subject to the federal estate tax. This article discusses the ins and outs of life insurance plans and estate taxes


Business owners who have been audited by the IRS are likely aware that the process may be stressful. It might help to understand what IRS auditors know about the business’s industry. IRS examiners generally do research on a specific industry and on issues on a tax return in preparation for an audit. While they have a variety of resources, one tool they use to research specific industries is an Audit Technique Guide.


This calendar notes important tax deadlines for the second quarter of 2022.





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The Tax and Business Alert is designed to provide accurate information regarding the subject matter covered. However, before completing any significant transactions based on the information contained herein, please contact us for advice on how the information applies in your specific situation. Tax and Business Alert is a trademark used herein under license. © Copyright 2022.