Payroll Tax Deferral Option

On August 8, 2020, President Trump issued a presidential memorandum, authorizing employers to defer collecting and paying the employee portion of federal payroll taxes (only the 6.2% for Social Security) from September 1, 2020 until December 31, 2020.  On Friday,...

C.A.R.E.S. Act and Retirement Plans

Employees may want to know whether they can receive distributions or loans from their §401(k) plan to confront financial challenges resulting from the COVID-19 virus. The CARES Act includes several provisions affecting §401(k) distributions and loans potentially...

Depreciation Recapture

Our firm often deals with the proper treatment of certain dispositions of property on which businesses claimed depreciation deductions. Under the depreciation recapture rules, when a taxpayer disposes of property for which depreciation deductions were claimed, some or...

Limitations on Pass-Through Losses from S-Corporations

An S corporation’s tax items generally pass through to shareholders on a pro rata basis and are reportable by S corporation shareholders in the shareholder’s taxable year in which the S corporation’s year ends. These items are subject to the various...

TJT Electronic Invoicing and Payment Options

TJT now offers electronic invoicing and payment options.  You can choose to receive your bill from TJT via email and then make the payment electronically as well if that is your preference.  To opt into electronic billing, please email Joette Crews at...