Federal Tax News

Company president is assessed a penalty. If an employer withholds taxes from employees but doesn't pay them over to the IRS, the employer may face a harsh penalty. The Trust Fund Recovery Penalty (TFRP) equals 100% of the unpaid tax […]

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Protect Your Assets As You Protect Your Loved Ones

You've worked a lifetime to build your wealth and understandably want to pass much of it to loved ones. Your estate plan, therefore, needs to protect and preserve your assets. This article explores several asset protection strategies, including trusts, liability-limiting business entities and using the gift and estate tax exemption.

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7 Valuable Deductions for Self-Employed Individuals

Did you recently launch a small business venture? Being self-employed brings new — and potentially sizeable — tax-saving opportunities that aren't available to traditional W-2 employees. Here are seven common deductions to consider as you plan for the 2021 tax year. But don't wait until the last minute: Frequently, it requires forethought to implement strategies and collect the appropriate supporting documentation.

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