Learning Center for Tax and Financial Insights

This is a common question: How long must taxpayers keep copies of their income tax returns and supporting documents? Watch this video for an overview. .embed-container { position: relative; padding-bottom: 56.25%; height: 0; overflow: hidden; max-width: 100%; } .embed-container iframe, .embed-container object, .embed-container embed { position: absolute; top: 0; left: 0; width: 100%; height: 100%; }

Most companies have policies or procedures governing their employment practices, but they're sometimes maintained informally. This can lead to inconsistent application and confusion about employer and employee rights and responsibilities. An employee handbook formalizes those policies so that employees have a written resource to read and reference. Here are some key steps to consider as you create an employee handbook or update an existing one. #1: Know your history. Your company's history, practices, and culture will help set the tone of your handbook and determine what policies to include (see below). Also staying on top of new and changing compliance requirements may necessitate new or updated policies. Think about the information you most need to convey to employees, areas of misunderstanding or confusion, and frequent questions you receive from employees. #2: Identify required policies. Although there's no law that requires a written employee handbook, there are laws that require employers to maintain certain policies in writing. For example, a growing number of jurisdictions require employers to maintain written policies on harassment, discrimination, leave of absence and other time off, and/or workplace safety and health rules. In addition, some state and local laws require employers that maintain an employee handbook to include certain information. For instance, Colorado requires employers with an employee handbook to include a copy of the Colorado Overtime and Minimum Pay Standards (COMPS) Order (or poster). Review all required policies that are applicable to your business and include them in your handbook. #3: Include other must-have policies. Even when there isn't a specific requirement, certain policies are essential for conveying important information. Some examples include: A prominent at-will statement in the beginning of your employee handbook (except in Montana, where at-will employment is not recognized). This statement reiterates that, absent certain exceptions, either you or the employee can terminate the employment relationship at any time and for any reason. Employment classifications, meal and rest periods, timekeeping and pay, employee conduct, attendance, and punctuality. Anti-harassment, nondiscrimination, leave of absence, and workplace safety and health. #4: Know what policies to avoid. Just as important as understanding what policies to include is knowing what policies to avoid

The ability to donate your unused paid vacation time to COVID-19 charity organizations has been extended by the IRS through the end of 2021. Watch the video for more information. .embed-container { position: relative; padding-bottom: 56.25%; height: 0; overflow: hidden; max-width: 100%; } .embed-container iframe, .embed-container object, .embed-container embed { position: absolute; top: 0; left: 0; width: 100%; height: 100%; }

August 10 - 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 10. Your employer is required to withhold FICA taxes and income tax withholding for these tips from your regular wages. If your regular wages are insufficient to cover the FICA and tax withholding, the employer will report the amount of the uncollected withholding in box 12 of your W-2 for the year. You will be required to pay the uncollected withholding when your return for the year is filed.

August 2 - Self-Employed Individuals with Pension Plans If you have a pension or profit-sharing plan, this is the final due date for filing Form 5500 or 5500-EZ for calendar year 2020.August 2 - All Employers If you maintain an employee benefit plan, such as a pension, profit sharing, or stock bonus plan, file Form 5500 or 5500-EZ for calendar year 2020. If you use a fiscal year as your plan year, file the form by the last day of the seventh month after the plan year ends.August 2 - Certain Small EmployersDeposit any undeposited tax if your tax liability is $2,500 or more for 2021 but less than $2,500 for the second quarter. August 2 - Federal Unemployment TaxDeposit the tax owed through June if more than $500.

Whether you are a physician with a well-established medical office, or you’ve just completed your residency and are getting set up, obtaining funding for a medical practice is different from applying for a standard business or personal loan. Though those differences do not necessarily mean that the process is more difficult, they do mean that you need to carefully assess your needs and identify the approach that fits them best. To help, we’ve assembled the following list of must-know items specifically designed to facilitate medical practice funding: There are special Medical Practice Loans, especially designed for healthcare professionals. Doctors, dentists, and other healthcare professionals can always apply for standard loans, but the specialized medical practice loans available online and through big brand banks like Wells Fargo and Bank of America were created around the realities of running a medical practice. That means that they offer access to the higher level of funding that is usually required while also taking into account elements such as the existence of medical school debts as well as the probability that your practice is likely to earn significant revenue as it becomes more established. Consider equipment financing instead of a Medical Practice Loan Though your first instinct may be to apply for a more typical loan, if you’re planning on buying medical equipment then equipment financing may make more sense. Though these loans may require a down payment, and use the equipment itself as collateral, they enable 100% financing of the acquisition and are structured so that repayment is completed at the end of the anticipated useful life of the asset. This is a superior outcome to having a loan that will continue long after you’ve replaced the equipment – especially if you will need to purchase something to replace it and take out an additional loan. Paying two loans at once – with one being for an asset that you no longer have – is something you definitely want to avoid. A Small Business Administration Loan may be a good fit for you The Small Business Administration has well-established relationships with lenders that can offer up to $5 million in funding through the 7(a) loan program, while also guaranteeing a portion of the loan for the lender. This additional protection makes lenders more likely to extend a loan, offering rates that are competitive and can be used for almost any purpose. Note that the SBA will not extend a 7(a) loan to an unestablished business – which eliminates this option for those who have just graduated – but they do have other loan products available for newer businesses. Lump sum funding through term loans If you need a specific amount of money and are looking for a fixed low interest rate, term loans are another good option, especially if you have good credit. You can use the money for anything and pay it off over a predictable term that can range from 12 months to 5 years or more, though compared to medical practice loans or SBA loans, the amount of funding may be limited. Business line of credit Another alternative to taking out a loan for a specified amount of money is applying for a business line of credit that allows you to access as much of your total revolving line as you need, leaving the balance available and only having to make payments for what you use. This is a particularly good option for managing continuous expenses or those that have financial needs that arise intermittently. The downside of a line of credit is that the rates may be higher than that of other loans, but that aspect is offset by the ability to only use what you really need.