By the end of May 2020, over 20 million Americans claimed unemployment benefits. This payment can be a great relief to many who have found themselves out of work due to COVID-19. Many companies have been forced to lay off workers, while others simply have not been able to operate as a result of health risks, including restaurant and entertainment industry workers.
However, unlike the stimulus checks that were a part of the CARES Act, unemployment benefits (state benefits plus the government’s weekly benefit payments) are federally taxable and may also be taxed by your state.2 Rather than facing an unwelcomed tax burden during the 2020 tax season, we go through three options to help you prepare for next tax season.
The COVID-19 outbreak is forcing many businesses to alter the way they work. This means many are facing the unprecedented challenge of managing a business through a global pandemic - while keeping their workforce motivated and focused.
For business owners questioning whether or not they’re doing right by their employees during these uncertain times, we’ve gathered up a list of important do’s and don’ts to managing your workforce amidst the COVID-19 pandemic.
Understanding the taxes you and your business will owe is crucial to proper year-round bookkeeping. Curious what types of taxes to look out for in the upcoming year? Here are 8 business taxes you might owe in 2020.