/Tag: COVID-19

Bartering is a taxable transaction even if no money changes hands

By |2020-07-21T21:56:17+00:00July 21st, 2020|Categories: COVID 19, News, Tax Planning|Tags: , , , , , |

During the COVID-19 pandemic, many small businesses are strapped for cash. They may find it beneficial to barter for goods and services instead of paying cash for them. If your business gets involved in bartering, remember that the fair market value of goods that you receive in bartering is taxable income. In addition, if you [...]

Tax Relief Update Due to COVID-19 Pandemic: Federal and California April 15th Filing Date Pushed back to July 15, 2020

By |2020-04-27T23:21:35+00:00March 20th, 2020|Categories: Blog, COVID 19, News|Tags: , , , , |

The Internal Revenue Service (IRS) and the California Franchise Tax Board (FTB) addressed tax relief measures for taxpayers affected by the coronavirus pandemic. These measures include a 90-day extension of time to file federal individual and business tax returns and pay certain federal income tax payments to July 15, 2020 and a 90 to [...]

News Alert Regarding COVID-19 Implications to GS Inc. Clients

By |2020-04-27T23:21:14+00:00March 18th, 2020|Categories: Blog, COVID 19, News|Tags: , , , , |

At a press conference today, U.S Treasury Secretary Mnuchin announced extensions for federal income tax payments for individuals and business owners due the effects of COVID-19 on the nation. Individuals and businesses with an April 15, 2020 filing deadline will be given an additional 90 days (July 15, 2020) to pay the taxes they [...]

Your financial statements may be affected by the coronavirus

By |2020-04-27T23:20:47+00:00March 13th, 2020|Categories: Blog, COVID 19, News|Tags: , , , , |

The coronavirus (COVID-19) outbreak — officially a pandemic as of March 11 — has prompted global health concerns. But you also may be worried about how it will affect your business and its financial statements for 2019 and beyond. Make considerations when preparing financial statements The duration and full effects of the COVID-19 outbreak are [...]

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