On August 8, 2020, President Trump issued an executive order and three memoranda providing or extending COVID-19 relief to individuals and organizations. On August 28, 2020, the Department of Treasury and Internal Revenue Service issued guidance for implementing the memorandum’s payroll tax deferral portion.
Cost accounting aims to capture a company’s total production cost by assessing the variable costs of each step of production. It is a process of gathering, examining, summarizing, and evaluating various alternative courses of action.
On August 8, 2020, President Trump issued an executive order and three memoranda providing or extending COVID-19 relief to individuals and organizations.
The Research and Development (R&D) Tax Credit is one of the best opportunities for businesses to reduce their tax liabilities, improve cash flow, and increase earnings-per-share. This tax credit was initially enacted in 1981 to incentivize companies to increase their investment in developing new or improved products or processes.
Although these distributions are required each year and generally taxable, several strategies can be used to minimize taxation of the distribution and optimize savings for the account holder.
COVID-19 has been a trying time for businesses and may be the right time to take advantage of business transition opportunities. With the current economic situation, gifting programs should be evaluated because of lower company values.