August 2020
Dirty Dozen Tax Scams: 2020 Edition

Compiled annually by the IRS, the "Dirty Dozen" is a list of common tax scams that target taxpayers. This year it includes several schemes related to coronavirus tax relief.
There are four ways to exit your business. Which one is right for you?

Although hurricane season in full swing, natural and other disasters can strike at any time; taking these simple steps now will help you prepare and ensure a smoother financial recovery.
Have you filed your federal tax return and then later discovered a mistake? You might need to file an amended tax return.

As the new school year begins, teachers, administrators, and aides should remember to keep track of any education-related expenses that could help reduce the amount of tax owed next spring.

TAX DUE DATES

August 10

Employees Who Work for Tips -
If you received $20 or more in tips during July, report them to your employer. You can use Form 4070.

Employers -
Social Security, Medicare, and withheld income tax. File Form 941 for the second quarter of 2020. This due date applies only if you deposited the tax for the quarter in full and on time.

August 17

Employers -
Nonpayroll withholding. If the monthly deposit rule applies, deposit the tax for payments in July.

Employers -
Social Security, Medicare, and withheld income tax. If the monthly deposit rule applies, deposit the tax for payments in July.

IN THIS ISSUE
Tax Tips
QuickBooks Tips

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Dawson & Associates...Your business is our business. Whether you are starting a new venture or growing your current business, our goal is to help you achieve your goals. Consider us an adjunct to your accounting department, filling in the gaps and lending expertise when you need it. You receive the highest quality service but only pay for what you need. Contact us today at 818 379.9800 to find out how we can help you grow your business.

 

Sincerely,
Linda Dawson 
Dawson & Associates
Dawson & Associates | 818 379-9800 | team@dawsoncpa.com | http://www.dawsoncpa.com
16027 Ventura Boulevard Suite 501
Encino, CA 91436

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