Coronavirus Office Protocols

March 24, 2020

As we are navigating our way through the upcoming days and weeks of Coronavirus, we are making strides at Berkman, Jorgensen, Masters & Stafman to keep our facility safe for our clients and staff; therefore, we have implemented the following procedures: Our office is open, but entrance doors are locked. Appointments will be by phone […]

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The President’s action to defer payroll taxes: What does it mean for your business?

September 18, 2020

On August 8, President Trump signed four executive actions, including a Presidential Memorandum to defer the employee’s portion of Social Security taxes for some people. These actions were taken in an effort to offer more relief due to the COVID-19 pandemic. The action only defers the taxes, which means they’ll have to be paid in the future. […]

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Steer clear of the Trust Fund Recovery Penalty

July 27, 2020

If you own or manage a business with employees, you may be at risk for a severe tax penalty. It’s called the “Trust Fund Recovery Penalty” because it applies to the Social Security and income taxes required to be withheld by a business from its employees’ wages. Because the taxes are considered property of the […]

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Launching a business? How to treat start-up expenses on your tax return

July 24, 2020

While the COVID-19 crisis has devastated many existing businesses, the pandemic has also created opportunities for entrepreneurs to launch new businesses. For example, some businesses are being launched online to provide products and services to people staying at home. Entrepreneurs often don’t know that many expenses incurred by start-ups can’t be currently deducted. You should […]

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Good records are the key to tax deductions and trouble-free IRS audits

July 20, 2020

If you operate a small business, or you’re starting a new one, you probably know you need to keep records of your income and expenses. In particular, you should carefully record your expenses in order to claim the full amount of the tax deductions to which you’re entitled. And you want to make sure you […]

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