V. F. Sutton Services

08/18/2023

Leadership: There's no ideal personality type for executives -- but businesses need the right one for success. Insight via

Management Follow the Leader: How a CEO’s Personality Is Reflected in Their Company’s Culture There’s no ideal personality type for executives — but businesses need the right one for success. August 01, 2023 | by Audrey Kim CEOs model certain behaviors and encourage their employees to follow...

08/18/2023

Is your activity a business or a hobby for tax purposes? Your intent is key. If it's not to make a profit, you may not be able to deduct expenses. Find everything you need to know here

Are you wondering if you need to pay business taxes on money you earn from your hobby? Find all the information you need in this comprehensive guide.

08/18/2023

Here's your tax fact of the week from your friends at V.F.Sutton Services.

08/17/2023

New businesses (generally, those that have been in business for 5 years or fewer) that have less than $5 million in gross receipts and that qualify for the research tax credit can elect to use up to $500,000 of that credit to pay the employer's share of its employees' F**A withholding requirement.

The Inflation Reduction Act that President Biden signed into law in August of 2022, has a provision that could benefit many small business startups, allowing them to potentially double the amount of the research and development tax credit that can be used against payroll taxes from $250,000 to $500,...

08/16/2023

No matter where your finances stand today, there are steps you can take to get them where you want them to be.

Are you wondering where the world economy is going and how your personal finances will stand up to the changes? If so, you are not alone. Part of the fun of being on this planet is planning for the future even when it’s not clear what will happen tomorrow or next week.

08/16/2023

Some Wednesday Wisdom from your friends at Brooklyn based V.F.Sutton Services

08/15/2023

Calendar year 2022 partnership and S-corporation, returns on extension must be filed by September 15, 2023. Late filing penalties for partnerships and S-corporations are $220 times the number of partners or shareholders for each month (or fraction) the returns are late. 2022 trust returns on extension are due October 2, 2023 and the late filing penalty is 5% per month of the tax due for each month late. Entities in a federally declared disaster area may have additional time to file.

If you have a calendar year 2022 partnership, S-corporation, or trust return on extension, don’t forget the extension for filing those returns ends on September 15, 2023* (October 2, 2023* for trust returns).

08/15/2023

IRS: When your account is locked by the IRS because you've been marked deceased, you can't file tax returns or receive tax refunds. Story via

A new report says the IRS placed 'deceased locks' on accounts of more than 90,000 taxpayers who were very much alive.