Understanding business travel deductions

By |2023-02-09T13:02:43-05:00February 9th, 2023|Corporate Income Tax, Employees & Independent Contractors, Employers, Individual Income Tax|

Source IRS.gov Issue Number: Tax Tip 2023-15 Understanding business travel deductions Whether someone travels for work once a year or once a month, figuring out travel expense tax write-offs might seem confusing. The IRS has information to help all business travelers properly claim these valuable deductions. Here are some tax [...]

Comments Off on Understanding business travel deductions

Employers warned to beware of third parties promoting improper Employee Retention Credit claims

By |2022-10-19T11:42:42-04:00October 19th, 2022|Coronavirus, Employers, News Articles|

IRS.gov Issue Number:    IR-2022-183 WASHINGTON -- The Internal Revenue Service today warned employers to be wary of third parties who are advising them to claim the Employee Retention Credit (ERC) when they may not qualify. Some third parties are taking improper positions related to taxpayer eligibility for and computation of the [...]

Comments Off on Employers warned to beware of third parties promoting improper Employee Retention Credit claims

Employers: W-2, 1099 Filing Deadline Approaching

By |2022-01-19T12:24:06-05:00January 19th, 2022|Employers|

IRS.gov  Issue Number:    IR-2022-15 January 31 wage statement deadline reminder for employers WASHINGTON - The Internal Revenue Service today urged employers to be aware of the January deadline to file Forms W-2 and other wage statements. Filing these documents timely helps employers avoid penalties and helps the IRS in fraud prevention. [...]

Comments Off on Employers: W-2, 1099 Filing Deadline Approaching

Businesses can temporarily deduct 100% of Meals beginning Jan. 1, 2021 – Dec 31, 2022

By |2021-04-08T12:07:53-04:00April 8th, 2021|Coronavirus, Corporate Income Tax, Employers|

Source: irs.gov  -  Issue Number:    IR-2021-79 Treasury, IRS provide guidance on tax relief for deductions for food or beverages from restaurants Businesses can temporarily deduct 100% beginning Jan. 1, 2021 WASHINGTON – The Treasury Department and the Internal Revenue Service today issued Notice 2021-25 providing guidance under the Taxpayer Certainty and [...]

Comments Off on Businesses can temporarily deduct 100% of Meals beginning Jan. 1, 2021 – Dec 31, 2022

Key Tax Law Changes for Tax Year 2020

By |2021-01-17T09:53:36-05:00January 1st, 2021|Coronavirus, Corporate Income Tax, Employees & Independent Contractors, Employers, Individual Income Tax, News Articles, Retirement|

COVID-Related Tax Relief Acts On December 23, 2020, Congress passed the $900 Billion COVID-Related Tax Relief Act of 2020 (“COVIDTRA” or “the Act”) as part of the Consolidated Appropriations Act of 2021, on December 21, 2020. COVIDTRA extends and modifies several provisions first enacted in the Coronavirus Aid, Relief, and Economic Security [...]

Comments Off on Key Tax Law Changes for Tax Year 2020

The New Form 1099-NEC Summarized

By |2021-01-02T10:27:22-05:00December 2nd, 2020|Employees & Independent Contractors, Employers, Payroll|

  1099-NEC: Use For Non Employee Compensation for Independent Contractors of $600 or more Someone who is not an employee, who provided services Can go to an individual, parternship, estate, or corporation Should inlcude payments for services AND payments for parts or materials used to perform the services Examples: Attorneys, [...]

Comments Off on The New Form 1099-NEC Summarized

Tax Advice for Locums Tenens

By |2022-07-14T12:55:30-04:00October 7th, 2020|401(k) & 403(b), Business Start-Ups and Closures, Corporate Income Tax, Employees & Independent Contractors, Employers, Individual Income Tax, Payroll, Retirement, Traditional IRA|

As a locum tenens provider, you’re considered an independent contractor and you need to be prepared to pay your own taxes. Your hiring firm may not be required to withhold any federal or state taxes from your compensation. Additionally, you’ll most likely need to remit estimated taxes each quarter to [...]

Comments Off on Tax Advice for Locums Tenens

New PPP Forgiveness App Released Today

By |2020-06-17T15:35:01-04:00June 17th, 2020|Coronavirus, Employees & Independent Contractors, Employers, News Articles|

The PPP Forgiveness Application With the latest changes to the program rules was released today. There is an EZ version and a standard version. Both are half of the length of the original application. Here is an article outlining some of the details. Explanations regarding forgiveness dates and some gray [...]

Comments Off on New PPP Forgiveness App Released Today

Coronavirus Employer Tax Credits Flow Chart

By |2020-06-07T13:10:24-04:00June 7th, 2020|Coronavirus, Employees, Employees & Independent Contractors, Employers, Forms, Payroll|

The IRS created a flow chart to help employers navigate the new tax credits due to the COVID-19 pandemic. Each situation with each of your employees may be unique. Always consult a tax advisor before filing with the IRS. Book a phone consultation with our staff today.

Comments Off on Coronavirus Employer Tax Credits Flow Chart

PPP Final Rules on Loan Forgiveness – HR 7010, Passed

By |2020-06-04T09:52:14-04:00June 4th, 2020|Coronavirus, Employers, News Articles|

Every day it seems we are faced with changing rules from the SBA, US Treasury, Congress, etc., leaving small business owners (and thier accountants) to interpret these new laws. The Paycheck Protection Program (PPP) "forgivable" loan has been an amazing program for many businesses facing a downturn in these troubling [...]

Comments Off on PPP Final Rules on Loan Forgiveness – HR 7010, Passed
Go to Top