by Admin | Feb 23, 2021 | Business Taxes, Individual Taxes
March 10 – Report Tips to EmployerIf you are an employee who works for tips and received more than $20 in tips during February, you are required to report them to your employer on IRS Form 4070 no later than March 10.Your employer is required to withhold FICA...
by Admin | Feb 22, 2021 | COVID-19, Individual Taxes
Obviously, the still-ongoing COVID-19 pandemic has been a major challenge for all of us since it kicked into high gear in March of 2020. In the months since, millions of people have found themselves out of a job and the ones that remained were suddenly faced with...
by Admin | Feb 18, 2021 | Business Taxes, COVID-19
In order to help trades and businesses to retain employees and keep them employed during the COVID-19 crisis, the Coronavirus Aid, Relief, and Economic Security (CARES) Act created the Employee Retention Credit for 2020. As part of the Consolidated Appropriations...
by Admin | Feb 17, 2021 | Business Taxes, COVID-19
The Consolidated Appropriations Act, 2021 (CCA), which was passed by Congress and signed by the president late last December, included a very tax-beneficial provision that liberalized the interaction between PPP loans and the Employee Retention Credit (ERC). Prior to...
by Admin | Feb 3, 2021 | Individual Taxes
As a means to stimulate charitable contributions during the COVID crisis, Congress made two notable changes for 2020—one allowing taxpayers that don’t itemize their deductions an above-the-line deduction for cash contributions of up to $300 and another for those...
