The IRS launched the new W4 form in January 2020 and with this new form there were some major revisions that took place. The main objective of the new form is to accurately withhold the correct amount of income taxes for the employee. Here is a simple step-by-step guide to…
As we prepare to file our 2020 income tax returns, one question that may come up from your tax professional that you will need to be prepared for is: How much stimulus payment did you receive in the spring of 2020 and in January of 2021? The stimulus payments are…
When engaged in a trade or business, you are required by the Internal Revenue Service (IRS) to report certain payments you made to others throughout the year on a Form 1099. This coming January the Form 1099 filing season will look differently than it has in the past. Due to…
Be careful not to support or oppose a specific candidate, or you will be in danger of losing your tax-exempt status! The IRS strictly prohibits 501(c)(3) nonprofit organizations from participating directly or indirectly in any political campaign on behalf or (or in opposition to) any candidate for elective public office. …
Continuing from my earlier blog post (Presidential Order on Payroll Tax Deferral) about the payroll tax deferral that was mentioned in the Executive Order on August 8, 2020 we have some updated (although not yet fully written in law) Q&A guidance from the IRS as of September 3, 2020.
On August 8, 2020, President Trump issued an executive order which directed the Department of the Treasury to enact a payroll tax deferral for some employees. This applied to payroll taxes on wages from September 1 through December 31, 2020. We are now left picking up the pieces of determining…
If you have a small business, are bank accounts reconciled? Are year-end credit card account and loan balances correct? Do you have W-9 forms from individuals that received a payment of $600 or more for services provided to you? Is your tax appointment scheduled? These are all things to start…
Were you surprised with such a small refund, or worse yet you unexpectedly had to write a check on April 15th? If the answer to this question is yes, and you have not yet adjusted your federal income tax withholding, the impact may be even greater for the 2019 tax…
