Vernoia, Enterline + Brewer, CPA LLC can help you navigate business tax for LLCs, C Corps, S Corps, Non-Profits.
The Coronavirus, Aid, Relief and Economic Security Act – CARES Act – allowed employers to defer the deposit and payment of the employer’s share of Social Security taxes and self-employed individuals to defer payment of certain self-employment taxes.
Payments for Deferred Tax Reported by Third Party Payers Read More »
By law, business taxpayers who pay or receive nonemployee compensation of $600 or more must report these payments to the IRS. They do this using Form 1099-NEC, Nonemployee Compensation. Generally, payers must file Form 1099-NEC by January 31. For 2021 tax returns there is no automatic 30-day extension to file Form 1099-NEC. However, an extension
Nonemployee Compensation and Backup Withholding Read More »
The SBA and the Treasury announced that the Paycheck Protection Program (PPP) will re-open the week of January 11, 2021 for new borrowers and certain existing PPP borrowers.
Second Round of PPP Loans Read More »
The Internal Revenue Service released Notice 2021-11 addressing how employers who elected to defer certain employees’ taxes can withhold and pay the deferred taxes throughout 2021 instead of just the first four months of the year.
Employers Can Withhold, Make Payments of Deferred Social Security Taxes from 2020 Read More »
Moving to protect business taxpayers from identity theft, the Internal Revenue Service announced that, starting Dec. 13, it will begin masking sensitive data on business tax transcripts.
IRS to Mask Key Business Details to Protect Taxpayers from Identity Theft Read More »
The Internal Revenue Service reminds business owners and self-employed individuals of the employer credits available to them during COVID-19. These credits were specially created to help small business owners during this unprecedented time.
IRS Highlights Employer Credits for Businesses Read More »
The Internal Revenue Service issued a temporary regulation and a proposed regulation to reconcile advance payments of refundable employment tax credits and recapture the benefit of these credits when necessary. The regulations authorize the assessment of erroneous refunds of the credits paid under both the Families First Coronavirus Response Act (Families First Act) and Coronavirus
Recapturing Excess Employment Tax Credits Read More »
Treasury, IRS and Labor announce plan to implement Coronavirus-related paid leave for workers and tax credits for small and midsize businesses to swiftly recover the cost of providing Coronavirus-related leave The U.S. Treasury Department, Internal Revenue Service (IRS), and the U.S. Department of Labor (Labor) announced that small and midsize employers can begin taking advantage
Coronavirus-related Paid Leave for Workers and Tax Credits for SMBs Read More »
One of the advantages of someone running their own business is hiring family members. But when including family members in business operations, certain tax treatments and employment tax rules apply. Here are some facts to know when working with a spouse, parent or child.
Tax Treatment for Family Members Working in the Family Business Read More »
The Internal Revenue Service announced the opening of the application period for the 2020 Compliance Assurance Process (CAP) program.
IRS Expands the Compliance Assurance Process for 2020 Read More »