Tax information from the IRS and shared by Vernoia, Enterline + Brewer, CPA LLC.
With many businesses facing a tight job market, the Internal Revenue Service reminds employers to check out a valuable tax credit available to them for hiring long-term unemployment recipients and other groups of workers facing significant barriers to employment.
Renewed Tax Credit Can Help Employers Hire Workers Read More »
Many Americans have been working from home due to the pandemic, but only certain people will qualify to claim the home office deduction.
Qualify for the Home Office Deduction Read More »
During National Small Business Week, the Internal Revenue Service reminds business owners that it’s critical to correctly determine whether the individuals providing services are employees or independent contractors.
Correctly Identify Workers as Employees or Independent Contractors Read More »
The Internal Revenue Service announced it is providing transition relief to certain employers claiming the Work Opportunity Tax Credit (WOTC).
Relief for Employers Claiming the Work Opportunity Tax Credit Read More »
Small business owners, self-employed people, and some wage earners should look into whether they should make estimated tax payments this year.
Making 2021 Estimated Tax Payments Read More »
After a natural disaster, having access to personal financial, insurance, medical and other records can help people starting the recovery process quickly.
The Forgotten Piece of Disaster Preparedness Read More »
The Internal Revenue Service today concludes the “Dirty Dozen” list of tax scams with a warning to taxpayers to watch out for schemes peddled by tax promoters, including syndicated conservation easements, abusive micro-captive insurance arrangements and other abusive arrangements.
IRS 2021 Dirty Dozen Scams Read More »
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 »
Tax credits and deductions can mean more money in a taxpayer’s pocket. Most people only think about this when they file their tax returns, but early planning can help make filing their 2021 tax returns easier. Taxpayers should be prepared to claim tax credits and deductions. Here are a few facts about credits and deductions
Review Eligibility for Credits and Deductions Read More »