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Owe taxes but can't pay? This IRS video may help:
youtu.be/URJZEKDHxp0
YOUTUBE.COM
Owe Taxes But Can't Pay?
There's a new EMPLOYER CREDIT for PAID Family and Medical Leave.
The Tax Cuts and Jobs Act added a new tax credit for employers that offer paid family and medical leave to their employees.
The credit applies to wages paid in taxable years beginning after December 31, 2017, and before January 1, 2020.
The credit is a percentage of wages (as determined for Federal Unemployment Tax Act (FUTA) purposes and without regard to the $7,000 FUTA wage limitation) paid to a qualifying employee while on family and medical leave for up to 12 weeks per taxable year. The percentage can range from 12.5% to 25%, depending on the percentage of wages paid during the leave.
Do you as an employer give gifts to your employees? Do you receive gifts from your employer?
Special rules under the Tax Cuts & Jobs Act (TCJA) allow an employee to exclude certain achievement awards from their wages if the awards are tangible personal property.
An employer also may deduct awards that are tangible personal property, subject to certain deduction limits.
TCJA clarifies that tangible personal property DOES NOT include cash, cash equivalents, gift cards, gift coupons, certain gift certificates, tickets to theater or sporting events, vacations, meals, lodging, stocks, bonds, securities, and other similar items.
Thanks to @maryngravesproductions for updating our photos!
MESSENGER
Crowe, Mallette, & Associates updated their info in the about section.
Crowe, Mallette, & Associates updated their address.
Did you receive a 1099-MISC from your bank listing certain payments on SBA subsidized loans as income to you? If yes, the IRS has instructed them to furnish corrected 1099-MISC forms that exclude these subsidized loan payments.
Under the CARES act, the SBA is authorized to pay six months of principal, interest and fees on covered SBA loans. The Consolidated Appropriations Act provides that these payments are not includable in the borrower’s gross income. See Notice 2021-6, https://www.irs.gov/pub/irs-drop/n-21-06.pdf issued January 19 which waved from 1099-MISC reporting requirements for these payments.
If you received an incorrect form, contact your lender to request a correction before filing your tax return.
Visit our website at www.cmacpa.net for more information.
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MESSENGER
Crowe, Mallette, & Associates updated their info in the about section.
Contact our office to schedule your tax preparation consultation today. Be sure to minimize your tax liability and maximize your return by relying on our proven tax expertise. Visit our website at www.cmacpa.net for appointment scheduling.
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Why wait? Get your refund before the rush!
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Our dedicated tax specialists are ready to help you minimize your tax liability while maximizing your tax refund. Visit us at www.cmacpa.net to schedule a consultation today.
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Could've.....Would've.....Should've....
"I wish I knew that last year!!"
Have you ever prepared your taxes and realized that making a small change the previous year could have saved you big bucks?
Start planning now and keep ALL the money you're entitled to!
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