1099 Employees, via Pannaman Tax Preparation Blog https://ift.tt/36pQO1M
1099 Employees, via Pannaman Tax Preparation Blog https://ift.tt/2GhRuvg
Home Office Deductions, via Pannaman Tax Preparation Blog https://ift.tt/333wzoo
Schedule C Sole Proprietor, via Pannaman Tax Preparation Blog https://ift.tt/3myIRNg
Home Office, via Pannaman Tax Preparation Blog https://ift.tt/3bWofJZ
Vehicles, via Pannaman Tax Preparation Blog https://ift.tt/2DKrzLM
Rental, via Pannaman Tax Preparation Blog https://ift.tt/3j6S6Bj
Tomorrow is the deadline to file extensions
Depreciation, via Pannaman Tax Preparation Blog https://ift.tt/34VsLFr
October 15th is the deadline to file returns on Extension
Today is the deadline to file extensions
The IRS and the Department of Labor (DOL) report that many sole proprietors have been misclassifying employees as independent contractors to avoid paying payroll taxes on these workers. The general rule is that an individual is an independent contractor if the payer has the right to control or direct only the result of the work and not what will be done and how it will be done.
Extensions Expire 10/15
Travel expenses are deductible as long as the other criteria for deducting business expenses are factored in. The travel must be for business reasons, for example. If the traveler also spends some time sightseeing, visiting relatives, etc., while on the business trip, these expenses must be separated. Meals must also have a business purpose regardless of whether the food is consumed during a normal business luncheon or during travel. Entertainment is no longer deductible after 2017. The tax practitioner must ask lots of questions about business meals and entertainment.
Representation, via Pannaman Tax Preparation Blog https://ift.tt/38wxXTY
Any attorney, CPA, enrolled agent, enrolled actuary or other person permitted to represent a taxpayer before the IRS, who’s not disbarred or suspended from practice before the IRS, may submit a written power of attorney to represent a taxpayer before the IRS.
Covid19, via Pannaman Tax Preparation Blog https://ift.tt/3k3vbHy
The IRS said it was revising its procedures to help taxpayers who cannot pay their taxes because of the pandemic. Its called the Taxpayer Relief Initiative.
Election, via Pannaman Tax Preparation Blog https://ift.tt/3mXBxud
Professionals with Unlimited Practice Rights
Those professionals possessing an unlimited right to practice before the IRS practice—a category comprised of CPAs, attorneys and enrolled agents—may represent a client with respect to any matter before it.
Enrolled agents, in contrast, are not required to file declarations like those filed by attorneys and CPAs attesting to their qualification and authorization to represent a client before the IRS. An enrolled agent not currently under suspension or disbarment from practice before the IRS likewise has unlimited practice rights. Because of those unlimited practice rights, such an enrolled agent is unrestricted as to matters before the IRS concerning:
The taxpayers the enrolled agent may represent;
The types of tax matters the enrolled agent is permitted to handle; or
The IRS offices before which the enrolled agent may represent clients.
You are technically required to fill out and file a Schedule H for a household employee. If you have a household employee, you need to withhold and pay social security and Medicare taxes if you paid cash wages of $2,100 or more in 2020 to any one household employee. You must file Form W-2 for each household employee to whom you paid $2,100 or more of cash wages in 2020 that are subject to social security and Medicare taxes. If you have household employees, you will need an EIN to file Schedule H. If you don't have an EIN, you may apply for one online by going to IRS.gov/EIN.
There are services you can use that will provide the schedule H to you at the end of the year to make things easier and more affordable, I then use the Schedule H for your individual filing and send everything in at the end of the year, the company handles all the with holding taxes and w-2 forms.
https://www.homeworksolutions.com/
https://www.surepayroll.com/resources/blog/schedule-h-form
https://www.nannychex.com/
If you were born January 2, 1959,
through January 1, 1960, then your full
retirement age for retirement insurance
benefits is 66 and 10 months. If you
work, and are full retirement age or
older, you may keep all of your benefits,
no matter how much you earn. If you’re
younger than full retirement age, there
is a limit to how much you can earn
Clarification of tax treatment of Paycheck Protection Program loans. The provision clarifies that gross income does not include any amount that would otherwise arise from the forgiveness of a Paycheck Protection Program (PPP) loan. This provision also clarifies that deductions are allowed for otherwise deductible expenses paid with the proceeds of a PPP loan that is forgiven, and that the tax basis and other attributes of the borrower’s assets will not be reduced as a result of the loan forgiveness. The provision is effective as of the date of enactment of the CARES Act. The provision provides similar treatment for Second Draw PPP loans, effective for tax years ending after the date of enactment of the provision.
Stimulus Information, via Pannaman Tax Preparation Blog https://ift.tt/34MeDPN
Helpful Stimulus Information, via Pannaman Tax Preparation Blog https://ift.tt/3mWMk7e
$600 direct payment checks for every adult and child earning up to $75,000. Individuals earning between $75,000 and $99,000 would get smaller checks, and the benefit cuts out entirely for individuals earning over $99,000
