by angieduran | Jul 15, 2020 | Uncategorized
There’s a new IRS form for business taxpayers that pay or receive nonemployee compensation. Beginning with tax year 2020, payers must complete Form 1099-NEC, Nonemployee Compensation, to report any payment of $600 or more to a payee. Why the new form? Prior to 2020,...
by angieduran | Jul 13, 2020 | Uncategorized
As a reminder, if you received tax relief as part of the People First Initiative and didn’t make previously owed tax payments between March 25, 2020 and July 15, 2020 you will need to restart those payments to avoid penalties. Here’s what you need to do to restart...
by angieduran | Jul 10, 2020 | Uncategorized
If you own or manage a business with employees, you may be at risk for a severe tax penalty. It’s called the “Trust Fund Recovery Penalty” because it applies to the Social Security and income taxes required to be withheld by a business from its employees’ wages....
by angieduran | Jul 2, 2020 | Uncategorized
The extended federal income tax deadline is coming up fast. As you know, the IRS postponed until July 15 the payment and filing deadlines that otherwise would have fallen on or after April 1, 2020, and before July 15. Retroactive COVID-19 business relief The...
by angieduran | Jun 25, 2020 | Uncategorized
If you are receiving Social Security benefits you may have to pay income taxes on a portion of those benefits. Social Security benefits include monthly retirement, survivor and disability benefits. They do not include supplemental security income payments, which...
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