September 17, 2021 What is a Pass-through Entity Tax? A pass-through entity tax (PTET) enables the members of the eligible partnership or S corporation to make estimated tax payments to lower the federal taxable income that flows through the entity onto the individuals tax returns. Who is eligible? Public partnerships other than publicly traded partnerships, …
The top right corner of the PPP Loan Forgiveness Applications is misleading. The document lists October 31, 2020 as the “Expiration Date”. Many borrowers are led to believe the application is due October 31, 2020. Well, the good news is there is no need to worry and rush to get this submitted by the end …
Is October 31, 2020 the deadline to apply for PPP Loan Forgiveness? Continue reading »
The latest panacea to the pandemic is the Payroll Tax Deferral, whereby employers can opt not to withhold the Social Security tax (Medicare must be continued to be withheld) on employees whose annualized salary does not exceed $104,000 ($2,000 per week). Deferral is the key word here! The deferral period of the 6.2% tax began on September 1, 2020 …
Payroll Tax Deferral: Proceed With Caution Continue reading »
The coronavirus forced many corporations and small businesses to move non-essential employees to work from home indefinitely. Some companies like Google have extended its work-from-home policy through the end of 2020. Facebook has implemented a work-from-home policy forever. Likewise, self-employed workers might be using their homesmore frequently to operate instead of Starbucks or shared work …
The coronavirus forced many corporations and small businesses to move non-essential employees to work from home indefinitely. Some companies like Google have extended its work-from-home policy through the end of 2020. Facebook has implemented a work-from-home policy forever. Likewise, self-employed workers might be using their homes more frequently to operate instead of Starbucks or shared work …
Let’s Review: The Home Office Deduction in 2020 Continue reading »
You’ve probably heard that the IRS will be making millions of “economic impact payments” (also known as “recovery rebates”) in the coming months to help people stay afloat during this time of economic uncertainty related to the COVID-19 pandemic. Here’s what you need to know about this program. Amount of Payment: The IRS will soon …
Stimulus money: When are stimulus checks being sent out? Find out if you qualify Continue reading »