IRS Reminds Business Owners to Correctly Identify Workers as Employees or Independent Contractors

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. An employee is generally considered to be anyone who performs services, if

Child Tax Credit: Update Your Address and Make Other Changes by August 30th for Your September Payment!

The IRS has launched a new feature allowing any family receiving monthly Child Tax Credit payments to quickly and easily update their mailing address using the Child Tax Credit Update Portal, found exclusively on IRS.gov. This feature will help any

New Guidance for All Employers Claiming the Employee Retention Credit for Q3 and Q4 of 2021

The Treasury Department and the Internal Revenue Service today issued further guidance on the employee retention credit, including guidance for employers who pay qualified wages after June 30, 2021, and before January 1, 2022, and additional guidance on miscellaneous issues

Important Reminder! Anyone with an Employer Identification Number (EIN) Must Update their Responsible Party Information Within 60 Days of Any Change!

Calling it a key security issue, the IRS urges any entities with Employer Identification Numbers (EINs) to update their applications if there has been a change in the responsible party or contact information. IRS regulations require EIN holders to update

SBA Announces Opening of Paycheck Protection Program Direct Forgiveness Portal

The  U.S. Small Business Administration (SBA) is launching a streamlined application portal to allow borrowers with Paycheck Protection Program (PPP) loans $150,000 or less through participating lenders to apply for forgiveness directly through the SBA.   This new change will help rush relief to over

Did You Take a Coronavirus Distribution (CVD) from One or More of Your IRAs in 2020? Find Out How to Avoid a Nasty Surprise Next Year!

Did you take a coronavirus distribution (CVD) of up to a combined limit of $100,000 from one or more of your traditional IRAs in 2020? You can recontribute the CVD amount(s) back into one or more traditional IRAs within three

Business vs Personal Days While Traveling: Are You Missing Out on Tax Deductions?

The rules also affect your costs during the day. When you have an overnight business travel day, you generally deduct your costs of sustaining life for the day, such as breakfast, lunch, dinner, snacks, drinks, lodging, and taxis. Business days

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