Former Vice President Joe Biden’s tax plan has three major components: imposing a “donut hole”payroll tax on earnings over $400,000, repealing the TCJA’s income tax cuts for taxpayers withtaxable income above $400,000, and increasing the...
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The IRS is committed to helping you get your Economic Impact Payment as soon as possible. The payments, also referred to by some as stimulus payments, are automatic for most taxpayers. No further action is needed by taxpayers who filed tax...
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Updated with new information for seniors, retirees on April 1, 2020. Also see Treasury news release. Check IRS.gov for the latest information: No action needed by most people at this time IR-2020-61, March 30, 2020 WASHINGTON — The Treasury...
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Who is eligible for the Economic Impact Payment? U.S. citizens or resident aliens who: Have a valid Social Security number, Could not be claimed as a dependent of another taxpayer, and Had adjusted gross income under certain limits. Who will...
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Recently, California switched from the Borello test to a more simplified ABC test to determine whether a worker is truly an independent contractor. The ABC test (or 3-factor test) is currently in use in over 20 states. California’s...
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POST WRITTEN BY Gigio Ninan What is an LLC? An LLC is a business structure legally separating itself from its owner(s) (referred to as “members”). What is an S-corp? An S-corp indicates how a business is taxed — it is...
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“The Proposed Sec. 199A Regs are Here!”[*] Part One By Lou Vlahos on September 4, 2018 POSTED IN FEDERAL TAX ISSUES What follows is the first in a series of posts that will review the long-awaited proposed regulations under Sec. 199A of the Code...
More InfoCalifornia Supreme Court Rules in Favor of Gig Workers In a unanimous decision yesterday, the California Supreme Court adopted a new legal standard that will make it much more difficult for businesses to classify workers as independent...
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S Corporation Fringe Benefits after the Recent Tax Reform Tax Planning Fringe benefits are usually a good thing—but there’s a catch when you own more than 2 percent of an S corporation. The good news? Federal tax law allows the cost of these...
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