Janna Herron·EditorWed, March 10, 2021 The $1.9 trillion stimulus plan based on President Joe Biden’s proposal and passed by both chambers of Congress includes four key tax improvements that would help Americans in...
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January 8, 2021 WASHINGTON – The U.S. Small Business Administration (SBA), in consultation with the Treasury Department, announced today that the Paycheck Protection Program (PPP) will re-open the week of January 11 for new borrowers and certain...
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The Consolidated Appropriations Act, 2021 (the CCA, 2021), signed into law on December 27, 2020, is a further legislative response to the coronavirus (COVID-19) pandemic. The CCA, 2021 include–along with spending and other non-tax...
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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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