Business Taxes

  • IRS Highlights Gig Economy, Virtual Currency, and Foreign Source Income

    IRS Highlights Gig Economy, Virtual Currency, and Foreign Source Income Some new sources of income sometimes go where tax law hasn’t gone before. This leads to income slipping through the cracks for a while until the law catches up. The IRS wants taxpayers to know that in the areas of gig economy income, virtual currency…

  • IRS Reminds Employers About Wage Statement Deadline

    The Internal Revenue Service wants employers to know the clock is ticking, and to get their Forms W-2 and other wage statements to the government very soon. The deadline is January 31. As of 2015, employers are required by law to get their Forms W-2, Wage and Tax Statements, and Form W-3, Transmittal of Wage…

  • Employee or Independent Contractor?

    Choose wisely; that’s the message from the Internal Revenue Service to business owners when it comes to deciding whether people who provide services to the company are employees or independent contractors. Generally, anyone is considered an employee if they provide services to a company, with the company controlling what is to be done and how.…

  • Employee Retention Credit Gets More Guidance

    As more employers utilize the employee retention credit to keep their workers employed—and as the pandemic continues to be a factor in American business—the Internal Revenue Service continues to issue guidance on who qualifies for the credit and how best to apply it. The latest round of guidance from the IRS includes clarification for employers…

  • New Guidance Aimed at Employers Claiming Employee Retention Credit

    New guidance from the Internal Revenue Service aims to help employers better understand the employee retention credit—and how they can qualify for it. The new guidance spotlights employers who pay qualified wages after June 30 of this year and before Jan. 1 of 2022. Additional guidance tries to answer various miscellaneous questions around the credit…

  • COVID Paid Leave Credit Clarified for Employers

    The Internal Revenue Service has updated its guidance on expanded paid sick and family leave tax credits available to employers who provide the leave to their workers. Put in place by the American Rescue Plan Act of 2021, also known as ARP, the credits permit eligible employers to be reimbursed for providing paid sick and family…

  • New Draft Schedules K-2 and K-3 Announced by IRS

    Partnerships and S corporations that will have to report “international tax matters” in 2022 can now review the new draft releases for Schedules K-2 and K-3. The IRS today announced the early release drafts, noting that instructions would follow sometime in the summer. “The redesigned forms and instructions will also give useful guidance to partnerships,…

  • The Employee Retention Credit Covered in New IRS Notice

    Congress bookended 2020 with two taxpayer relief packages aimed at mitigating the financial strain caused by the ongoing coronavirus pandemic. The Coronavirus Aid, Relief, and Economic Securities Act and Taxpayer Certainty and Disaster Tax Relief Act of 2020 include a number of provisions that either create or modify tax relief for individual taxpayers and businesses.…

  • IRS Unveils New Self-Employed Sick Leave and Family Leave Form

    Taxpayers may be aware that the Families First Coronavirus Response Act (FFCRA) includes a refundable tax credit for eligible employers who provide COVID-related sick and family leave. What some might not know is that this credit is also available for self-employed individuals, and a new form from the Internal Revenue Service makes claiming it straightforward.…

  • Employers Can Get Tax Credits for Providing Required COVID-19 Paid Leave

    Small and midsize companies have been particularly hard hit over the past year by COVID-19. And while those employers been stretched to their limits by paying out large sums for sick leave and family leave due to the pandemic, some help is available. The Families First Coronavirus Response Act, or FFCRA, became law in March…