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Home / Archives for Finance / Tax and Accounting

Tax and Accounting

5 Simple Tips Employers and Insurance Providers Need for 2023 ACA Reporting

Jan 25, 2023 By Stephanie Glanville

employers-face-stiff-affordable-health-care-act-excise-taxes

We are a few weeks into the new year, and employers and health insurance providers should begin their ACA (Affordable Care Act) reporting process if they haven’t already. This can be a lengthy and complex process and requires preparation. Starting early is the best way to ensure a successful reporting season for your business organization. […]

Filed Under: Tax and Accounting Tagged With: affordable care act, IRS, Taxes

What Nonprofit Businesses Should Know About Form 990

Dec 29, 2022 By SmallBizClub

Every year, nonprofits must file a 990 series return to stay compliant with the IRS. If you have never filed a 990 series return, you may have a few questions about the form. This article tells you everything you need to know about Form 990. What is Form 990? Form 990 is an annual information […]

Filed Under: Finance, Tax and Accounting Tagged With: 990 form

5 Clever Ways To Navigate Tax Season for Your Small Business

Dec 13, 2022 By Paul Medea

7-things-you-should-do-to-prepare-for-tax-season

Tax season will soon be upon us, and for small businesses whose resources are already stretched, it can be a stressful and busy time. The good news is there are some steps you can take to make sure that Jan. 1 until the April 15 filing deadline goes as smoothly as possible. Read on to […]

Filed Under: Finance, Tax and Accounting Tagged With: Tax season

A Small Business Guide to Filing 1099 Series Forms in 2022

Sep 7, 2022 By Stephanie Glanville

5-tax-issues-that-cause-irs-trouble-for-1099-workers

As a small business owner, there is an endless list of tasks at any given time. Running your own business often means wearing many different hats and playing many different roles. One of the most important, but intimidating of these tasks can be your IRS tax filing requirements. The end of the year is a […]

Filed Under: Finance, Tax and Accounting Tagged With: 1099 forms

Inflation Reduction Act 2022: Winners And Losers

Aug 25, 2022 By TaxConnections

MYTH vs FACT: Tax Title of the “Inflation Reduction Act of 2022” Democrats claim their tax-and-spend bill, the mislabeled “Inflation Reduction Act of 2022,” will ensure the wealthiest Americans and corporations pay their “fair share” by closing tax loopholes and boosting IRS funding, all without raising taxes on anyone making less than $400,000 per year. However, […]

Filed Under: Finance, Tax and Accounting Tagged With: Inflation

IRS Fact Sheet Causes Reporting Confusion

Apr 25, 2022 By Damian Karjane

Congress created pandemic-related sick and family leave refundable credits for eligible employers. The rules apply slightly differently for leave taken 1) before April 1, 2021 (“Initial Period”) and 2) from April 1, 2021 through September 30, 2021 (“Voluntary Period”). In each period, the IRS allowed eligible employers to retain an amount of the payroll taxes […]

Filed Under: Finance, Tax and Accounting Tagged With: Tax Credits

What is Effectively Connected Income?

Apr 13, 2022 By TaxConnections

5-things-to-know-about-payroll-taxes

Unlike FDAP income, the United States taxes effectively connected income (“ECI”) on a net basis.  Effectively connected income is income that is effectively connected with the conduct of a U.S. trade or business.  It also includes gains from the disposition of U.S. real property under FIRPTA, which are treated as ECI. Generally, when determining whether income constitutes effectively […]

Filed Under: Finance, Tax and Accounting Tagged With: Tax Effects

Understanding the Foreign Earned Income Exclusion

Feb 3, 2022 By 1800Accountant

U.S. citizens and resident aliens who live abroad are taxed on their worldwide income.  But such taxpayers may qualify for the foreign earned income exclusion, which allows certain taxpayers to exclude up to $112,000 (in 2022) of their foreign earnings from income, as well as to exclude or deduct certain foreign housing costs. Note, however, […]

Filed Under: Finance, Tax and Accounting Tagged With: foreign income

Employers: What is Form 940 and Do I Need to FiLe it?

Jan 26, 2022 By Damian Karjane

Did you employ workers at your small business this year? If yes, you need to deal with employment taxes, like federal unemployment (“FUTA”) taxes.  For each employee, you must pay a percentage of his or her wages for federal unemployment taxes, deposit the tax with the IRS, and report your tax liability on Form 940. […]

Filed Under: Finance, Tax and Accounting Tagged With: Taxes

How Will My Side Hustle Affect My Taxes?

Jan 4, 2022 By 1800Accountant

It’s the age of the gig economy. It’s not unusual for people to work multiple jobs and have a variety of income streams. Perhaps you spend most of your time working with an employer, but you’ve got a side hustle to generate more income. There’s nothing wrong with working on a side hustle to augment […]

Filed Under: Tax and Accounting Tagged With: Gig Economy, moonlighting

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