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Home / Archives for Finance / Tax and Accounting

Tax and Accounting

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

How Taxation Works In Forex Trading

Nov 11, 2021 By SmallBizClub

For forex traders, the main aim is to gain money by trading successfully and seeing their forex account rise in value over time. Given the volatility of today’s market, many investors are focused only on making a profit today without considering the long-term implications. Individuals in higher tax brackets may benefit from a 60/40 split […]

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

How to Classify Workers: Employee or Contractor?

May 11, 2021 By 1800Accountant

Every small business begins with just one person or a small team creating a plan and developing a vision. If the company is going to keep growing, however, you eventually need to start expanding your team and invite someone new to join you in your work. Once your company starts to grow, you won’t be […]

Filed Under: Tax and Accounting Tagged With: Employees

IRS Guidance For 2020 Employee Retention Credit & PPP Eligibility Rules

Mar 29, 2021 By TaxConnections

employee-retention-in-a-franchise-business

The Internal Revenue Service issued guidance for employers claiming the employee retention credit under the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), as modified by the Taxpayer Certainty and Disaster Tax Relief Act of 2020 (Relief Act), for calendar quarters in 2020. The guidance in Notice 2021-20 PDF is similar to the information in the employee […]

Filed Under: Tax and Accounting Tagged With: Paycheck Protection Program

5 Ways to Optimize Tax Paying for Your Business

Jan 21, 2021 By PDFLiner

Taxes can be a challenge for any business owner. Of course, all the procedures related to taxes have become more comfortable as we can use fillable W2 and other forms, but this is still stressful. There are many ways to save on taxes. Here we will share five ways to reduce your taxable income. Financing […]

Filed Under: Tax and Accounting Tagged With: Taxes

Know These Tax Implications of Settlements & Judgments

Jan 20, 2021 By TaxConnections

Your client just settled—or better yet, won a judgment.  What are the tax consequences?  Admittedly, the tax impact of resolving a dispute is often little more than an afterthought.  But a client’s net after-tax recovery can vary drastically depending on the applicable tax rules. An attorney armed with an understanding of the relevant tax issues […]

Filed Under: Tax and Accounting Tagged With: Taxes

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