Tax and Accounting
A Small Business Guide to Filing 1099 Series Forms in 2022
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…
Inflation Reduction Act 2022: Winners And Losers
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…
IRS Fact Sheet Causes Reporting Confusion
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…
What is Effectively Connected Income?
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…
Understanding the Foreign Earned Income Exclusion
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…
Employers: What is Form 940 and Do I Need to FiLe it?
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…
How Will My Side Hustle Affect My Taxes?
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…
How Taxation Works In Forex Trading
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…
How to Classify Workers: Employee or Contractor?
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…
IRS Guidance For 2020 Employee Retention Credit & PPP Eligibility Rules
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…
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