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New Employer Tax Credits
The Employee Retention Credit The Employee Retention Credit is designed to encourage employers to keep employees on their payroll. The refundable tax credit is 50% of up to $10,000 in qualified wages paid to an employee by an eligible employer experiencing economic...
IRS announces Form 1040-X electronic filing options coming this summer
The Internal Revenue Service announced today that later this summer taxpayers will for the first time be able to file their Form 1040-X, Amended U.S Individual Income Tax Return, electronically using available tax software products. Making the 1040-X an electronically...
IRS Informational Videos Series
Internal Revenue ServiceFederal Trade Commission (FTC) seriesConsumer Financial Protection Bureau (CFPB) You can find more information and the source of the videos provided here at:ResourcesPublic health: The CDC King County - Public Health recommendations...
IRS Information Hub for Economic Impact Payments: Partner and Promotional Materials
With all the new and evolving scattered information out there, IRS gathered a quick reference list of links that we feel will be helpful for you. COVID Tax Tip 2020-60, Here are answers to a few common questions about Economic Impact Payments COVID Tax Tip 2020-59,...
Independent Contractor (Self-Employed) or Employee?
It is important as a business owner you properly determine whether the individuals providing your services are employees or independent contractors. If you are a business owner or contractor who provides services to other businesses, then you are generally considered...
SOC 2 – what is it and do I need to comply?
SOC 2 is an auditing procedure ensuring that organizations securely manage data to protect the company and the privacy of its clients. Its goal is to make certain that controls are in place to assure security and confidentiality of customer information. For...
7 points to consider when selling your home overseas
Under the Eligibility Test, if you have both owned and lived in your home for at least two of the last five years, then you are eligible to exclude a gain of up to $250,000 ($500,000 for married taxpayers) from tax If you don't meet the Eligibility Test, you may still...
The High Tax Risks of Cannabis
For all of the excitement, opportunity and money surrounding the emerging national and international cannabis markets in 2018, there could not be a more confusing accounting and tax environment for starting a new business. The continued prohibition at the...
Does Your State Collect Sales Tax? Here Are Necessities for Sales Tax Compliance.
Almost all states have a sales tax, only a handful don’t (Alaska, Oregon, Montana, New Hampshire and Delaware). Because of the variety and complexity inherent in sales/trustee taxes in every state you need to make sure you are correctly accounting for sales tax in your books. Sales tax is considered a “trustee tax” meaning it is collected from your customer, held in trust by the business owner and remitted to the state/city at regular intervals. The burden of calculating, collecting and remitting sales tax falls firmly on the business owner and the tax authorities are very unforgiving of mistakes when it comes to this responsibility
How to Know You Are Ready for A CFO
A CFO, or Chief Financial Officer, oversees the financial future and health of a company. They engage in activities that enhance performance, facilitate growth, increase profitability. Sounds great, right?
New Employer Tax Credits
The Employee Retention Credit The Employee Retention Credit is designed to encourage employers to keep employees on their payroll. The refundable tax credit is 50% of up to $10,000 in qualified wages paid to an employee by an eligible employer experiencing economic...
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