by Leif Jensen | Mar 31, 2020 | Running a Business, Taxes |
Remember, if you are an employer that outsources payroll you retain all tax roll tax liability responsibilities and remain liable for unpaid taxes. So, take these steps to protect yourself if your business uses a payroll agent, enroll in the Electronic Federal Tax...
by Leif Jensen | Mar 30, 2020 | Employees |
An employer tax break has been extended. The work opportunity tax credit or hiring economically challenged employees will be available throughout 2020. This credit is for employers who hire qualified veterans, ex-felons, certain youth, the long-term unemployed and...
by Leif Jensen | Mar 25, 2020 | Corporate Entities |
Want your calendar-year firm taxed as an S corporation for all of 2020? Then you need to file to elect S status by filing Form 2553 with IRS by March 16. The IRS has a simplified method for businesses to handle late S elections. Generally, firms have three years and...
by Leif Jensen | Mar 24, 2020 | Employees |
This election season, many people will get part-time jobs working at the polls. This compensation is taxable, as is all earned income. But income tax withholding is not required unless the worker requests it by giving a completed W-4 to the state or municipality. FICA...
by Leif Jensen | Mar 23, 2020 | Taxes |
Now that the deduction for private mortgage insurance premiums has officially been revived. You can go back and claim it on my 2018 return? You will need to file an amended return on Form 1040-X and attach a 2018 updated Schedule A, which IRS is revising. The new...
