Pandemic fatigue. Employee burnout. Whatever you call it, it is the culmination of a tough year that spared no one. At the start, everything was up in the air and no one knew how things would settle. As time went on, a new normal — which was anything but normal — emerged.
If you live overseas, you will likely find yourself in a special tax situation and may need to file Form 2555, Foreign Earned Income. You may be eligible for an exclusion that allows you to exclude a certain amount of income from taxation ($107,600 in 2020 and $108,700 in 2021).
Starting on Feb. 24, 2021, the SBA is establishing 14-day, exclusive PPP loan application period for businesses and nonprofits with fewer than 20 employees. This is according to guidance on the SBA and White House sites. According to the statement, this will give lenders and community partners more time to work with the smallest businesses to submit their applications.
If you run a business, you need to know about the following forms.
The latest financial scam involves fraudulent Form 1099-G, which government agencies use to report unemployment compensation. The IRS issued the following notice:
The IRS is urging taxpayers who receive Forms 1099-G for unemployment benefits they did not actually get because of identity theft to contact their appropriate state agency for a corrected form.
How long do you have to keep records? There's no one answer. However, we've summarized some of the most common federal laws relevant to employment record keeping. Note that applicability may vary by employer size.
An offer in compromise allows you to settle your tax debt for less than the full amount you owe. It's an option if you can't pay your full tax liability or if doing so would cause you financial hardship. What's considered by the IRS in allowing an offer in compromise?
A recent McKinsey survey showed what many business leaders felt intuitively: The old normal is gone forever. It will not come back even after the COVID-19 pandemic is over. Here are some statistics that show why.
The second relief bill, passed at the end of 2020, contains updates to the employee retention credit, a refundable payroll tax credit. Each option has its own rules and regulations for first- and second-round funding. The act changes some requirements for the ERC — retroactively and prospectively — giving businesses more options to claim it.
This has been a difficult year for everyone, and the last thing anyone wants to think about is owing an unexpected tax penalty. Unfortunately, self-employed individuals and small-business owners who are required to pay estimated taxes may find themselves in that position if they did not pay their estimated tax for 2020.
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