In the IRS IR-2021-161, the IRS reminded that businesses, charities, and others with Employer Identification Numbers must update responsible party information within 60 days of any change. IRS regulations require EIN holders to update responsible party information within 60 days of any change by filing Form 8822-B, Change of Address or Responsible Party - Business.
How to Choose the Right Payroll Provider for Your Business (CPA Advice in Philadelphia) Choosing the right payroll provider is critical for any business. Many small business owners underestimate how payroll mistakes can lead to IRS penalties, compliance issues, and employee dissatisfaction. If you're operating in Philadelphia or nearby areas, working with a CPA can
The IRS as part of their Tax Tip 2021-94 provided more clarification on the hobby activity and how to report hobbies (Schedule 1, Form 1040, line 8). Note that the IRS might disregard expenses on a business if they consider that it is a hobby or just for the purpose of offset other income and
The IRS in their COVID Tax Tip 2021-89 communication reminds us that "The first step of good tax planning is good recordkeeping." We always recommend to 1) use checks, credit cards and debit cards for your expenses, so there is no need of keeping all the bills and invoices, 2) do not commingle - separate
We have seen different States issuing more legislation in the recent years combating the misclassification of independent contractors, that should have been categorized as employees. If categorized correctly, these employees would have been contributing to social security and medicare at the Federal level, plus unemployment, family leave, etc. at the State level. On July 9,
Pre-registration will be open until Wednesday, June 30th, at 5:00 p.m. EDT (Started on May 26, 2021). Applications will become available following the pre-registration period, as pre-registered applicants will be asked to return to https://programs.njeda.com/en-US/ to complete an application based on the following schedule: Restaurants (Food Services and Drinking Places, NAICS begins with 722), Child
From the Issue Number: CL-2021-17, the IRS featured the IRS Commissioner, Charles Rettig, discussing how taxpayers who file and pay on time play a vital role in the tax system. “More than 98 percent of the tax revenue collected by the IRS comes in voluntarily from taxpayers. When you do your part by filing your
In April 2021, there was a report from Fortune media listing some of the companies that paid zero in their 2020 tax return. There are different options on the tax code allowing those companies to avoid paying taxes, such as international transactions, real estate investments, research and development, etc. Note that even if the federal
The New York PTE tax follows several other states in availing itself of the IRS’ guidance in Notice 2020-75, which permits the use of PTE tax regimes like New Jersey and Connecticut previously. With the new PTE tax in place, eligible entities that elect to be taxed at the entity level will now be able
Last night, the SBA PPP portal was closed to the financial institutions. No more applications were able to be submitted today. The question is what will happen to the applications submitted but not yet approved. Note that there are around $8 billions on the side for minority groups and around $6B for applications with error
