As part of the Issue Number: IR-2021-186 and , the IRS reminded business owners the differences between independent contractors and employees. Independent contractor vs. employee Whether a worker is an independent contractor or an employee depends on the relationship between the worker and the business. Generally, there are three categories to examine: Behavioral Control −
In the IRS Tax Tip 2021-136, the IRS reminds small business owners how to qualify for the home office deduction. Employees are not eligible to claim the home office deduction. The home office deduction, reported on Form 8829, is available to both homeowners and renters. There are certain expenses taxpayers can deduct. They include mortgage
In the IRS Issue Number: IR-2021-190, there are some updates for those taxpayers giving to charity in 2021. Some of these updates are below: Deduction for individuals who don’t itemize; cash donations up to $600 qualify Ordinarily, individuals who elect to take the standard deduction cannot claim a deduction for their charitable contributions. The law
In the IRS Issue Number: IR-2021-183, the IRS extended the tax relief for hurricane Ida to victims in Pennsylvania. This is consistent with the tax relief provided to victims in New Jersey and New York as we published in our previous post. Victims of Hurricane Ida in parts of Pennsylvania now have until Jan. 3,
“The SBA’s COVID Economic Injury Disaster Loan program offers a lifeline to millions of small businesses who are still being impacted by the pandemic,” SBA Administrator Isabella Casillas Guzman said. “We’ve retooled this critical program – increasing the borrowing limit to $2 million, offering 24 months of deferment, and expanding flexibility to allow borrowers to
The New Jersey Economic Development Authority (NJEDA) announced the approval of the Henri/Ida Business Assistance Grant Program at a special meeting of its Board held earlier today. The $10.5 million program will provide grants of $1,000 to $5,000 for businesses and non-profits that suffered physical damage from the effects of recent tropical storms Henri and
In the original Restaurant Revitalization Fund (RRF), there were $28 billions available and the program run out of funds pretty quickly. Applicants within the priority group received approximately $18 billion in grants; including $7.5 billion for women-owned businesses, $1 billion for veteran-owned businesses, $6.7 billion for social and economically disadvantaged-owned businesses and $2.8 billion for
In the SBA Release Number: 21-72 issued on 8/18/2021, the SBA mentioned that in the last two week the PPP Direct Borrower Forgiveness Portal accepted more than 340K submissions. This might be an excellent tool for some lenders that are not processing on time some of the PPP forgiveness applications if they signed up for
Our advice to our clients is to provide us the notice from the tax authority as soon as they receive it, so we can review it, check your tax returns and other tax records and either explain in plain English the letter to the taxpayer or reply to the IRS notice. In some cases, we
During the pandemic, the news and newspapers have reported billions of dollars stolen through unemployment fraud and identity theft. Axios reported, “Unemployment fraud during the pandemic could easily reach $400 billion, according to some estimates, and the bulk of the money likely ended in the hands of foreign crime syndicates—making this not just theft, but
