Last Wednesday, Jeff Bezos said in a CNBC interview that the bottom 50% of Americans should not pay federal income taxes. That comment generated headlines in outlets like Fortune, CNBC, Forbes, CPA Practice Advisor, and many others that I read over Memorial Day weekend (and last Thursday I listened to the entire interview – link
If you are a business owner, it might be positive to employ your kids or other family members in the business. Especially, if you are already supporting these individuals at your higher tax rate, it might be quite beneficial to have an expense for the business and save on the taxes paid a lower rate
In August 2021, there have been several updates to the Employee Retention Credit guidance plus the National Conference of CPA Practitioners was extremely critical with some of this recent guidance. As you can read on this post, there are still different areas of this tax credit that are litigious and unclear for tax professionals. We
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
IRS Guidance This year the deadline for 1099 is February 1, 2021. Note that you can still release 1099 after the deadline but there might be penalties associated with the filing. The 2020 tax year brings a new form. Form 1099-NEC is for tax year 2020 for nonemployee compensation of $600 or more to a
