In Tax Tip 2021-108, the IRS reminded students and first time employees some important considerations. New employees: Employees (w2) – including those who are students – normally have taxes withheld from their paychecks by their employer. When anyone gets a new job, they need to fill out a Form W-4, Employee's Withholding Allowance Certificate, and
PPP keeps changing, if last week, it allowed ITIN holders, individuals with prior criminal records unrelated to fraud, etc. Now, they are allowing self-employed individuals (Schedule C) to use the revenues/sale amount to calculate the maximum loan amount (capped at around $20k based on the maximum annual salary of $100k). This change will allow taxpayers
Self-employed individuals to claim COVID-19 sick and family leave tax credits under FFCRA Eligible self-employed individuals will determine their qualified sick and family leave equivalent tax credits with the new IRS Form 7202, Credits for Sick Leave and Family Leave for Certain Self-Employed Individuals. They’ll claim the tax credits on their 2020 Form 1040 for
The Payroll Protection Program is available to sole proprietors, independent contractors, and self-employed persons, among other entities. There has been some confusion on this topic and the clarification guidance was released around the same time the first round of PPP money ran out (April 15, 2020). Last Friday (April 23, 2020), there was signed a
Please, find attached a New Jersey Department of Labor (NJDOL ) step by step document - Filing for unemployment for the self-employed (State of NJ) UI_process_selfemployed final
