Understanding the tax implications of classifying a worker as an independent contractor and/or employee for your business as well as other compensation and employment issues that arise with regard to filing with the IRS. Contact Goldin Peiser & Peiser, LLP for more information or visit www.gppcpa.com.
Divorce & Estates: Tax and Other Financial Considerationsgppcpa
This course will provide an overview of the different tax and other financial considerations when dealing with issues of divorce. This includes the costs involved, alimony, and filing status, as well as considerations when dealing with estates, including income tax returns, estate and gift taxes, etc.
You pay self-employment (SE) tax when net earnings from
self-employment are $400 or more. You are self-employed
if you carry on a trade or business as a sole proprietor (including
farmers) or as a general partner in a partnership.
A trade or business generally is an activity carried on for
a livelihood or in good faith to make a profit. Facts and circumstances
determine whether or not an activity is a trade
or business.
Income and expenses related to rental of your
home, a room in your home, or a vacation home,
must be reported on your tax return. Expenses
may need to be divided between rental and personal
use. Limits apply when deducting rental expenses
for a home that is also used for personal
purposes.
Understanding the tax implications of classifying a worker as an independent contractor and/or employee for your business as well as other compensation and employment issues that arise with regard to filing with the IRS. Contact Goldin Peiser & Peiser, LLP for more information or visit www.gppcpa.com.
Divorce & Estates: Tax and Other Financial Considerationsgppcpa
This course will provide an overview of the different tax and other financial considerations when dealing with issues of divorce. This includes the costs involved, alimony, and filing status, as well as considerations when dealing with estates, including income tax returns, estate and gift taxes, etc.
You pay self-employment (SE) tax when net earnings from
self-employment are $400 or more. You are self-employed
if you carry on a trade or business as a sole proprietor (including
farmers) or as a general partner in a partnership.
A trade or business generally is an activity carried on for
a livelihood or in good faith to make a profit. Facts and circumstances
determine whether or not an activity is a trade
or business.
Income and expenses related to rental of your
home, a room in your home, or a vacation home,
must be reported on your tax return. Expenses
may need to be divided between rental and personal
use. Limits apply when deducting rental expenses
for a home that is also used for personal
purposes.
Payroll Protection Program for Family BusinessBrent Nelson
Many family businesses could qualify for the Payroll Protection Program (PPP), which is a $349 billion program available until June 30, 2020. The PPP is a loan program, guaranteed by the Federal government, to help businesses effected by COVID-19. PPP loans can be forgiven, income tax free, up to 100% of the loan. Businesses need to act fast to utilize the program while it lasts.
Federal Laws Regarding Compensation: A Major Contributor to Employee RetentionLela_Richer
Employees that get the compensation they deserve are more inclined to stay in their current company. Proper compensation—including wages, overtime and vacation pay, incentives, and monetary rewards—encourages them to work hard. It also influences their decision to stay with a company.
Assets in a custodial account belong to the minor. Any income
earned in a custodial account is taxed to the minor. A
custodian, usually an adult relative, controls the assets until
the minor reaches the age set by state law (21 in most states).
Assets in a custodial account can be used to pay for education
expenses for the minor.
The term “fringe benefit” refers to any benefit provided to
an employee that is in addition to money. All benefits provided
to an employee are taxable unless the law specifically
excludes or defers tax on the benefit.
A RETIREMENT PLANNING MINI-CASE / TUTORIALOUTLET DOT COMalbert0256
A RETIREMENT PLANNING MINI-CASE
Peter and Ann Mayfield, both age 52, recently sought your help in planning their financial future. Peter is the
Anytown, Anystate, city manager. His wife is active in many civic organizations but not employed outside of
the home. They live at 123 Maple Street, in Anytown. They have been married for slightly more than 25
years.
If an individual, partnership, estate, trust, or an S corporation
engages in an activity that is not conducted as a
for-profit business, expenses (other than cost of goods sold)
are not deductible. This rule does not apply to corporations,
other than S corporations. If an activity is considered
a for-profit business, deductions can exceed income, allowing
the resulting loss to offset other income.
Form 990, IRS Form 990, Nonprofit Accounting, Salinas Nonprofit CPA, Salinas Nonprofit Accounting Information on the revised Form 990 from Hayashi & Wayland CPAs,
Congress has approved H.R. 1 the Tax Cuts and Jobs Act, significantly altering the U.S. tax code. Join us to learn more about what the new legislation means for individuals and businesses, including corporations and pass through entities.
Join us for a conversation about how tax reform impacts individuals and businesses, including corporations and pass through entities.
Congress has approved H.R. 1 the Tax Cuts and Jobs Act, significantly altering the U.S. tax code. Join us to learn more about what the new legislation means for individuals and businesses, including corporations and pass through entities.
This WEBINAR is an overview about how the Tax Cuts and Jobs Act alters the U.S. tax code for individuals and businesses.
For more in-depth information and personal engagement with our team, we welcome you to join us on Tuesday, January 30th from 9-11am at our Rockville Location, 1445 Research Boulevard, Ground Level Conference Room, Rockville, MD 20850.
Payroll Protection Program for Family BusinessBrent Nelson
Many family businesses could qualify for the Payroll Protection Program (PPP), which is a $349 billion program available until June 30, 2020. The PPP is a loan program, guaranteed by the Federal government, to help businesses effected by COVID-19. PPP loans can be forgiven, income tax free, up to 100% of the loan. Businesses need to act fast to utilize the program while it lasts.
Federal Laws Regarding Compensation: A Major Contributor to Employee RetentionLela_Richer
Employees that get the compensation they deserve are more inclined to stay in their current company. Proper compensation—including wages, overtime and vacation pay, incentives, and monetary rewards—encourages them to work hard. It also influences their decision to stay with a company.
Assets in a custodial account belong to the minor. Any income
earned in a custodial account is taxed to the minor. A
custodian, usually an adult relative, controls the assets until
the minor reaches the age set by state law (21 in most states).
Assets in a custodial account can be used to pay for education
expenses for the minor.
The term “fringe benefit” refers to any benefit provided to
an employee that is in addition to money. All benefits provided
to an employee are taxable unless the law specifically
excludes or defers tax on the benefit.
A RETIREMENT PLANNING MINI-CASE / TUTORIALOUTLET DOT COMalbert0256
A RETIREMENT PLANNING MINI-CASE
Peter and Ann Mayfield, both age 52, recently sought your help in planning their financial future. Peter is the
Anytown, Anystate, city manager. His wife is active in many civic organizations but not employed outside of
the home. They live at 123 Maple Street, in Anytown. They have been married for slightly more than 25
years.
If an individual, partnership, estate, trust, or an S corporation
engages in an activity that is not conducted as a
for-profit business, expenses (other than cost of goods sold)
are not deductible. This rule does not apply to corporations,
other than S corporations. If an activity is considered
a for-profit business, deductions can exceed income, allowing
the resulting loss to offset other income.
Form 990, IRS Form 990, Nonprofit Accounting, Salinas Nonprofit CPA, Salinas Nonprofit Accounting Information on the revised Form 990 from Hayashi & Wayland CPAs,
Congress has approved H.R. 1 the Tax Cuts and Jobs Act, significantly altering the U.S. tax code. Join us to learn more about what the new legislation means for individuals and businesses, including corporations and pass through entities.
Join us for a conversation about how tax reform impacts individuals and businesses, including corporations and pass through entities.
Congress has approved H.R. 1 the Tax Cuts and Jobs Act, significantly altering the U.S. tax code. Join us to learn more about what the new legislation means for individuals and businesses, including corporations and pass through entities.
This WEBINAR is an overview about how the Tax Cuts and Jobs Act alters the U.S. tax code for individuals and businesses.
For more in-depth information and personal engagement with our team, we welcome you to join us on Tuesday, January 30th from 9-11am at our Rockville Location, 1445 Research Boulevard, Ground Level Conference Room, Rockville, MD 20850.
Are you classifying your workers correctly? There are times when you must pay someone as an Employee, and times when you can pay them as an Independent Contractor. Learn the differences so you don't run afoul of IRS rules!
Read through these slides if you want to learn:
1. How to boost your take home pay
2. How to choose the right tax filing status
3. That there's no escaping Uncle Sam on earned income
4. The standard deduction may be enough
5. All earned income is not taxed equally
6. How to take advantage of the child tax and dependent care tax credits
7. Don’t forget incentives designed to offset higher education costs
8. Financial literacy resources are at your fingertips
-
PRA Group's Damon DeSue presented these '8 tips to know about taxes" at West Virginia University's financial literacy event.
So you're ready to hire your next employee, but could you be misclassifying contractors and employees? Learn about the important differences in 1099 VS W2 before putting your company at risk.
Form W-4 (2017)Purpose. Complete Form W-4 so that your emp.docxhanneloremccaffery
Form W-4 (2017)
Purpose. Complete Form W-4 so that your
employer can withhold the correct federal income
tax from your pay. Consider completing a new Form
W-4 each year and when your personal or financial
situation changes.
Exemption from withholding. If you are exempt,
complete only lines 1, 2, 3, 4, and 7 and sign the
form to validate it. Your exemption for 2017 expires
February 15, 2018. See Pub. 505, Tax Withholding
and Estimated Tax.
Note: If another person can claim you as a dependent
on his or her tax return, you can’t claim exemption
from withholding if your total income exceeds $1,050
and includes more than $350 of unearned income (for
example, interest and dividends).
Exceptions. An employee may be able to claim
exemption from withholding even if the employee is
a dependent, if the employee:
• Is age 65 or older,
• Is blind, or
• Will claim adjustments to income; tax credits; or
itemized deductions, on his or her tax return.
The exceptions don’t apply to supplemental wages
greater than $1,000,000.
Basic instructions. If you aren’t exempt, complete
the Personal Allowances Worksheet below. The
worksheets on page 2 further adjust your
withholding allowances based on itemized
deductions, certain credits, adjustments to income,
or two-earners/multiple jobs situations.
Complete all worksheets that apply. However, you
may claim fewer (or zero) allowances. For regular
wages, withholding must be based on allowances
you claimed and may not be a flat amount or
percentage of wages.
Head of household. Generally, you can claim head
of household filing status on your tax return only if
you are unmarried and pay more than 50% of the
costs of keeping up a home for yourself and your
dependent(s) or other qualifying individuals. See
Pub. 501, Exemptions, Standard Deduction, and
Filing Information, for information.
Tax credits. You can take projected tax credits into
account in figuring your allowable number of
withholding allowances. Credits for child or dependent
care expenses and the child tax credit may be claimed
using the Personal Allowances Worksheet below.
See Pub. 505 for information on converting your other
credits into withholding allowances.
Nonwage income. If you have a large amount of
nonwage income, such as interest or dividends,
consider making estimated tax payments using Form
1040-ES, Estimated Tax for Individuals. Otherwise,
you may owe additional tax. If you have pension or
annuity income, see Pub. 505 to find out if you should
adjust your withholding on Form W-4 or W-4P.
Two earners or multiple jobs. If you have a
working spouse or more than one job, figure the
total number of allowances you are entitled to claim
on all jobs using worksheets from only one Form
W-4. Your withholding usually will be most accurate
when all allowances are claimed on the Form W-4
for the highest paying job and zero allowances are
claimed on the others. See Pub. 505 for details.
Nonresident alien. ...
The federal government's interpritation of an employee versus a contractor is becoming more stringent. This article by Peter McDonald, CPA of Smith Elliott Kearns & Co., LLC explains several key questions which will help you understand the difference.
New and Proposed Regulations: A timely discussion of recently issued and proposed regulations and their impact on employers, including the FLSA "white collar" exemptions, independent contractor misclassification, and the EEOC's new interpretation of Title VII.
Employee Leaves of Absence: A high-level discussion of the issues surrounding employees' extended absences, including a survey of jurisdictions with mandated paid leave and a detailed discussion of the EEOC's position with respect to extended leave as a reasonable accommodation.
FMLA: A practical, scenario-based discussion regarding extended leaves of absence and how they are regulated by application of the FMLA, the ADA and other applicable laws and regulations.
Covid19 guidance for multiemployer plans and labor unions webinarWithum
COVID-19 Guidance: Multiemployer Plans and Labor Unions
In this webinar we talk about how COVID-19 is impacting Multiemployer Plans and Labor Unions, including relief programs and FAQs
Legal Eats is a workshop hosted by the Sustainable Economies Law Center that offers an overview of the legal information you need to start a food justice enterprise.
DISCLAIMER: THIS MANUAL HAS BEEN PREPARED AS A HANDOUT FOR A 2014 WORKSHOP ON STARTING A FOOD ENTERPRISE IN SAN FRANCISCO, CA. THE CONTENTS OF THIS MANUAL SHOULD NOT BE RELIED ON AS LEGAL ADVICE. ALSO, SOME OF THIS INFORMATION COULD BECOME OUTDATED, AND LAWS VARY FROM PLACE-TO-PLACE. FURTHERMORE, ALTHOUGH WE TRIED TO COLLECT ACCURATE INFORMATION AND GIVE THE LAWS OUR BEST INTERPRETATION, SOME INFORMATION IN THIS BOOKLET COULD EVEN TURN OUT TO BE INCORRECT OR SUBJECT TO OTHER INTERPRETATIONS BY COURTS OR REGULATORS! WE SURE HOPE THAT’S NOT THE CASE, BUT, WHAT CAN WE SAY? LAW IS COMPLICATED STUFF! THAT'S WHY WE STRONGLY RECOMMEND THAT YOU CONSULT WITH AN ATTORNEY BEFORE USING THIS INFORMATION TO FORM OR OPERATE A FOOD ENTERPRISE.