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Economic Stimulus – What to expect and how to make sure you receive your payment

by Steven J Weil, PhD, EA, LCAM | Mar 31, 2020 | Blog

Economic impact payments of $1,200 for single taxpayer and $2,400 for married couples filing a joint return are scheduled to be distributed by the Treasury / IRS beginning some time in the next three weeks. To receive automatic payment, you need to have filed a 2019...

SMALL BUSINESS OWNER? YOU NEED TO KNOW THIS INFO

by Steven J Weil, PhD, EA, LCAM | Mar 31, 2020 | Blog

Paycheck Protection Program Designed to provide a direct incentive for small businesses to keep their workers on payroll, by providing each small business a loan up to $10 million for payroll and certain other expenses. If all employees are kept on payroll for eight...

Florida Department of Revenue Grants Property Tax Payment Extension

by Steven J Weil, PhD, EA, LCAM | Mar 28, 2020 | Blog

The due date for property tax payments in Florida has been extended for 2020 from March 31, 2020, until April 15, 2020.  Order of Emergency Waiver/Deviation (Order) # 20-52-DOR-001 (Property Tax Oversight)

First Coronavirus Response Act: Employer FICA & Self-Employed Credits

by Steven J Weil, PhD, EA, LCAM | Mar 28, 2020 | First Time Home Buyer IRA

Employer FICA tax relief. Qualified sick leave and family leave payments mandated by the new law are exempt from the 6.2% Social Security tax component of the employer FICA tax on wages. Employers must pay the 1.45% Medicare tax component of the FICA tax on qualified...

First Coronavirus Response Act: Tax credits for emergency leave payments to employees.

by Steven J Weil, PhD, EA, LCAM | Mar 28, 2020 | Business Tax

The new law grants tax credits to small employers to cover payments to eligible employees while they take time off under the mandatory emergency COVID-19 paid sick leave and paid family leave provisions. These provisions apply to employers with less than 500...
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Blog

Gig Economy Income Reporting Requirements

Mar 12, 2022 | Blog, Business Tax, Personal Tax

IR 2022-45, 3/1/2022 In an information release, the IRS has remined taxpayers of their reporting and potential tax obligations from working in the gig economy. Gig economy earnings are taxable. Generally, income earned from the gig economy is taxable and must be...

Fraud Blog

Feb 24, 2022 | Blog

Salem, Massachusetts: Resident Roosevelt Fernandez has pleaded guilty in connection with two schemes involving COVID-19 relief funds and tax returns for others. Fernandez applied for 10 EIDLs, either in his own name or in the names of entities he controlled. In June...

IRS Warns Child Tax Credit Portal May Have Wrong Amounts

Jan 31, 2022 | Blog, Personal Tax

Under the heading Not Quite Ready for Tax Season the IRS is urging people to use the information in their online taxpayer accounts for the most up-to-date figures on the amount of the advance Child Tax Credit to include on their tax returns -- instead of the numbers...

It’s Fraud

Jan 28, 2022 | Uncategorized

Charlotte, North Carolina: Resident Mehef Bey, a.k.a. Arthur Daniels, has pleaded guilty to conspiring to defraud the U.S. by promoting a nationwide tax fraud and assisting in the preparation and filing of false returns for the participants. Mr. Bey led taxpayers to...

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