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The Ins and Outs of Form 1099

October 28, 2020 by Todd Renner

A 1099 tax form is a record that someone was paid non-salary income. It comes in multiple versions, and there’s a good chance you’ll be dealing with one or more of them each tax season. Here’s a rundown of how they work. You’ve probably received a 1099-INT tax form from your bank. It signifies it […]

Filed Under: Tax Information

Gig Economy and Taxes

September 30, 2020 by Todd Renner

The so-called gig economy may be the wave of the future for a substantial number of workers. There are lots of implications – especially regarding taxes. The word “gig” has broadened from its original usage by musicians for an engagement for a performance to now include any type of job that’s temporary or flexible, where […]

Filed Under: Tax Information

Worker Classification: Pay Attention

September 16, 2020 by Todd Renner

It isn’t easy deciding whether a worker should be treated as an employee or an independent contractor. But the IRS looks at the distinction closely. Tax Obligations For an employee, a business generally must withhold income and FICA (Social Security and Medicare) taxes from the employee’s pay and remit those taxes to the government. Additionally, […]

Filed Under: Management, Tax Information

New Payroll Tax Deferral

September 2, 2020 by Todd Renner

On 8 August 2020, President Trump issued a Presidential Memorandum to defer the collection of the employee portion of the FICA tax (6.2%). The deferral period begins 1 September 2020 and ends 31 December 2020 for employees earning less than $4,000 every two weeks ($104,000 per year). The employer must then withhold the deferred taxes […]

Filed Under: Tax Information

Presidential Payroll Tax Action on COVID-19

August 18, 2020 by Todd Renner

As you have probably heard in the news, President Trump signed a Presidential Memorandum deferring certain payroll tax obligations. A link to the announcement follows: https://www.whitehouse.gov/presidential-actions/memorandum-deferring-payroll-tax-obligations-light-ongoing-covid-19-disaster/. In summary, the memorandum instructs the Secretary of the Treasury to use his authority under 26 U.S.C. 7508A to defer the withholding, deposit, and payment of the employee’s portion […]

Filed Under: Tax Information

Tracking Mileage in QuickBooks Online

August 5, 2020 by Todd Renner

If you’re having to drive for work during the pandemic, let QuickBooks Online make sure you’re recording all of your deductible mileage. Many states are starting to open for business again. If yours is one of them and this is affecting you, we hope you’re taking steps to stay healthy. We also hope that you’ve […]

Filed Under: Accounting, Management, Tax Information

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