taxes

Payroll Tax Deferral: Proceed With Caution

The latest panacea to the pandemic is the Payroll Tax Deferral, whereby employers can opt not to withhold the Social Security tax (Medicare must be continued to be withheld) on employees whose annualized salary does not exceed $104,000 ($2,000 per week). Deferral is the key word here! The deferral period of the 6.2% tax began on September 1, 2020 …

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Yes, You Must Pay Taxes on Unemployment Benefits

As of now, the enhanced unemployment benefits put into place under the CARES Act are set to end before July 31. This means the $600 additional federal unemployment per week that millions of Americans have been receiving as aid during the coronavirus pandemic will come to an end. Qualified recipients will be eligible for state …

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How will the IRS treat your Venmo payments to and from your business?

The convenience of Venmo and payment-to-payment apps like Zelle, Chase QuickPay, and Cash App have many businesses, both large and small, using the application to make and receive payments for services and or products. What is Venmo? Venmo is a mobile payment app that allows you to send money from your phone directly to recipients. …

How will the IRS treat your Venmo payments to and from your business? Continue reading »

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