Five things to know about employee in your spouse 1. Pay Your Spouse Tax-Free Employee Benefits, Not Taxable Wages You’ll realize no tax savings if you put your spouse on the payroll and pay him or her cash wages. Employee wages you pay your spouse are fully...
Q&A: PPP Forgiveness Answers for S Corporation Owner-Employees Tax law definitions do not apply to much of the PPP, making it new ground for owners of S corporations. Here are answers to four questions of concern to many S corporation owners. 1. Spouse Owns S...
Spending the PPP Money on You and Your Employees If you report your business income and expenses on Schedule C of your Form 1040, your Payroll Protection Program (PPP) loan forgiveness is straightforward, as you see in the four answers below. 1. Paying Myself...
What are My Self-Employed Tax Obligations? As a self-employed individual, generally you are required to file an annual return and pay estimated tax quarterly. Self-employed individuals generally must pay self-employment tax (SE tax) as well as income tax. SE tax is a...
Reporting cash transactions helps government combat criminal activities FS-2020-11, July 2020 The information on Form 8300, Report of Cash Payments Over $10,000 Received in a Trade or Business (PDF), helps law enforcement combat money laundering, tax evasion, drug...
IRS: New law provides relief for eligible taxpayers who need funds from IRAs and other retirement plans IR-2020-172, July 29, 2020 WASHINGTON — The Internal Revenue Service provided a reminder today that the Coronavirus Aid, Relief, and Economic Security (CARES) Act...
