Alternative minimum tax (AMT) is essentially a base-level percentage an individual taxpayer or S-corporation must pay the IRS, regardless of the credits and deductions they are entitled to. Contractors need to be especially mindful of AMT, as it can have a major effect on tax liability. Long-Term Contracts and AMT When reporting regular tax calculations, […]
Filing income taxes when you are self-employed can present a different set of considerations and challenges than working for an employer. Planning ahead and staying organized will help you stay on top of your tax responsibilities while you build your business. Am I Considered Self-Employed? The IRS has three different categories for self-employed individuals: Sole […]
College and university students should be on alert for an IRS-impersonation scam targeting educational institutions, including anyone with a .edu email address. The phishing scam sends the recipient an email that looks like it comes from the IRS and has a subject line like “Tax Refund Payment” or “recalculation of your tax refund payment”. There […]
As businesses move forward in applying for a second-draw Paycheck Protection Program loan, or PPP2, it is important to remember the maximum loan size is capped at $2 million for businesses, as well as their affiliates. That means the total amount a business and its affiliates can apply for is capped at $2 million. Businesses […]
Tax planning isn’t something that just comes around at the end of each year. To ensure your company is taking advantage of all available opportunities to lower your tax responsibility, consider the following as you plan for 2021: Research and Development Tax Credit While any qualifying activity must pass the four-part test (permitted purpose, technical […]
