Tax Warrior Chronicles

Self-employed Individuals Can Claim COVID-19 Sick and Family Leave Tax Credits

Posted on Tue, Feb 23, 2021

By: Olivia M. Seneca, MBA

 

The Internal Revenue Service recently announced the release of Form 7202 for eligible self-employed individuals to claim sick and family leave tax credits under the Families First Coronavirus Response Act (FFCRA). Today we will discuss how qualified self-employed taxpayers can claim tax credits under FFCRA.

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PPP Update #14 – You Can Apply for Forgiveness Early, but Buyer Beware

Posted on Thu, Jun 25, 2020

As guidance in this area is being released regularly, we recommend you read all of our blogs on this subject.  All the blogs in the Paycheck Protection Program series are here: #1, #2#3#4#5#6#7,#8,#9,#10,#11,#12,#13, #14, #15#16#17, #18,

#19, #20, #21, #22, #23

 

 

 

The Treasury continues to rewrite guidance based upon the changes passed within the Paycheck Protection Program Flexibility Act (PPPFA). Overnight on Monday, June 22, the Treasury released the 20th Interim Final Rule (IFR). There are no surprises on what to expect with the 20th IFR: some clarifications, a few new things, and you guessed it, more unanswered questions. Today, we will focus on a significant new

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PPP Update #13 – Revised Forgiveness Guidance: New IFRs and Applications

Posted on Thu, Jun 18, 2020

As guidance in this area is being released regularly, we recommend you read all of our blogs on this subject.  All the blogs in the Paycheck Protection Program series are here: #1, #2#3#4#5#6#7,#8,#9,#10,#11,#12,#13, #14, #15#16#17, #18,

#19, #20, #21, #22, #23

 

 

 

Since our last blog, the Treasury issued two additional Interim Final Rules (the 18th and 19th), revised the original loan forgiveness application for changes made by the Paycheck Protection Flexibility Act (PPFA), and issued a new EZ loan forgiveness application. If you are up to date with our blogs, we are starting to compare the Paycheck Protection Program (PPP) to extra-innings in the longest baseball game

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Delay of Payment of 2020 Employer Payroll Taxes

Posted on Tue, Apr 14, 2020

When Congress enacted the Coronavirus, Aid, Relief and Economic Security Act (CARES Act), the goal was to provide flexibility to businesses during an unprecedented time.  Section 2302 of the CARES Act seeks to provide flexibility by allowing businesses, and self-employed individuals, to defer payment of the “employer” portion of Social Security taxes.

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IRS's Small Business Fast Track Settlement Program Goes Nationwide

Posted on Tue, Dec 03, 2013

The IRS has announced the nationwide rollout of the Fast Track Settlement (FTS) program, which had previously been available only as a pilot program limited to certain jurisdictions. The FTS program is a streamlined program designed to help small businesses and self-employed individuals under examination by the IRS's Small Business/Self Employed (SB/SE) Division settle their differences with the IRS quicker.

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Social Security Wage Base Expected to Rise for 2014

Posted on Thu, Jun 06, 2013

 

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