As it does annually, the IRS announced its annual inflation adjustments for the new year, including tax rate schedules, tax tables, and cost-of-living adjustments. It also adjusted items such as contribution limits for 401(k)s, H.S.A.s, standard mileage rates and more for 2020. You can find the new 2020 tax tables, standard deduction amounts, and more
Items Which Are Surprisingly Taxable In 2020
Surprise, Surprise, – These Things Are Taxable Please Be Wise! Taxes are still complicated. The IRS still wants its fair share of things you receive, cash you earn, or money you don’t have to pay back, and other assets. That means reporting certain surprising items that are taxable like gifts over $15,000, items exchanged as
Tax Help For Those In The Gig Economy
Got a Gig? Gig economy income is taxable! Whether you are renting out a spare bedroom or providing car rides, or freelancing in professional services, Fuoco Group wants taxpayers to understand the IRS rules regarding income so they can stay compliant with their taxes and avoid surprises for 2019 tax year filings. The gig economy
New Clarification of Independent Contractor Status for Employers
Our clients are looking for flexibility and cost savings during these tough economic times as they work to recover from the pandemic and rebuild their businesses. It is more important than ever for employers to understand both the benefits and liabilities of utilizing a flexible workforce that includes independent contractors, 1099s and freelancers to drive
PPP Forgiveness Simplified For Loans Less Than 50K
Recipients of Paycheck Protection Program (PPP) loans of $50,000 or less will be able to apply for forgiveness using a simplified application that was just released by Treasury and the U.S. Small Business Administration (SBA). Under the interim final rules, PPP borrowers of $50,000 or less are exempted from any reductions in forgiveness based on:
Guidance For PPP Borrowers With Ownership Changes
The SBA recently issued more new guidance relating to tax-favored loans under the Paycheck Protection Program – this notice concerns responsibilities and procedures when there is a change of ownership for a business entity that has received a PPP Loan. According to the new SBA guidance, there is a change of ownership for these purposes
Main Street Lending Program Means Business
Beyond the PPP loan and EIDL $$$ we have the little known Main Street Lending Program. The Main Street Lending program was announced in April by the Federal Reserve to provide up to $2.3 trillion in loans to households, businesses, and state and local governments struggling to deal with the financial fallout from the COVID-19
Take Advantage of Temporary Tax Changes for Charitable Contributions
Done any good deeds lately to help the community during COVID-19? Take advantage of these temporary changes involving charitable contributions made by individuals and businesses. Please help us spread the word! The CARES Act makes a new charitable “universal deduction” available to individual taxpayers that do not itemize their deductions. This new benefit allows for
Leave No Stone Unturned In The New Pandemic Normal
Here at Fuoco Group and TFG, we are more than just CPAs, we are business and financial advisors. We are focusing on how to help our clients position themselves to pivot post pandemic. At some point when the virus is under control and the economy begins to strengthen, the businesses that are still standing will
PPP Forgiveness Updates and the Real Deadlines
NOTE RECENT LEGISLATION HAS MADE CHANGES TO THE PPP PROGRAM! We know that forgiveness for your PPP loan is the hot topic on the minds of our clients, however it’s best to take the time to make sure there is as much information as possible to maximize loan forgiveness. What has changed? • The SBA
