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...
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...
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...
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:...
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...
