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There are two components of FICA tax that are withheld from your payroll check, Social Security and Medicare. You’ll want to know how to calculate the withholdings on your payroll taxes. Both employees and employers equally split this mandatory payroll tax. FICA taxes differs from the federal and state income tax by taking a percentage …
Learn More About the Advance Child Tax Credit Heya folks! This summer, the IRS will help families by sending out advance payments of the Advance Child Tax Credit. We’re here to share the news and let you know how to claim your payments. If you are still reading this, then you probably have a qualifying …
Don’t give the IRS more money than you’re supposed to Key Provisions of Biden’s COVID Stimulus Bill Labeled as the “American Rescue Plan Act”, this bill will affect a lot of individuals and businesses. Unemployment Compensation, retroactive to 2020 tax year. The first $10,200 of unemployment benefits will be nontaxable per taxpayer, assuming their adjusted …
The IRS has posted a statement on its website acknowledging that it mistakenly sent non-filer notices to thousands of taxpayers regarding their 2019 returns (“CP59 notices”). The IRS shouldn’t have sent the CP59 notices because it hasn’t finished processing all the 2019 returns that were filed. The IRS sends CP59 notices to taxpayers who failed …
2020: The Year of Unemployment Did your child collect unemployment this year? Your family may be impacted by a lesser-known piece of the Internal Revenue Code aptly labeled the “Kiddie Tax”. The Kiddie Tax was implemented by the Internal Revenue Code to stop parents from shifting their investment income to their kids to avoid paying …
2020 is finally over and we all know what that means! It’s time for tax season! The COVID-19 pandemic has changed the economic landscape for just about everyone, and some of these changes may directly affect your 2020 income tax returns. No worries though, we won’t leave you hanging! The CPA Nerds have prepared our …
ERTC Money The CARES Act (passed March 27, 2020) included a novel tax credit allowing eligible employers to claim a tax credit equal to 50% of qualifying wages, up to $10,000 of compensation, for a max credit of $5,000 per employee for wages paid between March 13, 2020, to December 31, 2020. At the time, …
Highlights of Taxpayer Certainty and Disaster Tax Relief Act of 2020 Updated for Michigan Michigan COVID Relief of $465 million was passed by the Michigan legislature and was signed by Gov. Whitmer at the close of 2020 This legislation intends to provide supplemental appropriations to small businesses and entertainment venues that have been hurt by …
2020 Tax Season Preparation It’s hard to believe, but the 2020 tax season is right around the corner! Because a little preparation today produces better results tomorrow, we are already looking ahead. We value your input and ask that you take note of the following: ~ Your 2020 Tax Organizer will be mailed out to …
Tax Extension Questions 2020 has been a wild ride so far! While protecting your health, did you forget to file your taxes? Have no fear, because CPA Nerds is here to remind you of a few important things. In this article, we’ll answer a few important tax extension questions pertaining to tax filing deadlines from …
