Tax Refunds

Changing Employees to Independent Contractors?

Changing Employees to Independent Contractors? What are the Ramifications? An employer made the decision to change the status of their workers from employees to independent contractors and it ended up backfiring. An at-home nursing service provider owed almost $1.3 million in back employment taxes and penalties for a misclassification of 99 nurses. The taxpayer, for reasons that were unclear, made the decision in 2016 to switch their employees to independent … Read more

New Tax Refund Bills!

NEW TAX RELIEF BILLS HAVE BEEN SIGNED INTO ACTION BY THE GOVERNOR!  In addition to granting tax refunds of $700 to qualifying taxpayers with California AGI up to $250,000 ($500,000 HOH), this bill also authorizes up to $1,050 for MFJ taxpayers who have California AMI over $500,000. The only downside is the payments will not arrive until the end of October (at the earliest). There are many things this … Read more

Employee Retention Tax Credit (ERC)

EMPLOYEE RETENTION TAX CREDIT  As we approach tax season, the Employee Retention Credit (ERC) may be an important credit for businesses. The ERC is a fully refundable IRS payroll tax credit (not a loan) available to employers with the potential of up to $26,000 per employee in federal payroll taxes. Businesses that received round one and/or two of Paycheck Protection Program (PPP1 and PPP2) loans also qualify for the ERC.  Benefits  The … Read more

Important Things to Know About Refunds

GET READY FOR TAXES: IMPORTANT THINGS TO KNOW ABOUT REFUNDS WASHINGTON – As tax season draws near, the Internal Revenue Service (IRS) cautions taxpayers not to rely on receiving their refund by a certain date. Especially when making major purchases or paying bills. Refunds may take longer for tax returns that require additional review. Many factors affect refund timing Each tax return is unique and individual, therefore so is each … Read more

Turning next year’s tax refund into cash in your pocket now

Each year, millions of taxpayers claim an income tax refund. To be sure, receiving a payment from the IRS for a few thousand dollars can be a pleasant influx of cash. But it means you were essentially giving the government an interest-free loan for close to a year, which isn’t the best use of your money. Fortunately, there is a way to begin collecting your 2017 refund now: You can … Read more