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Month: October 2020
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Should You Use QuickBooks Desktop or QuickBooks Online? | business.com
The 2020 Tax Brackets Guide: Key Changes That You Need to Know
IRS Stimulus Debit Cards Being Cut Up, Mistakenly Reported As Scam
The IRS is sending out four-million stimulus payments in the form of Visa prepaid debit cards even though most people were expecting checks.
IRS Stimulus Debit Cards Being Cut Up, Mistakenly Reported As Scam
IRS extends Economic Impact Payment registration deadline for non-filers to Nov. 21
The deadline to register for an Economic Impact Payment using the Non-Filers tool is extended to November 21, 2020.
The IRS urges people who don’t typically file a tax return – and haven’t received an Economic Impact Payment – to register as quickly as possible using the Non-Filers: Enter Info Here tool on IRS.gov. The tool will not be available after November 21.
This additional time is solely for those who haven’t registered or received their EIP and don’t normally file a tax return. For taxpayers who requested an extension of time to file their 2019 tax return, that deadline is Thursday, October 15.
Most eligible U.S. taxpayers automatically received their Economic Impact Payment. Others who don’t have a filing obligation need to use the Non-Filers tool to register with the IRS to get up to $1,200. Typically, this includes people who receive little or no income.
The Non-Filers tool is secure. It is designed for people with incomes typically below $24,400 for married couples, and $12,200 for singles who could not be claimed as a dependent by someone else. This includes couples and individuals who are experiencing homelessness.
Anyone using the Non-Filers tool can speed up the arrival of their payment by choosing to receive it by direct deposit. Those not choosing this option will get a check.
Beginning two weeks after they register, people can track the status of their payment using the Get My Payment tool, available only on IRS.gov.
Share this tip on social media — #IRSTaxTip: IRS extends Economic Impact Payment registration deadline for non-filers to Nov. 21. https://go.usa.gov/xGzB5
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Self Employed? Independent Contractor??
It is critical that business owners correctly determine whether the individuals providing services are employees or independent contractors.
Please see IRS – SELF EMPLOYED CENTER for additional clarifying information.
Determining Whether the Individuals Providing Services are Employees or Independent Contractors
Generally, you must withhold income taxes, withhold and pay Social Security and Medicare taxes, and pay unemployment tax on wages paid to an employee. You do not generally have to withhold or pay any taxes on payments to independent contractors.
Before you can determine how to treat payments you make for services, you must first know the business relationship that exists between you and the person performing the services. The person performing the services may be –
- An independent contractor
- An employee (common-law employee)
- A statutory employee
- A statutory nonemployee
- A government worker
In determining whether the person providing service is an employee or an independent contractor, all information that provides evidence of the degree of control and independence must be considered.
More information available here
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