On March 27th, the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) was put into effect, which will provide taxpayers and businesses significant tax and non-tax relief during these unprecedented times. Individuals and businesses should remain informed about the tax and non-tax implications of the legislation and The CARES Act. WHAT INDIVIDUALS CAN EXPECTIf
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Does the CARES Act Create a New Standard of Who is an Employee?
Does the CARES Act Create a New Standard of Who is an Employee? Congress recently based CARES (Coronavirus Aid, Relief, and Economic Security Act) in an effort to ameliorate the effects COVID-19 has had on the economy. Millions of workers have found themselves “out of a job” in recent weeks because of the Coronavirus. Many
Coronavirus COVID-19 and Taxes
Coronavirus COVID-19 and Taxes. The first reported cases of Coronavirus (COVID 19) in the United States happen to coincide with income tax filing season. For tax people like us, Coronavirus COVID-19 and taxes begs the question, how will Coronavirus affect the taxes of individuals and businesses? This article will be based on the laws currently
IRS Form 8300 Compliance and Audit
If we deal with large cash payments of more than $10,000.00, we must report this to the IRS by filing the IRS Form 8300. The form needs to be finished timely, correct, and complete notices to the person(s) required to be identified on the Form 8300. The purpose of this requirement is to provide valuable
California Marijuana Tax
California Marijuana Tax. The legalization of cannabis use and sales is becoming more widespread. What Tax consequences should tax payers be aware of? We opened a cannabis business in a legalized state, is there anything we should be aware of? Yes! With legalization of cannabis comes a myriad of concerns about health, social and criminal
WOULD A QUALIFIED OPPORTUNITY ZONE HELP US?
What is a Qualified Opportunity Zone? Created by the 2017 Tax Cuts and Jobs Acts, Qualified Opportunity Zones (QOZ) were designed to incentivize investment and assist in economic development in low-income communities throughout the United States and its territories. So, what is an opportunity zone? These zones are economically distressed communities throughout the country with
Part B of the ABC Test for AB5
AB5 created a three-part test business must generally pass in order for it to classify a worker as an independent contractor under California Law. Part B of the Dynamex or ABC test is whether the worker “performs work that is outside the usual course of the hiring entity’s business.” Part B of the ABC Test
New Argument for Contesting the Trust Fund Recovery Penalty
Employers are responsible for withholding income and employment taxes from their employees. These taxes are referred to as trust fund taxes because the employer is only holding the money for the employee to pay the IRS. When an employer fails to withhold the money and pay it to the IRS, individuals who are “responsible” and
Is Health Insurance Mandatory?
Under the Affordable Care Act, also known as Obamacare, Americans were required to have health insurance coverage for their household. Failure to have health insurance coverage triggered a tax penalty. However, as of January 1, 2019, health insurance coverage is no longer mandatory at the federal level. This means that the Internal Revenue Service (IRS)
RJS LAW AB5 Knowledge Center
RJS LAW AB5 Knowledge Center is here to inform you. The California Legislature recently enacted AB5, a law that will have far reaching effects for California businesses and workers. AB5 makes it more difficult for many, but not necessarily all California businesses, to treat their workers as independent contractors as opposed to employees. The ABC’s