local updates
Can S Corp take Qbi deduction?
S corporations and partnerships generally aren’t taxpayers and, therefore, can’t take the deduction themselves. The QBI deduction isn’t allowed in calcula...
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health
Do you have to pay taxes on cashed bonds?
If you hold savings bonds and redeem them with interest earned, that interest is subject to federal income tax and federal gift taxes. You won’t pay state...
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business
Can you file Form 5329 on TurboTax?
Yes, you must include form 5329 when you e-file. TurboTax will take you to a section where you can fill out form 5329, which will be included in your tax ...
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global news
Can a S-Corp pay health insurance premiums for owners only?
You must pay income tax on the health insurance premium payments made by your S corporation. However, such payments are not subject to Social Security and...
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technology insights
What is the filing date for business taxes?
Companies have until April 15, 2021 to submit corporate tax returns for income received in 2020. Businesses may use Form 1120 or request a six-month exten...
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science
Are small businesses closed in California?
According to data compiled by the San Francisco Chamber of Commerce, 48% of the city’s small businesses remain closed. That’s worse than New York where 41...
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global news
Do officer wages count for 199A?
For purposes of Sec. 199A, this includes officers of an S corporation and common law employees. Wages paid to statutory employees (on Forms W-2, Wage and ...
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science
How is W-2 sick pay reported?
According to the IRS, you must do the following when reporting FFCRA sick pay and paid family leave: Include the amount in boxes 1, 3, and 5 on Form W-2. ...
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business
Can I get my W2 online 2018?
You can get a wage and income transcript, containing the Federal tax information your employer reported to the Social Security Administration (SSA), by vi...
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business
What do you say when someone buys your art?
The thanking process is the process of expressing gratitude for a benefit you received from someone. If you are overly-thankful, you are, in essence sayin...
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