Vernoia, Enterline + Brewer, CPA LLC

Archive for the ‘Business tax’ Category

5 Tips for Starting a Business This Summer

ownerIf summer plans include starting a business, be sure to visit IRS.gov. The IRS website has answers to questions on payroll and income taxes, credits and deductions plus more. (more…)

Small Business Startups New Option for Claiming Research Credit

Eligible small business startups can now choose to apply part or all of their research credit against their payroll tax liability, instead of their income tax liability, according to the Internal Revenue Service. (more…)

Hobby or Business – IRS Offers Tips to Decide

Millions of people enjoy hobbies that are also a source of income. From catering to cupcake baking, crafting homemade jewelry to glass blowing — no matter what a person’s passion, the Internal Revenue Service offers some tips on hobbies. (more…)

Top IRS Tips to Know about the Home Office Deduction

Taxpayers who use their home for business may be able to deduct expenses for the business use of it. Qualified persons can claim the deduction whether they rent or own their home. Use the simplified method or the regular method to claim a deduction. (more…)

Got Nexus – Find Out Before Operating In Multiple States

For many years, business owners had to ask themselves one question when it came to facing taxation in another state: Do we have “nexus”? This term indicates a business presence in a given state that’s substantial enough to trigger the state’s tax rules and obligations.

NEXUS

Well, the question still stands. And if you’re considering operating your business in multiple states, or are already doing so, it’s worth reviewing the concept of nexus and its tax impact on your company. (more…)

IRS responds to expanding sharing economy with new resources

The IRS launched new online resources for service providers and participants in the sharing economy. Advances in telecommunications have fueled the growth of the sharing economy. More and more consumers are connecting with service providers for shared car services, apartments and rooms for short-term rentals, and some employment opportunities. (more…)

FAQ: What is a CPEO

CPEOA professional employer organization (PEO) is an organization that enters into an agreement with a client to perform, among other tasks, the federal employment tax withholding, reporting, and payment functions related to workers performing services for the client. Effective for wages for services performed on or after January 1, 2016, a certified professional employer organization (CPEO) may be treated, for purposes of employment tax liability, as the sole employer of a worksite employee performing services for a customer of the CPEO for remuneration the CPEO paid to the employee. To become a CPEO, a person must apply with the IRS for CPEO treatment and be certified by the IRS as meeting certain requirements. The IRS began accepting applications for CPEO certification in July 2016. (more…)