One of the unexpected consequences of the COVID-19 pandemic is the proliferation of remote employees. If your business has remote employees, there are tax consequences and rules you should be aware of.
Certain late tax filers are about to see some relief. The IRS is abating the late filing penalties for various tax returns for 2019 and 2020 that were filed late or have not yet been filed. This announcement came on August 24, 2022, when the IRS issued Notice 2022-36. Let’s take a look at why penalties are being waived, which tax returns are affected and what you can expect next.
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A new Virginia law allows the owners of a pass-through entity (PTE) to shift their income tax burden generated from the PTE away from them personally and instead to the PTE itself.
We get a lot of questions from clients about cryptocurrency. Whether you’re new to the cryptocurrency scene or already own it but don’t know exactly what to do with it, it’s important to know the tax and investment ramifications of it. That’s why we asked two members of our team — Charlie Monroe of our tax department and Steve Hannigan of GGM Wealth Advisors — to answer some common questions about cryptocurrency from both a tax and investment perspective.
Remote employees can complicate taxes for businesses. In most cases, having a remote employee creates nexus or the obligation to file tax returns and pay taxes in the local jurisdiction and/or state that an employee works.
Effective July 1, 2020, employees who work in the District of Columbia more than 50% of the time and whose wages are subject to DC unemployment tax are eligible for paid family leave.