(212) 736-0055

Schedule Your Small Business Success Consultation

Author Archive for Thomas Zanata

tzanata

IRS Reminder for Classification of Workers as Employees or Independent Contractors

IRS Reminder for Classification of Workers as Employees or Independent Contractors The IRS has emphasized the importance of correctly determining whether the individuals providing services to businesses were employees or independent contractors. Generally, an employee performs services that businesses control. Independent contractors offer their services to the public. Businesses have a right to control the […]

Read more
tzanata

Supreme Court Rejects Affordable Care Act Challenge

Supreme Court Rejects Affordable Care Act Challenge The Supreme Court has reversed and remanded California v. Texas, holding that the Plaintiffs do not have standing to challenge the Patient Protection and Affordable Care Act’s (ACA) minimum essential coverage provision. In 2010, ACA, under the newly added Code Sec. 5000A, required most Americans to obtain minimum essential health […]

Read more
tzanata

Final Disaster Deadline Postponement Regulations

Final Disaster Deadline Postponement Regulations The IRS has finalized regulations relating to the mandatory 60-day postponement of certain time-sensitive tax-related deadlines by reason of a federally declared disaster. Further, the regulations clarify the definition of “federally declared disaster.” The regulations affect individuals who reside in or were killed or injured in a disaster area, businesses that have […]

Read more
tzanata

Residential Rental Property Depreciation Procedures

Residential Rental Property Depreciation Procedures The IRS has released a revenue procedure explaining how a taxpayer changes its method of computing depreciation for certain residential rental property. Automatic consent procedures for changing accounting method are available for taxpayers adopting the depreciation method changes. Residential Rental Property Allowed 30-Year ADS DepreciationTax Cuts and Jobs Act ( P.L. […]

Read more
tzanata

Eligible Partnerships May File Amended Returns

Eligible Partnerships May File Amended Returns An eligible partnership may file amended partnership returns for tax years beginning in 2018, 2019, and 2020 by filing a Form 1065, U.S. Return of Partnership Income (Form 1065), with the “Amended Return” box checked. The partnership may also issue an amended Schedule K-1, Partner’s Share of Income, Deductions, Credits, etc. (Schedule K-1), […]

Read more
tzanata

Marriage Was Valid for Estate Tax Purposes

Marriage Was Valid for Estate Tax Purposes An estate was allowed a marital deduction because the decedent’s marriage was valid in the country of celebration. The decedent, who was Jewish, obtained a religious divorce under rabbinical law in New York from his first wife after a New York court had declared his Mexican divorce invalid, […]

Read more
tzanata

BEAT QDP Reporting Requirement Deferred

BEAT QDP Reporting Requirement Deferred The Treasury Department and the IRS have announced that they intend to amend the base erosion and anti-abuse tax (BEAT) regulations under Code Sec. 59A and Code Sec. 6038A to defer the information reporting requirements for qualified derivative payments (QDPs) until tax years beginning on or after January 1, 2023. The current regulations provide […]

Read more
tzanata

Experts: IRS Guidance Needed on American Rescue Plan

Experts: IRS Guidance Needed on American Rescue Plan The IRS needs to issue new rules and guidance to implement the American Rescue Plan, experts said on March 11 as President Joe Biden signed his COVID-19 relief measure. “I hope Treasury will say something very soon: FAQs, press release, something. IRS undoubtedly will have to write […]

Read more
tzanata

Social Security Wage Cap and Benefit Amounts Increase for 2021

Social Security Wage Cap and Benefit Amounts Increase for 2021 For 2021, the Social Security tax wage cap will be $142,800, and Social Security and Supplemental Security Income (SSI) benefits will increase by 1.3 percent. These changes reflect cost-of-living adjustments to account for inflation. 2021 Wage CapThe Federal Insurance Contributions Act (FICA) tax on wages […]

Read more