As we discussed in a recent post, the Families First Coronavirus Response Act (“FFCRA”) requires small businesses to paid employees for time away from work for various reasons related to the coronavirus epidemic. The FFRCA provides two types of benefits. Employers must pay an employee at his or her regular…
[For an update based on agency guidance please see Small Businesses Receive Help with Coronavirus Paid Leave.] On March 18, Congress passed, and the President signed on the same day, the Families First Coronavirus Response Act (FFCRA) that, among other things, requires employers to give employees paid time off for…
If you’re not aware that Congress is working on a major revision to federal tax law, you’ve not been paying much attention to the news. The House of Representatives passed its version of the Tax Cuts and Jobs Act, then the Senate passed a similar, but not identical, bill. The…
Although the tax reform bill just passed by the U.S. House of Representatives retains the income tax deduction for individuals who make contributions to charitable organizations (i.e., organizations that are tax exempt under Section 501(c)(3) of the Internal Revenue Code), it may nonetheless have significant effects on the amount of…
Earlier articles on the topic of Indiana series LLCs are here: Part I, Basic concepts and terminology Part II, Is a series an entity? Part III, What constitutes a series? Part IV, Setting up an Indiana series LLC Part V, Operating agreements for Indiana series LLCs Part VI, Alternatives for…
As anticipated, the Internal Revenue Service announced a streamlined, much simpler and shorter version of Form 1023, the Application for Recognition of Tax Exempt Status. Standard Form 1023 The standard Form 1023 is 26 pages long, not counting a 38-page instruction booklet, 3 additional pages of instructions the IRS has…
I just read a report by the Small Business Administation that includes a wealth of statistics and other information about small businesses in the United States. As useful as the report is, it contains a mistake that, although commonly made, one would not expect from the SBA. The last item…
The Internal Revenue Service’s application for an employer identification number (or EIN) requires the applicant to submit the name and tax identification number (usually a social security number) of the applicant’s “responsible party.” That is true whether the application, Form SS-4, is submitted on paper or online, and it is…
The Internal Revenue Service has announced the following standard mileage rates used to calculate income tax deductions for business travel expenses and for travel expenses incurred while serving charitable organizations. Business, $0.565 per mile Charitable service, $0.14 per mile These rates, which are one cent per mile higher than…
Last November I wrote about a new law that expanded the requirement to issue Form 1099 to include reporting of payments made to corporations and to suppliers of goods. The law was set to go into effect for payments made in 2012. In January I wrote that Representative Dan Lungren…