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What Cannabusinesses Need to Know About the Potential Schedule III Drug Classification

CPA Practice

To date, cannabis’ classification as a Schedule I drug has subjected cannabis businesses to this law, resulting in high effective tax rates and exorbitant tax bills that significantly impact businesses’ annual profits. Credits will also be made available for research related to technology, agriculture, and medical advancements.

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Here’s All of the 1099 Form Types, From A to SB

CPA Practice

By Dawn Moser Tax forms are notoriously confusing, and with such high stakes, important to get right. We all know the IRS is keen on collecting the right amount of income tax, but determining that amount can get tricky. Especially when one considers everything that counts as income. Do I need to file a 1099 form?

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Computational Bridge Option Added to 2021 Version of Publication 15-T

ThomsonReuters

The IRS has added an optional computational bridge to its 2021 version of Publication 15-T (Federal Income Tax Withholding Method) that employers can use if they want to treat 2019 or earlier Forms W-4 as if they were 2020 or later Forms W-4 for the purposes of determining federal income tax withholding. Background.

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Last Week in Payroll: Localization of Work

ThomsonReuters

The H-2B temporary non-agricultural worker program is designed to serve U.S. workers to perform non-agricultural work of a temporary nature. Therefore, amounts paid to an individual who provides both election worker services and non-election worker services can be reported on separate Forms W-2.

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What Cannabusinesses Need to Know About the Potential Schedule III Drug Classification

CPA Practice

To date, cannabis’ classification as a Schedule I drug has subjected cannabis businesses to this law, resulting in high effective tax rates and exorbitant tax bills that significantly impact businesses’ annual profits. Credits will also be made available for research related to technology, agriculture, and medical advancements.

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How to Prepare Your Business for Tax Time

xendoo

Income Tax for Individuals, Sole Proprietors, and Single-Owner LLCs. Individual taxpayers, sole proprietors, and single-owner LLCs must make estimated tax payments on a quarterly basis and file an annual income tax return. . 2021 Tax Filing Deadlines for Estimated Income Tax.

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A Run Through of the Payroll-Related Provisions of the Latest COVID-19 Law

ThomsonReuters

Section 202 extends through March 14, 2021, a provision in the CARES Act that amended the Families First Coronavirus Response Act to provide federal support to cover 50% of the costs of unemployment benefits for employees of state and local governments and non-profit organizations. Employer tax credit for paid family and medical leave.

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