Simple Solutions Accounting Services, Inc. (SSAS, Inc.) is a full-service Accounting firm located in beautiful Old Towne Manassas, VA. Manassas, VAJoined May 2019
TAX REFUNDS: JUST THE FACTS
As tax-filing season gets underway, taxpayers may be anticipating receiving their refund by a certain date, especially if they plan on making major purchases or paying bills.
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THE TAX-SMART WAY TO LOAN MONEY TO FRIENDS & FAMILY
Offering to lend money to cash-strapped friends or family members during tough economic times is a kind and generous offer, but you need to plan ahead to avoid tax complications for yourself.
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TAX BREAKS HELP SMALL AND MEDIUM-SIZED EMPLOYERS
Small and medium-sized employers can begin taking advantage of two new refundable payroll tax credits.
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CARES ACT: INFORMATION FOR INDIVIDUAL TAXPAYERS
The Coronavirus Aid, Relief, and Economic Security (CARES) Act, the stimulus bill that was signed into law on March 27, 2020, contains legislation to stabilize the economy during the coronavirus pandemic.
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TAX RETURNS & ESTIMATED TAXES NOW DUE JULY 15
Due to the coronavirus pandemic, the federal income tax filing due date is automatically extended from April 15, 2020, to July 15, 2020.
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NEW TAX LAW AFFECTS TAX-EXEMPT ORGANIZATIONS
The Taxpayer Certainty and Disaster Tax Relief Act, passed on December 20, 2019, includes several provisions that may apply to tax-exempt organizations' current and previous tax years.
tinyurl.com/qve79x7
Distillers, whose businesses may not survive this crisis, shouldn't be paying punitive taxes on producing hand sanitizer to help flatten the COVID-19 curve. Join me in telling Congress to temporarily waive FET on undenatured alcohol here: p2a.co/CwdfNqL
.@RepWexton distillers across the U.S. are producing hand sanitizer to help flatten the COVID-19 curve. Please pass the third COVID package ASAP, which would temporarily waive FET on undenatured alcohol, AND ask the FDA to update their guidance. #DistillersUnited4aCause
.@MarkWarner distillers across the U.S. are producing hand sanitizer to help flatten the COVID-19 curve. Please pass the third COVID package ASAP, which would temporarily waive FET on undenatured alcohol, AND ask the FDA to update their guidance. #DistillersUnited4aCause
.@timkaine distillers across the U.S. are producing hand sanitizer to help flatten the COVID-19 curve. Please pass the third COVID package ASAP, which would temporarily waive FET on undenatured alcohol, AND ask the FDA to update their guidance. #DistillersUnited4aCause
FORM 8962: RECONCILING THE PREMIUM TAX CREDIT
Form 8962, Premium Tax Credit, reconciles 2019 advance payments of the premium tax credit and may also affect a taxpayer's ability to get advance payments of the premium tax credit or cost-sharing reductions.
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TAX TREATMENT OF STATE AND LOCAL TAX REFUNDS
The Tax Cuts and Jobs Act (TCJA), enacted in December 2017, limited the itemized deduction for state and local taxes to $5,000 for a married person filing a separate return and $10,000 for all other tax filers.
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(CNN)Americans will have an additional three months to file their taxes amid the coronavirus pandemic, the US treasury secretary said on Friday.
"We are moving Tax Day from April 15 to July 15," Secretary Steven Mnuchin tweeted.
us.cnn.com/2020/03/20/pol…
NEW RULES FOR DEPRECIATION & EXPENSING
As part of final guidance issued, new rules and limitations are in effect for taxpayers who deduct depreciation for qualified property acquired and placed in service after September 27, 2017.
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IT'S NOT TOO LATE TO MAKE AN IRA CONTRIBUTION
If you haven't contributed funds to an Individual Retirement Account (IRA) for tax year 2019, or if you've put in less than the maximum allowed, you still have time to do so.
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EMPLOYEE VS. CONTRACTOR
If you hire someone for a long-term, full-time project or a series of projects that are likely to last for an extended period, you must pay special attention to the difference between independent contractors and employee
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ARE SOCIAL SECURITY BENEFITS TAXABLE?
Social Security benefits include monthly retirement, survivor, and disability benefits; they do not include Supplemental Security Income (SSI) payments, which are not taxable.
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