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Showing content with the highest reputation on 10/19/2019 in all areas

  1. Copied From IRS eNews For Small Business: "Tax treatment for family members working in the family business As part of October’s National Work and Family month, the IRS is providing tax information regarding work/home life balance and the unique tax circumstances that can arise when the two overlap. For example, when including family members in business operations, certain tax treatments and employment tax rules apply. • Both spouses carrying on the trade or business: If spouses carry on a business together and share in the profits and losses, they may be partners even if they don’t have a formal partnership agreement. • Qualified joint venture. Spouses may elect treatment as a qualified joint venture instead of a partnership. • Employment taxes. If the business has employees, either of the spouses as sole proprietors may report and pay the employment taxes. • One spouse employed by another. The wages for the services of an individual who works for their spouse are subject to income tax withholding and Social Security and Medicare taxes but not to the Federal Unemployment Tax Act. • Child employed by parents. Payments for the services of a child under age 18 aren’t subject to Social Security and Medicare taxes, if the business is a sole proprietorship or a partnership in which each partner is a parent of the child. • Parent employed by child. The wages for the services of a parent employed by their child are subject to income tax withholding and Social Security and Medicare taxes. More information: • Election for Married Couples Unincorporated Businesses • Publication 334, Tax Guide for Small Business • Publication 15, Circular E, Employer Tax Guide • Publication 51, Circular A, Agricultural Employer’s Tax Guide • Publication 541, Partnerships"
    1 point
  2. Well, I wish you a most wonderful birthday! Enjoy the celebration. How nice that it isn't during tax season like mine in March. Hey, take lots of time off to celebrate and get the rest you deserve. Taxes, wedding, birthday - all merit a good break!
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  3. I am - Doug & I will head out shortly to have lunch then pick up my birthday cake!
    1 point
  4. IRS updated my file to license expiration date of 2022 and PRESTO! I had the option to renew and did so promptly. Another task checked off. Now on to the year end newsletters and insurance renewal. Oh, and the amended 2017 returns of a former, now returned, client. Are we having fun at last?
    1 point
  5. How lucky you were! I tried again just now but renewal was still not an option. So I selected Update and realized that my license expires Dec. 31, 2019. Aha! That's the problem! So I just spent over an hour renewing my Ohio CPA license. Accountancy Board now shows Dec. 31, 2022. I changed to that date on PTIN but still no option to renew. I can see messages, number of e-filed returns, etc. just no renewal option. Maybe in a couple of weeks...
    1 point
  6. I was able to renew, and also checked on my "returns efiled under this PTIN" while I was there.
    1 point
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