News of Your Week Ahead: September 17, 2021

MSATP President Barbara Smith, CPA and Vice President Ana Barnabe, CPA joined us to discuss MSATP’s strategic leadership initiative and the steps the Society takes to best serves our members.

Watch on YouTube.

Coming Up: On Thursday, September 23, at 10 a.m., Past President Ellen Silverstein join us to tell us about the Mt. Vernon Tour on October 20. We look forward to seeing you there!

Be sure to Like/Follow us on Facebook so you can catch MSATP TV live every week.

Tax Relief Now Available to Ida Victims in Pennsylvania; October 15th Deadline, Other Dates Extended to January 3rd | IR-2021-183

Victims of Hurricane Ida in parts of Pennsylvania now have until Jan. 3, 2022, to file various individual and business tax returns and make tax payments, the Internal Revenue Service announced today. The IRS has also provided relief to Ida victims in Louisiana, Mississippi, New Jersey and New York.

For more information, click here.

Renewed Tax Credit Can Help Employers Hire Workers; Key Certification Requirement Applies | IR-2021-184

With many businesses facing a tight job market, the Internal Revenue Service reminds employers to check out a valuable tax credit available to them for hiring long-term unemployment recipients and other groups of workers facing significant barriers to employment.

During National Small Business Week, the IRS is highlighting tax benefits and resources designed to help new and existing small businesses. For any business now hiring, the Work Opportunity Tax Credit (WOTC) may help.

For more information, click here.

Small Business Owners Should See if They Qualify For The Home Office Deduction | Tax Tip 2021-136

Many Americans have been working from home due to the pandemic, but only certain people will qualify to claim the home office deduction. This deduction allows qualifying taxpayers to deduct certain home expenses on their tax return when they file their 2021 tax return next year.

For more information, click here.

IRS Reminds Business Owners to Correctly Identify Workers as Employees or Independent Contractors | IR-2021-186

During National Small Business Week, the Internal Revenue Service reminds business owners that it’s critical to correctly determine whether the individuals providing services are employees or independent contractors.

An employee is generally considered to be anyone who performs services, if the business can control what will be done and how it will be done. What matters is that the business has the right to control the details of how the worker’s services are performed. Independent contractors are normally people in an independent trade, business or profession in which they offer their services to the public. Doctors, dentists, veterinarians, lawyers, accountants, contractors, subcontractors, public stenographers or auctioneers are generally independent contractors.

For more information, click here.

Understanding The Tax Responsibilities That Come With Starting a Business | Tax Tip 2021-134

Small business owners have a variety of tax responsibilities. The IRS knows that understanding and meeting tax obligations is vital to the success of all businesses, especially a new one. IRS.gov has the resources and information to help people through the process of starting a new business.

For more information, click here.