Will you pay more Social Security Tax in 2020?
Will you pay more taxes on Social Security in 2020? Iryna Sam, CPA and Tax Supervisor at WFFA, details what you need to know about Social Security taxes in the upcoming year.
Author Archives: WFFA
December Client Bulletin
As the year comes to a close, brush up on helpful topics in our December newsletter including, your yearly credit report, 3 major charity scams, cash flow as a part of your business plan and understanding independent contractors.
November Client Bulletin
2020 is coming quick — are you prepared? Take stock now and learn about the year-end moves that’ll help you save. Plus, consider how the 2020 Social Security changes will affect your plans.
October Client Bulletin
Learn about Form 1040 updates, the new Marketplace Facilitator sales tax laws for anyone that sells through Amazon or eBay and more.
IRS Expands ID Protection Program
The IRS is expanding a pilot program that uses Identity Protection Personal Information Numbers (IP PINs) to provide an extra layer of security for taxpayers. Learn more about the program.
Sexual Harassment Prevention Training
The deadline to complete sexual harassment prevention training for NYS companies is rapidly approaching. Learn about what the training must include and which deadlines to be aware of.
September Client Bulletin
In this issue you’ll find tips on what to do if you get an IRS letter in the mail, advice for business owners about selecting the right employee health insurance, and a list of ways to help older adults avoid scams.
August Client Bulletin
Summer is starting to wind down and the kids will soon be headed back to school. Now is a great time to review if you’ve had, or will have, any special taxable events this year. Check out this months newsletter for end of summer advice.
July Client Bulletin
Our July newsletter covers effective tax planning, summer road trip tips, IRS audits, setting salaries and basic customer retention.
Depreciation and Changes in Use of Real Property
Taxpayers that own rental property with gross receipts from residential or nonresidential uses should be familiar with the rules on accounting for depreciation. Let’s see some rules about buildings or structures qualifying as residential or nonresidential property, and application of the change-in-use regulations if a rental property changes from residential use to nonresidential use or vice versa.