CPA for Freelancers

Taxes, Accounting, & Business Advice for the Self-Employed

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Unemployment Income? Here's What It Means for Your Freelance Taxes

A key part of The CARES Act for freelancers was the ability for the self-employed to apply for unemployment benefits to offset income lost due to the Covid-19 pandemic under the Pandemic Unemployment Assistance (PUA) program. However, what may not be clear to many people who are receiving unemployment payments, often for the first time […]

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What the New Executive Order Deferring Payroll Tax Means for Freelancers

On Saturday President Trump signed an executive order— one that is likely to see some legal challenges. The order includes language to extend enhanced unemployment benefits and eviction moratoriums, the deferment for student loans, student loan interest forgiveness and extend eviction moratoriums. However, for freelancers, the most important piece of this new order is that […]

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Self-Employed? Here’s What You Need to Know About PPP & EIDL Loans

If you were able to get a loan under the Payroll Protection Program (PPP) recently, you should be aware of some important follow-up guidance recently released by the IRS which may impact your taxes. PPP loan forgiveness, self-employment income and your taxes Based on the new PPP guidance available to date (which is fluid and […]

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IRS Issues New Guidance on Payroll Protection Program Loan Forgiveness

If you were able to get a loan under the Payroll Protection Program (PPP) recently, you should be aware of some important follow-up guidance recently released by the IRS which may impact your taxes. PPP loan forgiveness, self-employment income and your taxes Based on the new PPP guidance available to date (which is fluid and […]

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What Freelancers Need to Know About Payroll Protection Program Loan Forgiveness

The Payroll Protection Program (PPP) loan fund is now officially tapped out, but if you were able to secure an SBA loan through this program for your freelance business it is important to know how the forgiveness of this loan will work on your 2020 tax return. First, let’s look at what are considered qualified […]

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FAQs About Economic Impact Payments for Freelancers

Under the recently passed CARES Act, the U.S. government is planning to send out Economic Impact Payments (EIP) to taxpayers meeting certain income requirements. Please note: the IRS is currently working on a website with a portal for individuals to provide their banking information to the IRS. It is not known yet when this portal […]

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What Freelancers Can Expect to Receive from The CARES Act

Today the emergency relief bill, now known as The CARES ( Coronavirus Aid, Relief, and Economic Security) Act, was passed to help bolster the U.S. economy as the country battles the coronavirus. The new law covers a broad cross-section of the economy—including the freelance sector. Of particular note, the relief package gives jobless workers bigger […]

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New IRS “People First” Initiative Provides Additional Tax Relief for Freelancers

The IRS has stepped up to help people facing the challenges of COVID-19 with a number of measures including easing payment guidelines and postponing compliance actions for the initial period of April 1 to July 15, 2020. This is in addition to the extension of the tax filing deadline to July 15, 2020. An important […]

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Coronavirus Tax Relief is on the Way for Freelancers

On Friday, the U.S. Treasury Department, Internal Revenue Service (IRS), and the U.S. Department of Labor (Labor) announced two new refundable tax credits which offer  relief to employees, small and midsize businesses, and the self-employed under the Families First Coronavirus Response Act (Act), signed by President Trump on March 18, 2020. How will these credits […]

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IRS Extends Filing Deadline for Tax Returns and Estimated Taxes Until July 15

Things are changing rapidly in our country and this includes tax payment deadlines. While the IRS is working on comprehensive tax relief measures to address the enormous impact of the corona virus, here are the immediate changes all taxpayers need to be aware of: 1.The IRS has extended the filing deadline for federal taxes and […]

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