I own a salon shop with 15-20 employees on hourly wages. Some employees are COVID-19 positive and are on a 2-week isolation. Under the FFCRA act, I have to pay them 2 weeks of salary/wages and will receive tax credits. If I run payroll for FFCRA paid leave, say $2500, via ADP, will I get an equal amount back, $2500, during 2020 tax filing? What is the overhead for running FFCRA paid leave? Is it only that I have to pay the salary now and wait to get the same amount back during tax filing, or are there any other financial overheads?

September 29th, 2024

Can the IRS freeze my bank account again as a non-resident alien who has been trading since leaving the states in 1995? They previously froze my account with a tax levy of 1 million dollars, but removed the levy when transcripts for the years 2007 and 2008 were not available due to being over 10 years old. However, they asked for trading statements for those years, which are also not available. How long will it take before they decide to freeze my account again?

February 23rd, 2023

Can you claim elderly parents in your taxes if they don’t live with you but you support them financially?

March 13th, 2024

I need help obtaining my tax transcripts and the form 4506-T from the IRS. I am located in Brooklyn, New York, 28 years old, and have one dependent. I don't file taxes, and I need a copy of my 4506 transcript for 2019. How can I get this form filled out and processed by the IRS?

July 17th, 2024

I am going to be a surrogate for my friend and they are planning to pay me through an escrow account. I wanted to know if that money will be both reportable and taxable. Additionally, I am concerned about how this might affect my government assistance and if I can report medical expenses related to the pregnancy for tax deductions.

December 18th, 2024