Cash vs. Noncash Tips Customers who receive services from staff may choose to leave tips. They could be cash or noncash. Cash tips include those given by clients directly, electronic payments made by employers to employees for tips, and tips given by other employees as part of tip-sharing agreements. In general, employees are required to
IRS delays $600 reporting threshold requirement for Venmo tax reporting and other cash app transactions Venmo and other cash app users were gearing up to receive an extra tax form this 2023 tax filing season. Due to the American Rescue Plan Act of 2021, cash apps like Venmo, PayPal, and Zelle were required to issue
During the peak of the COVID-19 pandemic, the Employee Retention Benefit (ERC) aided employers who retained employees on staff. Even if the credit is no longer offered, qualified employers who haven’t yet claimed it may still be able to do so by filing revised payroll returns for the tax years 2020 and 2021. However, the
Sole Proprietorship What is a sole proprietorship? A sole proprietorship is a pass-through entity for a business with only one owner. Generally, contractors and freelancers choose to operate as a sole proprietorship due to its low setup costs. How is a sole proprietorship taxed? The business entity itself is not taxed; all profits and losses