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1/27/2021

2020 Income Tax E-file Starts February 12th - Book Early


The IRS on Friday announced that it will start accepting and processing 2020 tax returns on Friday, Feb. 12. This is later than in most previous years, when tax season has started in January. The IRS says the delay is due to the extra time it needs for programming and testing its systems following the tax law changes made by the Consolidated Appropriations Act, 2021 (CAA 2021), P.L. 116-260, which was enacted Dec. 27.
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According to the IRS, much of the additional programming stems from the second round of recovery rebate credits authorized by the CAA 2021, which taxpayers can claim on their 2020 returns if they do not receive an economic impact payment.
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The IRS anticipates starting to issue refunds for taxpayers who claim the earned income tax credit and/or additional child tax credit in the first week of March, for taxpayers who file electronically and provide direct deposit information and have no other issues with their returns.
The IRS says it expects more than 150 million tax returns to be filed this year.
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Mike McVay, Tax Accountant * 850-725-5696 * Mike@MikeMcVay.com

1/18/2021

Millions of Americans have already received theirĀ $600 stimulus check, but some who are still waiting for the money to arrive - What do you need to do?

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Under the $900 billion coronavirus relief package that Congress passed at the end of December, the IRS had until Jan. 15 to issue the $600 stimulus payments. Now that the deadline has passed, Americans who are eligible to receive the money but haven't yet must claim it as a credit on their 2020 returns.
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If you don't receive the cash payment -- or get the wrong amount -- then you can claim a Recovery Rebate Credit on your 2020 tax return.
The IRS will begin accepting returns on Feb. 12 — typically the agency opens tax season at the end of January — because it needs more time to ensure its systems can handle the credits that apply to the second stimulus payments.
"This start date will ensure that people get their needed tax refunds quickly while also making sure they receive any remaining stimulus payments they are eligible for as quickly as possible," IRS Commissioner Chuck Rettig said.
The Free File tool is available to anyone who earned $72,000 or less in 2020.
American adults who earned less than $75,000 in 2019 will receive the full $600 check, while couples who earned less than $150,000 will receive $1,200. The payments will be tapered for higher earners (5% of the amount by which their adjusted gross incomes exceeded the initial threshold) and phased out completely for individuals who earn more than $87,000 and couples who earn more than $174,000.
The federal government also issued a $1,200 payment earlier this year with similar eligibility criteria. If you did not receive the first check, you can also use your tax return to claim the money.
“For 2021, eligible taxpayers who did not receive the full amount can claim it as the Recovery Rebate Credit when they file their 2020 tax return,” the IRS said. “Use IRS Free File to file and claim this important benefit.”
Some Americans aren't eligible to receive the cash payment: College students and dependents over the age of 17 won't receive the money, nor will immigrants who don't have a Social Security number. Some high earners who received a check during the first round of stimulus payments will also not qualify for the second round.

Mike McVay, Tax Accountant
850-725-5696
Mike@MikeMcVay.com 

1/10/2021

Hiring your Dependent Children in your Business

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GENERAL FEDERAL CHILD LABOR RULES

Under the Fair Labor Standards Act (FLSA), there are essentially four different tiers for labor standards covering non-farm employment for children. They break down as follows:
  • Children under the age of 14,
  • Children 14 and 15,
  • Children 16 and 17, and
  • Children 18 and older
The first tier of labor standards for children covers those who are under the age of 14. In general, such children are not allowed to perform any non-farm work for any number of hours. Children delivering newspapers, babysitting on a casual basis, working as an actor or model, or employed as a homeworker making evergreen – and only evergreen – wreaths (someone in Congress must have had a serious “axe to grind” against deciduous trees, huh?) are exempt from these rules, however, and may generally work at any age (at least from a Federal labor law perspective).

The second tier of child labor laws covers children who are 14 and 15 years old. Such children may be employed, but have a substantial amount of restrictions placed upon that employment, including the numbers of hours they can work per day and per week (which varies depending upon whether school is in session), when those hours can be worked (which varies depending upon the time of year), and what sorts of jobs they can have.

By the time children are 16, they can generally work as many hours as they wish and at whatever time(s) they like.  In general, the only restrictions to which they are subject are those that prevent them from working jobs that have been deemed “hazardous” by the Department of Labor, such as jobs that involve “exposure to radioactive substances and ionizing radiation”, “coal mining”  or “working in wrecking , demolition, and ship-breaking operations”.

And finally, once a child reaches the age of 18, there are no longer any restrictions on their employment. They are considered full adults in the eyes of the law, and may work whatever hours they want (subject to “normal” labor restrictions), whenever they want, and doing whatever they want.

EXEMPTION TO FLSA CHILD LABOR LAWS FOR THE EMPLOYMENT OF A CHILD IN A PARENT-OWNED BUSINESS
Now if all of that sounds utterly complicated, but you’ve been considering hiring one or more of your own young children to work with you in your business, here’s the good news… unless you own a hazardous business, it likely doesn’t matter!

In addition to more narrow exemptions to the general rules, such as those that allow certain student-learners to engage in certain otherwise-prohibited work, there is a broad exemption to the child labors laws for young children employed in businesses owned solely owned by their parents. Such children may, at any age, typically work an unrestricted number of hours, at any time of day or night, so long as the parent-owned business is not involved in mining, manufacturing, or one of the aforementioned occupations designated as hazardous by the Department of Labor.

Notably (and despite a substantial number of generally credible, well-respected websites saying otherwise), this exemption is available regardless of the entity structure of the parents’ business, so long as the business is wholly owned by the parents. In fact, as stated in Section e00(a)(2) of Chapter 33: Child Labor, of the Department of Labor’s Wage and Hour Division’s Field handbook:

The exemption applies only when the parent is the sole employer of the minor. If the parent is a partner in a partnership or an officer of a corporation, the parental exemption does not apply unless the parents are the only members of the partnership or the sole owners of the corporation.

Mike McVay, Tax Accountant 
850-725-5696
Mike@MikeMcVay.com


1/8/2021

We are growing! Find out why we are voted # 1 small business accountant

Small Businesses have a trusted partner with Mike McVay

These are the top reasons clients refer their friends and family to McVay Business Services

  • Voted top customer service among many other local accounting and tax firms
  • Mike McVay holds a Certified QuickBooks ProAdvior Certification for over 20+ years
  • Mike McVay was on the Intuit's Accountant Advisory Board at Intuit from 2004-2006
  • We keep our bookkeeping and tax prices way below our competitors. We guarantee high quality service 
  • Individual and Business tax services are usually 30-40% below H&R Block and Jackson Hewitt prices
  • McVay takes a partner mentality when working with your business
  • Personable, available, on time and quality work. An accountant that you can talk to
  • We use the latest technology to streamline, increase productivity. Helping to propel your business success
  • All new QuickBooks online set-up & monthly service comes with FREE QuickBooks subscription for life of you account
  • Remote services available through our secure encrypted online portal for secure document exchange
  • We work in all 50 states and our remote accounting department is the cream of the crop
  • Totally, Full service bookkeeping with a FREE QuickBooks Online Subscription starts at only $150.00 per month
  • Quarterly bookkeeping services starts at only $250.00 per quarter
  • We are 1/2 the price of most local CPA firms for taxes, payroll and accounting 
  • Are QuickBooks bookkeeping service is 100% guaranteed or your money back !! 
  • Our payroll services are the best in the industry with super rates. Workers comp (pay-as-you-go) available. Do you have a high risk business? No problem with us, we can get you workers comp 

Stop settling for late filings, IRS penalties, no call backs, bad customer service, high prices and accountants that don't have your business in their best interest.
You wont find any of this with McVay Business Services
Come home today!
Start saving money and start spending more time
running your business

Mike McVay, Accountant
www.PensacolaFLTax.com 
850-725-5696
Mike@MikeMcVay.com

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    With over 20-years experience working with individuals, families & small business owners. McVay has long term knowledge in taxation to help with their income tax, I.R.S tax issues and businesses management.
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