Angel Zhen CPA

 

  How to Effectively Transition from Full-Time to Self-Employed At last count, nearly 10 million people were  self-employed  and another 6 million were working  gig jobs , according to the federal Bureau of Labor Statistics. BLS had already projected those numbers would grow. But with 40 million people losing their jobs during the COVID-19 pandemic, it’s likely even more people will turn to consulting, freelancing or gig jobs to make ends meet. And whether you’re a gig worker providing ride share services or food delivery, consulting as an engineer or analyst or freelancing as a writer or editor, from a wage, tax and benefit position, you’re essentially self-employed. For those new to that classification, the financial considerations can be a real eye opener, warns Mackey McNeill, CPA/PFS and member of the AICPA Consumer Financial Education Advocates. “A lot of people move from being employed to working for themselves,” she said. “But just because they’re self-employ...

  PROFESSIONAL INSIGHTS 9 ways to future-proof yourself, thrive during change Dorie Clark 16 days ago · 7 min read How we reinvent our skill sets is always an important topic, but especially now. In the current COVID-19 environment, we all have to be a little sharper about how we do our jobs and see around corners to stay ahead of what’s next. There were obvious transitions as things went virtual and everyone had to adapt quickly to change. Now we have more of an opportunity to be strategic about our careers, reimagining a path and being nimble and agile in our thinking. We are acutely aware that things we knew to be true in the past can’t be counted on anymore. It’s time to question assumptions and build on our skills, talents, and attributes to thrive and succeed. You eliminated, reduced, added, or changed a bunch of things amid the pandemic, but now ask yourself if you’re doing the right things. The business terrain looks very different from what was familiar just six months ago...

  The IRS in an internal   memo   Friday identified a range of forms for which it will temporarily allow required signatures in electronic or digital form. The forms are fileable only on paper but otherwise require a handwritten signature. Allowing them to be e-signed remotely before being printed out and mailed to the Service will help tax professionals and their taxpayer clients maintain public health safety during the COVID-19 pandemic, the IRS said in a  news release  announcing the action. The authorization is effective for forms mailed to the IRS on or after Aug. 28 through Dec. 31, 2020. The forms covered are: Form 3115,  Application for Change in Accounting Method ; Form 8802,  Application for U.S. Residency Certification ; Form 8832,  Entity Classification Election ; Form 1066,  U.S. Real Estate Mortgage Investment Conduit (REMIC) Income Tax Return ; Form 1120-RIC,  U.S. Income Tax Return for Regulated Investment Companies ; For...

 

AICPA recommends changes to e-signature requirements By Sally P. Schreiber, J.D. June 8, 2020 RELATED June 3, 2020 IRS permits remote signatures for plan loan consents May 28, 2020 E-filing of Form 1040-X coming this summer May 7, 2020 AICPA proposes broad range of tax relief to aid economic recovery TOPICS AICPA Advocacy Tax IRS Practice and Procedure The AICPA Tax Executive Committee (TEC) has sent the IRS a  letter  requesting the Service update and modernize its e-filing signature requirements in four areas in response to the COVID-19 pandemic but with the aim of adopting the changes permanently to make it easier for all taxpayers and tax practitioners to use electronic signatures. In the letter, signed by TEC Chair Christopher W. Hesse, CPA, and addressed to IRS Commissioner Charles P. Rettig, the AICPA acknowledges the great efforts the IRS is making to accommodate taxpayers and tax practitioners during the pandemic, but says it also believes the “pandemic has highlighte...

New FAQs address PPP loan forgiveness issues By Jeff Drew August 4, 2020 RELATED July 30, 2020 PPP and pandemic-related tips for not-for-profits July 24, 2020 PPP forgiveness: No need to rush, and other tips July 20, 2020 New AICPA tool automates PPP loan forgiveness process TOPICS COVID-19 Paycheck Protection Program Management Accounting The U.S. Small Business Administration (SBA), in consultation with Treasury, released guidance Tuesday answering 23 frequently asked questions regarding the forgiveness of Paycheck Protection Program loans. The FAQs, published in a new  10-page document , are divided into four sections addressing different aspects of the process and calculations PPP borrowers should use to determine how much of their loan is forgivable. Following is a brief description of each section and highlights from the guidance provided. FAQ sections and highlights General loan forgiveness:  This section contains three FAQs. The first one clarifies that sole proprietor...