Tax form – Sound Effects Online http://sound-effects-online.com/ Fri, 19 Nov 2021 10:24:11 +0000 en-US hourly 1 https://wordpress.org/?v=5.8 https://sound-effects-online.com/wp-content/uploads/2021/11/favicon-4-120x120.png Tax form – Sound Effects Online http://sound-effects-online.com/ 32 32 Lisa Reno: Tax Form Section in New Law Will Hurt Workers | Columns https://sound-effects-online.com/lisa-reno-tax-form-section-in-new-law-will-hurt-workers-columns/ Fri, 19 Nov 2021 05:15:00 +0000 https://sound-effects-online.com/lisa-reno-tax-form-section-in-new-law-will-hurt-workers-columns/ MASSENA – It has been two very difficult years for my family, to say the least. Experiencing a pandemic has been a challenge on many levels – in terms of health issues, homeschooling and the roller coaster of intermittent shutdowns. Through it all, perhaps the hardest part was living in fear each month not knowing […]]]>

MASSENA – It has been two very difficult years for my family, to say the least. Experiencing a pandemic has been a challenge on many levels – in terms of health issues, homeschooling and the roller coaster of intermittent shutdowns.

Through it all, perhaps the hardest part was living in fear each month not knowing how I was going to make ends meet, support my family, and think about paying my bills. And in the conversations I have with my neighbors, my friends and colleagues have reflected my own financial stress.

But we’re a tough bunch in upstate New York, and we’ve learned to adapt to survive. I am a single mom myself and have had to deal with constant layoffs as the economy has been in turmoil. So I’m used to finding ways to find extra income when a regular paycheck hasn’t always been in the cards.

Online markets have been constant lifesavers. Even though I’m located in a small town, these markets allow me to reach buyers from all over the world, which was especially important during a pandemic where I couldn’t always leave my home. But a relatively unknown provision hidden in the US bailout threatens all of that, despite lawmakers telling me the bill is supposed to help hard-working Americans like me.

For most of my life I have hunted for treasure in garage sales and collected antiques. More recently, I sold coins from my collection to pay the next bill, or randomly sold household items that we no longer needed to make my mortgage. Now this new law threatens this fragile balance that I have created.

Section 9674 of the American Rescue Plan Act means that the tax reporting requirements for people who sell second-hand goods in parallel will soon change. And this will apply to taxable and non-taxable income.

Whether I make hundreds of dollars or a few thousand dollars on my children’s oversized clothes – the money I use to buy them clothes, shoes, and school supplies – I’m going to receive a new specialized tax form called 1099-K. And so will most other sellers of random products online.

I am not a small business owner. I am a mother who tries to give my children a decent life. Selling my family’s belongings when times are particularly tough helps us out.

My friends and family do the same. We all try to make a living, but sometimes our jobs are not enough. Knowing how easy it is to turn to online platforms to earn extra money reassures me.

If my car’s transmission ever breaks down, I can sell my eldest daughter’s ball gown from last year online to help pay to fix it. Or if my younger daughter needs a pair of shoes, I can sell a few pairs that she no longer has, and then equip her with new sneakers.

I pay my taxes. What I don’t need are new tax forms to figure out or new regulations on that modest but necessary income I get from selling online. This new law will even report income tax-free on the sale of used goods to the IRS, meaning people like me could end up paying taxes that we don’t actually owe.

While the law may be well intentioned, I am concerned that the consequences will affect the very people the law is trying to help. Confusing tax regulations and more tax forms are the last thing we need. For this reason, I encourage other online sellers, other Americans who are just trying to get by, to do the same – to take action.

American Rescue Plan section 9674 needs to be changed. Otherwise, our country runs the risk of imposing unnecessary and serious hardship on the hard-working individuals, families and communities who are the backbone of our national economy.

Editor’s Note: People who receive payments of at least $ 20,000 or more from third-party settlement organizations such as Cash App, PayPal, Venmo, and Zelle must complete a 1099-K form. For this income obtained from January 1, the threshold will be lowered to at least $ 600. This will affect income collected throughout 2022 and must be reported on tax returns filed in 2023.

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26AS Form Information List to Include Foreign Remittances, Mutual Funds https://sound-effects-online.com/26as-form-information-list-to-include-foreign-remittances-mutual-funds/ https://sound-effects-online.com/26as-form-information-list-to-include-foreign-remittances-mutual-funds/#respond Wed, 27 Oct 2021 11:20:47 +0000 https://sound-effects-online.com/26as-form-information-list-to-include-foreign-remittances-mutual-funds/ Form 26AS is an annual consolidated tax return that taxpayers can access from the Income Tax Department’s website using their Permanent Account Number (PAN). The decision to add more information to the document is likely to facilitate anonymous reviews. On October 26, the Central Council of Direct Taxes (CBDT) issued an order under Section 285BB […]]]>

Form 26AS is an annual consolidated tax return that taxpayers can access from the Income Tax Department’s website using their Permanent Account Number (PAN). The decision to add more information to the document is likely to facilitate anonymous reviews.

On October 26, the Central Council of Direct Taxes (CBDT) issued an order under Section 285BB of the Information Technology Act expanding the scope of information reported in the new 26AS form.

Section 285BB has been added to Income Tax Law in Union Budget 2020-21, to transform Form 26AS into an ‘Annual Information Statement’, which in addition to TDS / TCS details , would contain complete information on the specified financial transactions, payment of taxes, claim / refund and pending / completed procedures undertaken by a taxpayer during a particular financial year which must be mentioned in the tax returns.

Following this, in May of last year, the Income Tax Department notified the revised Form 26AS, including information on high value financial transactions made during a fiscal year, a decision which also facilitated voluntary compliance and ease of electronic filing of tax returns. .

With this order of October 26, the list of details available in Form 26AS has been further expanded.

Additional information recommended by the direct tax authority includes overseas remittances made by anyone through an authorized reseller, salary breakdown with deductions claimed by the employee, information in the RTI other taxpayers, interest on income tax refund, information published in the financial statement Transactions.

In addition, off-market transactions reported by custodian / registrar and transfer agent, mutual fund dividend information reported by RTA, and mutual fund purchase information reported by RTA also would be included in Form 26AS.

The CBDT has authorized the “Director General of Income Tax (Systems) to upload the information … in his possession, in the annual information declaration to form 26AS in the electronic filing account registered by the assessor in the designated portal, within three months from the end of the month in which the information reached it. “

As a result of this development, AMRG & Associates (Director – Direct and International Tax) Om Rajpurohit told the PTI news agency that the additional information to be loaded on the annual disclosure statement in the 26AS form would promote ease of reporting. faceless digital assessments.

“Even if the additional tax contributions from taxpayers would be insignificant, the cumulative effect would be remarkable. This change will push all taxpayers towards accurate and accurate self-reporting of earned income, ”Rajpurohit said.

Nangia & Co LLP partner Shailesh Kumar said the new Form 26AS will now contain details of foreign remittances made by the taxpayer, as indicated by the authorized dealer in Form 15CC, more complete details on the allowances, deductions claimed by taxpayers in respect of their wage income as declared. to the employer.

“This new declaration in Form 26AS will help both taxpayers and tax authorities to assess a taxpayer’s profile and improve the flow of information between the taxpayer and tax authorities,” Kumar said.

“With all the information / details available in one place, it will also help the tax authorities to perform an electronic assessment and not have any interaction / limitation with the taxpayers, as the tax authorities will be able to easily compare the available information. in the 26AS form vis-à-vis the information declared by the taxpayer in the RTI and any discrepancies can be easily reported by the systems to the tax authorities, ”he added.

It will also help taxpayers to identify and take corrective action, in the event that incorrect information / details are reported in the 26AS form, he added.

During the redesign of Form 26AS, CBDT said last year that the IT department receives information such as cash deposits / withdrawals from savings bank accounts, sale / purchase of real estate, credit card payments, purchase of stocks, bonds, foreign currencies, mutual funds, cash payment for goods and services since fiscal 2016.

From now on, all this information under different Financial Transaction Statements (SFT) will be displayed in the new 26AS form.

The information received by the Department from the filers of these specified SFTs is now displayed in Part E of Form 26AS to facilitate voluntary compliance, fiscal responsibility and ease of electronic filing of returns so that the taxpayer can use them to file their tax return. tax return by calculating the correct tax payable in a wellness environment.

Part E of the form also indicates different fields such as type of transaction, name of SFT declarant, date of transaction, single / joint party transaction, number of parties, amount, method of payment and remarks, etc.

AKM Global, Tax and Regulatory Director, Sandeep Sehgal said that in recent years Form 26AS has become more comprehensive in terms of information available to a taxpayer on withheld taxes and other financial information. According to the latest order, additional details would be gathered from various sources and be available.

“The idea seems to make it a must-have document for taxpayers to have almost everything in one place, from basic tax deductions to other important details, so compliance requirements can be met hassle-free,” added Sehgal.

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Latest ezPaycheck Bundle Speed ​​Up Both Payroll Processing and Small Business Tax Form Filing https://sound-effects-online.com/latest-ezpaycheck-bundle-speed-%e2%80%8b%e2%80%8bup-both-payroll-processing-and-small-business-tax-form-filing/ Mon, 18 Oct 2021 07:00:00 +0000 https://sound-effects-online.com/latest-ezpaycheck-bundle-speed-%e2%80%8b%e2%80%8bup-both-payroll-processing-and-small-business-tax-form-filing/ EzPaycheck payroll software adapts to small business owners as a faster way to process payroll and tax forms processing in one quality application. Get the details by visiting halfpricesoft.com CHICAGO, October 18, 2021 / PRNewswire-PRWeb / – New Version of Halfpricesoft.com’s ezPaycheck 2021-2022 Bundle Now Available to Speed ​​Up Payroll and Tax Filing for Small […]]]>

EzPaycheck payroll software adapts to small business owners as a faster way to process payroll and tax forms processing in one quality application. Get the details by visiting halfpricesoft.com

CHICAGO, October 18, 2021 / PRNewswire-PRWeb / – New Version of Halfpricesoft.com’s ezPaycheck 2021-2022 Bundle Now Available to Speed ​​Up Payroll and Tax Filing for Small Business Owners and Human Resources Staff . Get payroll and tax forms in one simple, inexpensive software package.

“By using the latest version of the EzPaycheck 2021-2022 bundle, business owners will be able to quickly process tax forms and payroll in-house. »Explains Dr Ge, President and Founder of Halfpricesoft.com

EzPaycheck corporate payroll software is an innovative, low-cost application for small and medium-sized business owners new to payroll processing. The GUI allows HR and business owners to print paychecks as well as W2, W3, 940, 941 forms, all in one software application.

New and seasoned business owners are encouraged to visit https://www.halfpricesoft.com/index.asp
and download ezPaycheck for up to 30 days with no fees or obligations. The download includes the full version of the payroll software as well as a sample database. The sample database allows new customers to try out all the great features of ezPaycheck, including the intuitive graphical interface, without wasting time entering data. (Note: TRIAL appears on checks and forms until the purchased license key is entered).

Some of the features available in the ezPaycheck payroll software are:
● Automatic data filling function
● Assign multiple rates of pay to employees for various shifts, assignments, or projects.
● Newly updated data import / export function to use ezPaycheck data with other applications
● Multi-user network versions available (additional cost)
● Updated tax tables for the 50 states, Washington DC, and federal taxes
● Three common print formats: save in the middle, save at the bottom or save at the top
● Print forms W2, W3, 940 and 941 (copy A W2 and W3 required)
● Hide employee social security numbers on pay stubs
● Flexibility for special tax deduction needs

At the price of $ 119 per facility and each published per calendar year ($ 159.00 for the 2021-2022 version of the Single Installation Pack is available for a limited time), ezPaycheck payroll software is affordable for businesses of all sizes. To start the 30-day no-obligation road test today, please visit https://www.halfpricesoft.com/index.asp

About Halfpricesoft.com
Halfpricesoft.com is a leading provider of small business software including online and desktop payroll software, online employee attendance tracking software, accounting software, check printing software personal and corporate, W2, software, 1099 software, accounting software, Form 1095 software and ezACH direct deposit software. Halfpricesoft.com’s software is trusted by thousands of customers and will help small business owners simplify payroll processing and streamline business management.

Media contact

T. Bernard, halfpricesoft.com, 502-259-0936, services@halfpricesoft.com

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“I don’t know what they’re doing. Tax form says woman received $ 4,500 more in benefits than she received, she says https://sound-effects-online.com/i-dont-know-what-theyre-doing-tax-form-says-woman-received-4500-more-in-benefits-than-she-received-she-says/ https://sound-effects-online.com/i-dont-know-what-theyre-doing-tax-form-says-woman-received-4500-more-in-benefits-than-she-received-she-says/#respond Thu, 07 Oct 2021 15:07:23 +0000 https://sound-effects-online.com/i-dont-know-what-theyre-doing-tax-form-says-woman-received-4500-more-in-benefits-than-she-received-she-says/ Throughout the pandemic, unemployment benefits have caused a lot of chaos for workers who have lost their jobs. Not only were millions of people out of work, many struggled to reach the Department of Labor when they had a problem with their benefits. Add to that several new additional federal benefits, and the unemployed had […]]]>

Throughout the pandemic, unemployment benefits have caused a lot of chaos for workers who have lost their jobs.

Not only were millions of people out of work, many struggled to reach the Department of Labor when they had a problem with their benefits. Add to that several new additional federal benefits, and the unemployed had a lot to learn to make sure they understood the rules and received everything they were entitled to.

Ellen Gladney was among them when she lost her job for two and a half months in the summer of 2020.

Like many of those who filed for unemployment, it was a difficult process, she said.

She was unable to apply for benefits online, but was able to open an account over the phone.

She received a regular payment on June 30 and an additional payment of $ 600 on July 6, then her account went into the dreaded “on hold” mode, which caused problems throughout the pandemic for thousands of unemployed people. .

This meant that Gladney was unable to certify her benefits.

“About two months went by with me trying to get an unemployment response online and over the phone without success,” said Gladney, who worked for a school staffing department.

With the help of her congressman, her account was corrected – she considers herself one of the luckiest – and she received her missing benefits back, but no more extra payments.

By September, she was back to work.

But when she filed her 2020 tax return, she saw something was wrong.

Her 1099-G said she received $ 7,794 in unemployment benefits, less $ 21 in federal taxes. But it was exactly $ 4,500 more than what she actually received that summer, she said.

Gladney admittedly didn’t pay much attention to the extra payments while she was collecting, but now she realized that the tax form said she had received money that she never received. .

This posed two problems. First, she would potentially be liable for tax on money she never received – that was before Congress exempted from tax the first $ 10,200 in unemployment benefits – and second, she worried about where the money was going.

Was she underpaid? Was it a fraud? If the Ministry of Labor sent the money, where did it go?

She wasn’t sure. She said she had filed several fraud reports with the Ministry of Labor, but no one had contacted her about them.

Gladney therefore turned again to her congressman, who obtained a response from the Department of Labor on her behalf.

The agency’s response in July did not clarify anything.

“1099G is correct. the claimant received payments of $ 600 and payments of $ 300 as well, ”he said.

“Unemployment hasn’t given me an iota of documentation regarding these so-called deposits that were never deposited into my checking account,” Gladney said. “I would like to know where they sent the $ 4,500. “

She asked Bamboozled for help.

GET AN RESPONSE, KIND OF

It appears Gladney should have received an additional $ 4,500 in additional benefits, as indicated on her tax form.

She filed for unemployment on June 20 and continued to file until August 29, a total of 10 weeks. She received all her weeks of traditional benefits.

She said she received a payment of $ 600 from Pandemic Unemployment Compensation Supplementary Benefits (PUC), but should have received six more weeks, or $ 3,000, for the dates when she was unemployed while the program was in effect.

She should also have received five of the six weeks of FEMA Lost Wage Assistance, a payment of $ 300 for the weeks ending August 1 through September 5, 2020. This would have been $ 1,500 more based on her performance. dates of unemployment.

According to the tax form Gladney received, the Department of Labor paid him. But where was the money?

We contacted the Ministry of Labor and they said they would look into the case.

A week later, without explanation, Gladney received some of the missing money.

“Wow, the unemployed New Jersey just deposited $ 3,000 into my bank account, although I’m still missing $ 1,500,” she said in an email. “I haven’t received an email from them so it’s a surprise.”

We have asked the Ministry of Labor for an update and an explanation of the payment and the still missing $ 1,500. He did not answer.

Gladney then received a corrected tax form reflecting the actual benefits she received in the 2020 tax year.

“I guess the $ 3,000 will be on the 2021 1099-G. I don’t know about the remaining $ 1,500, ”she said. “I would like them to send me a letter explaining what they are doing. I don’t know what they are doing.

So we contacted the Labor Party again, and they said they didn’t have an immediate response to offer.

The mystery continues.

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Karin Price Mueller can be contacted at KPriceMueller@NJAdvanceMedia.com.


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Results of the board of directors: Tax form and exemptions for elderly and disabled residents | New https://sound-effects-online.com/results-of-the-board-of-directors-tax-form-and-exemptions-for-elderly-and-disabled-residents-new/ https://sound-effects-online.com/results-of-the-board-of-directors-tax-form-and-exemptions-for-elderly-and-disabled-residents-new/#respond Thu, 07 Oct 2021 12:15:00 +0000 https://sound-effects-online.com/results-of-the-board-of-directors-tax-form-and-exemptions-for-elderly-and-disabled-residents-new/ Income Commissioner Stacey Fletcher presented a proposal at the Oct. 4 meeting of the Louisa County Board of Supervisors to exempt residents who own a motor vehicle, trailer or boat from filling out a property tax form staff every year. The amount a resident will pay in personal property tax would be determined based on […]]]>

Income Commissioner Stacey Fletcher presented a proposal at the Oct. 4 meeting of the Louisa County Board of Supervisors to exempt residents who own a motor vehicle, trailer or boat from filling out a property tax form staff every year. The amount a resident will pay in personal property tax would be determined based on the tax form filed the previous year.

The only reason a new tax form should be completed is if a taxpayer has made a change such as acquiring a new vehicle or selling one. The county would save about $ 30,000 by not sending out personal property tax forms each year.

Supervisor Toni Williams (Jackson) was concerned about residents who might forget to contact the commissioner to report a change. But Fletcher said his staff get monthly reports from the Department of Motor Vehicles to track changes.

Adams said he prefers the high mileage form, which is normally sent with the personal property tax form, to continue to be sent to residents each year.

Williams made a motion to support Fletcher’s proposal, if it is phased in. The council voted unanimously in favor.

Virginia Housing Renews Contract for Black Knight MSP Maintenance System, Adds Loss Mitigation Solution

Exemption for elderly / disabled

Fletcher explained his proposal to change the section of the county code that deals with real estate tax breaks for the elderly or totally disabled. She suggested adjusting the sliding scale used to determine the percentage of assistance eligible residents receive.

This follows the board vote last May to increase the net worth cap for tax break eligibility. Households with a net worth of up to $ 200,000 may now be eligible; previously, the limit was $ 100,000.

The current sliding scale has four categories of net worth ranging from $ 0 to $ 200,000. (See graph) The last category is $ 75,001 to $ 200,000, which is much larger than the others. Fletcher suggested creating two more net worth categories to make the sliding scale increments more even. With the change, the last category would be $ 150,001 to $ 200,000.

Council voted in favor of the amendment.


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What payment app users need to know about the new tax form proposals https://sound-effects-online.com/what-payment-app-users-need-to-know-about-the-new-tax-form-proposals-2/ https://sound-effects-online.com/what-payment-app-users-need-to-know-about-the-new-tax-form-proposals-2/#respond Thu, 30 Sep 2021 07:00:00 +0000 https://sound-effects-online.com/what-payment-app-users-need-to-know-about-the-new-tax-form-proposals-2/ The Biden administration announced a revision of the tax proposal, which would increase the tax filing threshold from $ 600 to $ 10,000. STORY UPDATE: Since the publication of this story, the Biden administration has announced a revised tax proposal, which would increase the tax filing threshold from $ 600 to $ 10,000. The US […]]]>

The Biden administration announced a revision of the tax proposal, which would increase the tax filing threshold from $ 600 to $ 10,000.

STORY UPDATE: Since the publication of this story, the Biden administration has announced a revised tax proposal, which would increase the tax filing threshold from $ 600 to $ 10,000. The US Treasury Department’s fact sheet on the overhaul can be found here. This is a proposal that was not adopted as of November 3.

Some social media users have criticized the Biden administration, the Internal Revenue Service and the US Department of the Treasury, saying a new tax would be imposed on people who use cash payment apps to process transactions. In fact, a 1099-K form will be sent to users of the application who will receive more than $ 600 in transactions in total, starting in 2022.

This Facebook post, with over 1,200 shares, was flagged by Facebook as false information.

THE QUESTION

VERIFY viewer Tina asked, “Next year will I get a 1099 for using money apps like Venmo or Zelle after $ 600 of silver was sent to me?” “

THE SOURCES

THE ANSWER

Yes, you will likely receive a Form 1099-K if you receive more than $ 600 on an application. But that doesn’t mean you owe additional taxes. This only applies to income that would normally be reported to the IRS anyway. Current tax laws require anyone to pay taxes on income over $ 600, regardless of where it comes from.

Taxes do not apply to transactions between friends and family, such as rent payments or dinner refunds.

WHAT WE FOUND

The American Rescue Plan Act of 2021 changes the IRS reporting requirement from $ 20,000 in total payments and 200 transactions to a threshold of $ 600 in total payments, with no minimum transaction number. The new rule comes into effect on January 1, 2022.

President Joe Biden signed the law with the threshold change in March.

These reports using third-party apps, such as CashApp, Venmo, or PayPal, only apply to goods and services, not personal payments, like someone is reimbursing you for dinner.

David Super, professor of tax law at Georgetown University, told VERIFY in an email: “This proposal does not change what is taxable or what is deductible. It is simply seeking more honest reports on income received and deductible expenses incurred. “

“If someone receives money from a friend or family member as a gift or as a refund, the effect will likely be the same: no accounting income. If, on the other hand, the treasury app is used to receive a business’s proceeds, those business receipts should be reported as such, ”Super said.

Steve Rosenthal, senior researcher at the Urban-Brookings Tax Policy Center at the Urban Institute, told VERIFY that Congress has extended reporting to the concert economy for payments made for services using payment applications. cash. For people using these apps, they would receive an information report and 1099-K to report any earned income.

“Venmo, for example, should provide you with an information report and inform the IRS, in the same manner, that you have received a substantial amount of receipts and that you have engaged in a substantial number of transactions. Next year, Congress lowered the threshold to $ 600. Many more people will receive information reports from Venmo and other cash facilities, ”Rosenthal said.

“It doesn’t mean just because you receive an information report that you have taxable income, you can’t have any gains on, say, a transaction that was a sale, or maybe just a personal transaction and not in itself, an income-generating transaction, “he added.” As my wife often receives Venmo payments from some of her girlfriends for groceries, and she makes those payments. And so it wouldn’t result in any income. And even if my wife received such a form, she might ignore it.

He said the IRS only controls a tiny fraction of taxpayers, and it will continue. But if someone is getting a constant stream of money through a payment app and it looks like it’s for retail or revenue, then “that will make that unreported business income more visible to the IRS ”.

“The main hope is that businesses will voluntarily report their income accurately once their receipts are more openly documented,” he said.

More from VERIFY: Yes, scammers try to impersonate AT&T and many other companies in text messages

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Tax Form Reveals Salaries of Top Rider Directors – The Rider News https://sound-effects-online.com/tax-form-reveals-salaries-of-top-rider-directors-the-rider-news/ https://sound-effects-online.com/tax-form-reveals-salaries-of-top-rider-directors-the-rider-news/#respond Wed, 08 Sep 2021 07:00:00 +0000 https://sound-effects-online.com/tax-form-reveals-salaries-of-top-rider-directors-the-rider-news/ By Sarah Siock Several of Rider’s top directors, including president Gregory Dell’Omo, received significant increases in 2019, according to the university’s latest IRS report. Dell’Omo received $ 620,112 in annual salary and benefits as the highest paid employee, almost $ 55,000 more than the previous year. The Rider News acquired a copy of the university’s […]]]>

By Sarah Siock

Several of Rider’s top directors, including president Gregory Dell’Omo, received significant increases in 2019, according to the university’s latest IRS report. Dell’Omo received $ 620,112 in annual salary and benefits as the highest paid employee, almost $ 55,000 more than the previous year.

The Rider News acquired a copy of the university’s 2019 IRS 990, which runs from July 1, 2019 to June 30, 2020. The form shows that eight administrators and two professors earned base salaries over 200,000. $.

The report reveals that several directors received large performance-based bonuses, while Rider’s faculty went without salary or cost-of-living increases from 2013 through fall 2021.

In 2019, Dell’Omo’s salary was $ 532,400 and $ 87,712 in additional benefits. In 2018, Dell’Omo’s total compensation was $ 565,417. Part of Dell’Omo’s salary increase was due to a performance bonus of $ 36,386.

“The president’s salary and performance bonus are determined by the board of directors. The performance bonus is normally based on the performance of the chairman during the applicable financial year, but as no bonus has been granted for a number of years, the board of directors has also taken into account the performance of the chairman. president throughout his tenure at Rider, ”said the university’s associate vice president. Marketing and Communication Kristine Brown. “The board evaluates the performance of the president based on mutually agreed goals developed by the president and the board.

Although the school’s tax records list its highest paid employees, they don’t always list the same people and positions every year. Of the 13 employees listed in the 2018 and 2019 reports, 12 received increases.

Men’s basketball head coach Kevin Baggett’s salary in 2019 was $ 344,732 and $ 36,026 in additional benefits, making him the second-highest paid employee at the university. In 2018, Bagget’s total salary was $ 316,645, meaning he received an additional $ 64,113 in 2019. Baggett could not be reached for comment.

In the 2019-20 season, Bagget led the men’s basketball team to 18 wins and 12 losses. The team were scheduled to face Niagara in the MAAC quarterfinals before the tournament was canceled due to the COVID-19 pandemic.

“Coach Baggett’s salary is a reflection of the market value of an experienced and successful MAAC men’s basketball head coach. The recent increases come from income and private donations generated by the men’s basketball program, ”said Brown.

Vice President of Finance James Hartman was the third highest paid employee and highest paid cabinet member with total compensation of $ 324,829. Provost DonnaJean Fredeen was the second highest paid cabinet member with total compensation of $ 321,778 and an increase of $ 32,508 from the previous year.

Hartman, Fredeen, Vice President of Legal Affairs and General Counsel Mark Solomon, Vice President of Strategic Initiatives and Planning and Secretary of the Board Debbie Stasolla, Vice President of University Facilities and Operations Michael Reca, Vice President of Enrollment Management Drew Aromando and Vice President for Academic Advancement Karin Klim all received performance-based bonuses in 2019. The average bonus was just under $ 26,000.

“Performance-based bonuses for senior management are determined by the president and the board of directors and are based on performance during the relevant financial year. Senior executives are assessed annually against objectives developed and approved by the President and the Board of Directors. Through an independent firm, the board of directors regularly assesses the total compensation of lead directors, including fixed and variable compensation, against peer institutions, ”said Brown.

The university ended fiscal 2021 with a deficit of approximately $ 9.5 million. Brown said all cabinet members took pay cuts that year to help alleviate the pandemic’s financial savings on the institution, which equates to about $ 475,000 in savings.

“A projected deficit is always a big factor when developing the university’s overall annual budget,” Brown said.

Barbara Franz, professor of political science and president

of the Rider Chapter of the American Association of University Teachers (AAUP), reviewed the tax document and expressed concern about the lack of increases and bonuses for non-administrative faculty members. While the AAUP ratified a one-year deal this month that included a 3% salary increase for its members, Franz noted that all faculty salaries have been frozen in recent years.

Franz said: “Greg Dell’Omo continues to live very well. The Board of Directors granted him a further raise of over $ 52,000 in fiscal 2020, bringing his overall base salary to $ 532,400. Meanwhile, some of our students are doubling down on pizzerias and grocery checkouts to pay for Rider’s tuition, and our professors have to make ends meet with salaries frozen since 2013. ”

Franz also questioned the money Rider had spent on legal fees in recent years following lawsuits surrounding Dell’Omo’s unsuccessful attempt to sell Westminster Choir College (WCC) and its subsequent decision to close its campus. from Princeton. In 2019, the university paid $ 352,058 to the law firm Pepper Hamilton. The previous year, the university had donated $ 831,332 to the prestigious and expensive company.

“With their many bad decisions, the president of Rider and his many vice presidents got involved in a number of lawsuits, spent huge sums on consultants and law firms and, through their leadership, were successful. to have the rating of Rider’s bonds downgraded twice by Moody’s Investors Service. Last year. Overall, the administration’s failures have cost Rider millions of dollars. Now they seem to be running out of ideas. They just hired Credo, a consultancy firm primarily interested in downsizing universities and cutting liberal arts programs. The board rewards these bad decisions and lack of ideas with big paychecks to the president and his cabinet, ”said Franz.

According to Brown, Rider partnered with national higher education consultancy firm Credo in June because of the “complex and multifaceted challenges” the university faces. The firm specializes in helping independent colleges and universities move forward on the continuum from survival to prosperity. Credo has worked with over 400 institutions like Rider since its inception in 1995.

Brown also commented on the lack of staff increases and the sale of Westminster Choir College.

“The remuneration of teachers is governed by the collective agreement. The contract in effect at the time did not provide for any agreed bonus for faculty members or any merit increase for individual bargaining unit members based on performance, ”said Brown. “… As for Westminster … this university-wide strategic initiative passed by the Board of Trustees in 2017 after careful thought, analysis and reflection, designed to both preserve the WCC and to further improve the Westminster College of the Arts, has been considered a by rating agencies. The corresponding lawsuits, which we believe have no merit and are intended to hamper and impose unnecessary financial pain on the entire Rider community, are unfortunately a cost of doing business that we have to contend with. “

Brown added that the salary cuts for cabinet members and the president from 2020 to 2021 “were greater than any increases received from 2019 to 2020.”

“The Cabinet will once again not receive a salary increase this year, 2021-2022, which will be the seventh time in the last nine years dating back to 2013-2014, as will the AAUP,” Brown said. “… Moreover, we are surprised and disappointed by the attack on Barbara Franz. … But the most important and perhaps the biggest disappointment is this attempt to create divisions and conflicts immediately after a successful negotiation negotiation and at the very beginning of an academic year; one that will require in particular collaboration, cooperation and goodwill if we are to meet and overcome the many challenges we will face, not as factions, but as a united community.

Click here to read Rider’s 990 Tax Form.


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Faculty member reacts to Rider University Tax Form 990 – The Rider News https://sound-effects-online.com/faculty-member-reacts-to-rider-university-tax-form-990-the-rider-news/ https://sound-effects-online.com/faculty-member-reacts-to-rider-university-tax-form-990-the-rider-news/#respond Wed, 08 Sep 2021 07:00:00 +0000 https://sound-effects-online.com/faculty-member-reacts-to-rider-university-tax-form-990-the-rider-news/ By Professor Barbara Franz President Dell’Omo received a nice raise from the board of directors as the university learned that we are living in difficult times and that we will have to implement austerity measures. Amid the coronavirus crisis, the president earned $ 532,400, plus $ 87,712 in additional compensation during the 2019-20 fiscal year. […]]]>

By Professor Barbara Franz

President Dell’Omo received a nice raise from the board of directors as the university learned that we are living in difficult times and that we will have to implement austerity measures. Amid the coronavirus crisis, the president earned $ 532,400, plus $ 87,712 in additional compensation during the 2019-20 fiscal year. This is an increase of over $ 52,000 from his 2018-2019 salary of $ 480,018 (plus $ 85,399 in additional compensation). Other directors have also obtained increases. For example, while administration laments declining enrollment and smaller freshman classes, vice president of enrollment management Drew Aromando got a raise of $ 36,769, bringing his base salary to $ 239,708.

These salaries compare to an annual base salary of $ 68,210 for a lecturer, $ 74,000 for an assistant professor, $ 90,500 for an associate professor and $ 112,500 for a full professor at Rider University.

All teachers’ salaries have been frozen for almost a decade. As a higher education institution, Rider increased the number of administrators, many of whom are highly paid, by almost 20% and reduced the number of full-time faculty by more than 15% from 2016 to 2020. .

It could be argued that business leaders are entitled to much higher compensation because they make the key decisions that should keep institutions like ours solvent and financially sound. That’s not the case here; Dell’Omo administration has made several very bad decisions since its inception in 2015. For example, in July 2021, analysts at Moody’s Investors Service downgraded Rider University’s bond rating to “junk”, reporting that the agency Credit rating staff is increasingly concerned about the institution’s precarious finances. During Dell’Omo’s reign, Rider’s rating was downgraded once before in 2020. These cuts are in large part the result of the particularly catastrophic and misguided efforts to sell the Princeton land on which Westminster until recently resided. Choir College. The lawsuits and resulting consulting fees alone cost Rider several thousand dollars, overall, this administrative failure cost Rider millions of dollars.

Other bad management decisions will soon have an impact on our faculty and students: Rider recently hired consultancy firm Credo to help them with the current student recruitment and downsizing program. This company appears to underestimate the liberal arts curriculum and encourages administrations to promote expensive professional degrees and certificate programs, rather than well-rounded education, as these programs generate higher tuition income. Hiring this company could suggest that our highly paid directors are running out of ideas.

Rider has what renowned New School For Social Research economist Sanjay Reddy describes as “bloated administration,” with resources increasingly flowing to highly paid administrators rather than faculty and education. . Yet this administration does not make wise business decisions; it is an example of what prominent Johns Hopkins historian Francois Furstenberg has called “top nonsense” in higher education institutions.

Barbara franz, Professor of Political Science and President of the Rider Chapter of the American Association of University Teachers

Originally printed in issue of 9/8/21


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IRS Changes Crypto Question On Tax Form – Now Focuses On Taxable Cryptocurrency Transactions – Taxes Bitcoin News https://sound-effects-online.com/irs-changes-crypto-question-on-tax-form-now-focuses-on-taxable-cryptocurrency-transactions-taxes-bitcoin-news/ https://sound-effects-online.com/irs-changes-crypto-question-on-tax-form-now-focuses-on-taxable-cryptocurrency-transactions-taxes-bitcoin-news/#respond Sat, 24 Jul 2021 07:00:00 +0000 https://sound-effects-online.com/irs-changes-crypto-question-on-tax-form-now-focuses-on-taxable-cryptocurrency-transactions-taxes-bitcoin-news/ The US Internal Revenue Service (IRS) has changed the crypto question asked on the main US tax form. Reducing the scope of the matter, the IRS is now focusing on taxable cryptocurrency transactions. New crypto question on tax form 1040 The IRS on Thursday released a draft Form 1040 for the 2021 tax year. Form […]]]>

The US Internal Revenue Service (IRS) has changed the crypto question asked on the main US tax form. Reducing the scope of the matter, the IRS is now focusing on taxable cryptocurrency transactions.

New crypto question on tax form 1040

The IRS on Thursday released a draft Form 1040 for the 2021 tax year. Form 1040 is the primary tax form used for filing personal income tax returns in the United States. The draft form shows that the tax agency changed the crypto issue slightly.

The crypto question now reads: “At any time in 2021, have you received, sold, traded or otherwise alienated any financial interest in a virtual currency?” “

Previously, the question was, “At any time in 2020, have you received, sold, sent, traded or otherwise acquired a financial interest in a virtual currency?” “

Draft IRS 1040 form for the year 2021.

For the year 2021, the IRS has removed the word “send” and replaced “acquire” with “dispose of.” “

IRS Form 1040 for the year 2020.

Shehan Chandrasekera, head of tax strategy at tax software company Cointracker, explained that “the revised question is only about your taxable transactions compared to the much broader scope of the 2020 version.”

He said, “While these changes don’t have a big impact on your taxes, it hints at what the IRS has learned from the 2020 version and where it’s headed,” elaborating:

Under the revised question, you do not have to check “Yes” if you are sending cryptocurrency between wallets / exchanges or acquiring them, both of which are tax-free transactions.

What do you think of the new crypto question on the tax form? Let us know in the comments section below.

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IRS Amends Crypto-Related Questions on Tax Form 1040 https://sound-effects-online.com/irs-amends-crypto-related-questions-on-tax-form-1040/ https://sound-effects-online.com/irs-amends-crypto-related-questions-on-tax-form-1040/#respond Fri, 23 Jul 2021 07:00:00 +0000 https://sound-effects-online.com/irs-amends-crypto-related-questions-on-tax-form-1040/ The U.S. Internal Revenue Service has changed a crypto tax question in Form 1040, making it clearer to taxpayers. The U.S. Internal Revenue Service (IRS) has changed the language used in the Form 1040 tax return request, making it easier for taxpayers to assess their returns for cryptocurrencies. The changes will likely be welcome, as […]]]>

The U.S. Internal Revenue Service has changed a crypto tax question in Form 1040, making it clearer to taxpayers.

The U.S. Internal Revenue Service (IRS) has changed the language used in the Form 1040 tax return request, making it easier for taxpayers to assess their returns for cryptocurrencies. The changes will likely be welcome, as they provide a clearer overview of how cryptocurrencies are taxed.

The rating in question now reads,

“At any time in 2021, have you received, sold, traded or otherwise alienated any financial interest in a virtual currency? “

Previously, the question asked if the individual “has acquired a financial interest in a virtual currency?” It is now easier for taxpayers to understand whether a particular transaction qualifies for taxation.

The change follows a crypto tax guideline released by the agency last year. These guidelines made it clear that only assets sold or exchanged for goods, services, goods or other assets would be eligible for taxation. With the language now much clearer, investors should be less afraid of breaking the law.

The amendment is a sign that the IRS is also looking to incorporate regulations into the crypto market. There has been a significant move on the part of US regulators in recent weeks to dampen the market. US authorities are no longer ignoring the market or lagging behind others in terms of regulation.

The IRS Tax Form 1040 adjustment accompanies the recommendations that many U.S. officials have touted in 2021. Most of these suggestions relate to compliance with securities laws and the regulation of stablecoins.

IRS Seeks To Tackle Crypto

The IRS has improved its game when it comes to the crypto market in recent months. He specifically focused on eliminating illegal activity, including offering Monero privacy-breaking grants. IRS and Department of Justice Investigate Binance to Eliminate Illegal Activity. However, they have not released an official statement on the matter.

He is also keen to enforce traceability and, to this end, is studying ways to monitor activity with portfolios. Here too, the aim is to ensure that no illicit activity takes place using crypto assets. In addition, he requested a budget of $ 32 million to ensure the enforcement of taxes in the crypto market.

Companies in the crypto industry are also making efforts to file investor tax returns, while also helping government agencies in the process. The IRS selected TaxBit to ensure proper tax reporting in May. The CEO of the latter welcomed this partnership, saying that “regulators are adopting the class”.

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