Tag Archives: seattle

04.01 2021

Get Ready for Individual Tax Returns

On March 17, 2021, IRS announced that the federal income tax filing due date for individuals for the 2020 tax year will be automatically extended from April 15, 2021 to May 17, 2021. That means you do not have to file Form 4868 for the tax return extension unless you plan to file after May 17. For any return or payment postponed by this announcement, no penalty and interest to file a federal income tax return and its payment will be accrued between April 15 and May 17, 2021*.

* Postponement applies only to individual taxpayers (Form 1040); estimated income tax payments are due April 15, 2021 for 2021 tax years.

Taxpayers should double-check to ensure they have all their documents before filing a tax return.  If taxpayers find errors or missing documents such as a W-2 or Form 1099, they should contact the employers and payers or other issuers to request the missing documents or to reissue corrected forms. If taxpayers do not receive missing or corrected documents in time to their returns, they may need to estimate the payments made to them. Estimated amounts can be reported on Form 3852 on their federal tax return. If they receive the missing or corrected Form W-2 or Form 1099-R after filing their return and the information differs from their estimate, they must file Form 1040-X, Amended U.S. Individual Income Tax Return.

Most taxpayers should have received income documents near the end of January, including:

  • Forms W-2, Wage and Tax Statement
  • Form 1099-MISC, Miscellaneous Income
  • Form 1099-INT, Interest Income
  • Form 1099-NEC, Nonemployee Compensation
  • Form 1099-G, Certain Government Payments; like unemployment compensation or state tax refund

 

01.18 2021

Second PPP Loan

New COVID relief bill, Paycheck Protection Program passed congress on December 22. A second PPP Loan will be available. Here is a guidance you need to know.

Who is eligible for a second PPP loan?

Similar to the initial PPP loan, eligible small businesses may include:

Small businesses, Non-profit organizations, Sole proprietors, self-employed individuals or independent contractors

Addition to this, applicants must also meet the following

  • Businesses were in operation prior to February 15, 2020.
  • Businesses has a loss in revenue in 2020, which must be proved a 25 % or more reduction in gross receipts from any quarter in 2020 relative to the same quarter in 2019.
  • Businesses may not have more than 300 employees.
  • Businesses have used up or will use the full amount of their first PPP loan

SBA will provide further guidance such as application processes and required documentations. For the time being, let’s talk learn about any changes made and how those changes could affect you.

PPP Eligible expense list are added

  • Operational expenses

Payments for software, cloud computing, accounting needs and other human resources

  • Supplier costs

Expenditures any purchase order, or order for goods made prior to getting a PPP Loan essential to operate

  • Property damage costs

Property damage costs due to public disturbances that occurred during 2020, which are not covered by insurance

  • Worker protection expenses

Any personal protection equipment or property improvements and adaptive investments to help a borrower comply with COVID-19 related safety guidance during the period from March 1, 2020 onwards.

PPP expenses are tax deductible

Any expenses covered by a PPP loan can be claimed as tax deductible. The forgiven amount of PPP loans will not be included in taxable income.

12.29 2020

Form 1099-MISC

What is Form 1099-MISC?

Form 1099-MISC is to report payments made in course of a trade or business to non-employee. Although the 1099MISC is still in use, contractor payments made in 2020 and beyond will be reported on the new form 1099-NEC.

Form 1099-Misc and Instructions

 

 

 

  • Rents (Box 1)

Enter amounts of $600 or more for all types of rents

 

  • Other Income (Box 3)

Enter other income of $600 or more required to be reported on Form 1099-MISC that is not reportable in one of the other boxes on the for

 

  • Gross Proceeds Paid to an Attorney (Box 10)

Enter gross proceeds of $600 or more paid to an attorney in connection with legal services (regardless of whether the services are performed for the payer)

 

  • Fishing Boat Proceeds (Box 5)

Enter the individual’s share of all proceeds from the sale of a catch or the FMV of a distribution in kind to each crew member of fishing boats with normally fewer than 10 crew members. A fishing boat has normally fewer than 10 crew members if the average size of the operating crew was fewer than 10

 

  • Medical Payments (Box 6)

Enter payments of $600 or more made in the course of your trade or business to each physician or other vendor or provider of medical or health care services. Include payments made by medical and health care insurers under health, accident, and sickness insurance programs. If payment is made to a corporation, list the corporation as the recipient rather than the individual providing the services. Payments to persons providing health care services often include charges for injections, drugs, dentures, and similar items. In these cases, the entire payment is subject to information reporting. You are not required to report payments to pharmacies for prescription drugs

 

  • Direct Sales (Box 7)

Enter an “X” in the checkbox for sales by you of $5,000 or more of consumer products to a person on a buy-sell, deposit-commission, or other commission basis for resale (by the buyer or any other person) anywhere other than in a permanent retail establishment. Do not enter a dollar amount in this box. The report you must give to the recipient for these direct sales need not be made on the official form. It may be in the form of a letter showing this information along with commissions, prizes, awards, etc.

 

  • Substitute Payments in lieu of dividends or interest (Box 8)

Enter aggregate payments of at least $10 of substitute payments received by a broker for a customer in lieu of dividends or tax-exempt interest as a result of a loan of a customer’s securities. Substitute payment means a payment in lieu of (a) a dividend, or (b) tax-exempt interest to the extent that interest (including original issue discount) has accrued while the securities were on loan. For this purpose, a customer includes an individual, trust, estate, partnership, association, company, or corporation.

 

  • Crop Insurance Proceeds (Box 9)

Enter crop insurance proceeds of $600 or more paid to farmers by insurance companies unless the farmer has informed the insurance company that expenses have been capitalized under section 278, 263A, or 447 of Instructions for Forms 1099-MISC and 1099-NEC.

 

  • Excess Golden Parachute (Box 13)

Enter any excess golden parachute payments. An excess parachute payment is the amount over the base amount (the average annual compensation for services includible in the individual’s gross income over the most recent 5 tax years). Find additional detail on page 11 of the Instructions for Forms 1099-MISC and 1099-NEC.

 

  • Federal tax withheld (Box 4)

Enter backup withholding. For example, persons who have not furnished their TINs to you are subject to withholding on payments required to be reported in box 1. For more information on backup withholding, including the rate, see Instructions for Forms 1099-MISC and 1099-NEC

 

11.24 2020

Rebuilding Together Seattle

Rebuilding Together Seattle (RTS) commits in support of the communities to improve and construct for low-income homeowners. RTS provides a great help by improvement and repair of home and creation of the quality spaces for someone to feel safe. They care about the lasting impact on locals and people, and value empowering the community.

Currently, RTS has resumed limited program activities due to COVID-19. However, staff and members are working remotely and continuing to stimulate their best in people.

 

 

 

Join a team, Donate and let’s achieve Rebuilding Together Seattle’s mission to develop our communities stronger!

 

 

 

09.05 2017

RTS Celebrates with Microbrew

RTS Beer and Wine TastingRebuilding Together Seattle (RTS) will celebrate their work with micro brews and local wines at the MOHAI on October 6th. EJK will be there to celebrate RTS’ work, ensuring housing stability for low-income homeowners and revitalizing Seattle neighborhoods, one home at a time.

We look forward to VIP cocktails, photo booth charades, and live entertainment. Also can’t wait to taste the latest of Washington’s very own wineries and breweries.

You can buy your tickets here. And check out RTS’ website to learn more and get involved. 

08.15 2017

LCF Celebrates 10 years!

Latino Community Fund of Washington logoLatino Community Fund (LCF) will celebrate 10 years of empowering Washington’s Latino community, on Saturday, September 9, 2017. Join us at the Four Seasons for a night of community and celebration. LCF works to develop healthy and educated Latino families, who contribute to vibrant local communities and economies in Washington State.

We’ll be there to support LCF, as well as hear the latest from Dr. Habell-Pallán, sway to Paula Madrigal, and snap selfies with David Espinosa-Hall of King 5 News.

You can buy your tickets here. See you there!

06.10 2017

Happy 10 years to the Bus!

The Washington Bus is Seattle’s coolest voter engagement organization. The Bus makes politics fun, effective, and engaging for young Seattleites, and Washingtonians alike. For 10 years they’ve been creating positive change in our state, and this year they’re throwing a party to celebrate all their hard work! We’ll see you at the Vera Project for a Bus Bash concert featuring Sisters, Beverly Crusher, and Nolan Garrett this August.

Join Us!

Friday, August 11, 2017
7pm -11pm
@ The Vera Project, 305 Harrison St, Seattle

Tickets include dinner and drinks, and VIP tickets include exclusive event perks. And shout out to The Vera Project for being the hottest all-ages venue in Seattle!

05.10 2017

Candidate Survivor 2017

EJK will be joining the Washington Bus at the biggest, bestest, and sexiest mayoral candidate forum in Seattle. This event will give us the power to determine which mayoral candidates move on to the next round, by asking tough questions on issues of economic justice, LGBTQ rights, criminal justice reform and immigration reform. And you get to decide who sticks around!

Join us and the Bus on Tuesday, July 11 at Neumos in Capitol Hill for an epic night on the path to determining our city’s next mayor! Doors open at 7pm and forum starts at 8pm.

Tickets are free, but limited. Get yours here.

04.01 2016

Building a Legacy in Washington

Legacy HomesEJK is excited to spotlight one of our newest clients, Legacy Homes, located in Kirkland, Washington. Legacy Homes is dedicated to creating the best possible home for each home buyer and neighborhood. Legacy Homes aims to balance the uniqueness of each homeowner’s vision with the overall character of their neighborhood. They practice environmental sensitivity, stay ahead of the design curve, and strive to provide the highest quality customer service.

The next time you drive through Kirkland or Kenmore, check out some of their immaculate build sites and finished homes.

Welcome Legacy Homes to the EJK team!

02.17 2016

Viva Vera!

Viva Vera! is happening February 20th, 2016Join us this Saturday in celebrating 15 years of innovative arts and music programs with The Vera Project. They’ll be hosting their annual fundraiser at The Triple Door on February 20th, 2016. Enjoy DJ sets from Diogenes and Wizdumb, with live performances by Briana Marela and Crater. Proceeds will ensure the Vera Project will continue to transform the Seattle through collaborative, youth-driven engagement in music and art.

Buy tickets here, and learn more about the Vera Project here. EJK is proud to be part of the Vera Project family!