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This Issue Snapshot will discuss the calculation of plan compensation for partnerships that maintain qualified retirement plans under IRC Section 401.

FS-2020-07, May 2020 — Eligible individuals who filed a tax return for tax years 2018 or 2019 or who are not required to file a tax return for those years but receive Social Security retirement, survivor or disability benefits (SSDI), Railroad Retirement benefits, Supplemental Security Income (SSI), or Veterans Affairs benefits will get an Economic Impact Payment (EIP or payment) automatically.

This Issue Snapshot will discuss the calculation of plan compensation for those sole proprietors who maintain qualified retirement plans under IRC Section 401 and SEP IRA plans under IRC Section 408(k).

Determine the amount of state and local general sales tax you can claim when you itemize deductions on Schedule A (Forms 1040 or 1040-SR).

This guide is intended to assist people with disabilities in their use of the Sales Tax Deduction Calculator. The guide provides direction in accessing the calculator’s features using specific technologies, including screen readers, screen magnifiers and speech recognition software.

An applicable large employer (ALE) member may choose to either offer affordable minimum essential coverage that provides minimum value to its full-time employees (and their dependents) or potentially owe an employer shared responsibility payment to the IRS.  There are two different employer shared responsibility payments. This page describes those types of employer payments.

Public Law 115-97 (Tax Cuts and Jobs Act of 2017) enacted section 951A, which requires U.S. shareholders of CFCs to include GILTI in gross income. Form 8992, U.S. Shareholder Calculation of Global Intangible Low-Taxed Income (GILTI), is used by U.S. shareholders to determine their GILTI inclusion.

Public Law 115-97 (Tax Cuts and Jobs Act of 2017) enacted section 951A, which requires U.S. shareholders of CFCs to include GILTI in gross income. Form 8992, U.S. Shareholder Calculation of Global Intangible Low-Taxed Income (GILTI), is used by U.S. shareholders to determine their GILTI inclusion.

If you are self-employed, you calculate your self-employment tax using the amount of your net earnings from self-employment and following the instructions on Schedule SE. However, you must make adjustments to your net earnings to arrive at your plan compensation.

Frequently asked questions about 2020 Unemployment Compensation Exclusion — Calculating the Exclusion.