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ATS Consulting
Finances, News, Taxes, Worksheets

Understanding AB 5

Since its introduction to law in late 2019 and its application in 2020, California Assembly Bill 5 (AB 5) has remained a contentious issue as some industries have struggled to adjust to the sharp change in employee categorization.

AB 5 relies on a 3-pronged test to determine employment that came about through 2018’s court case Dynamex Operations West, Inc. v. Superior Court of Los Angeles. Commonly referred to as the “ABC Test,” it presents that a worker is presumed to be an employee unless the hiring entity demonstrates all three of the following conditions: Read more

October 27, 2022/0 Comments/by ATS Consulting
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ATS Consulting
Accounting, Finances, News, Refunds

Student Loan Relief for Borrowers Earning $125,000 or Less

On August 24th, 2022, President Joe Biden announced a sweeping plan to cancel up to $20,000 in federal student loan debt and an extension of the repayment freeze until the end of the year. Debt forgiveness applies only to those earning less than $125,000 a year ($250,000 for married couples). The $20,000 available only to those that received a Pell grant in college. Non-Pell borrowers who meet the income requirements qualify for $10,000 of forgiveness from federal loans.

Read more

October 26, 2022/0 Comments/by ATS Consulting
https://atsconsulttax.com/wp-content/uploads/2022/10/ATS_BlogFeaturedImage03.jpg 321 845 ATS Consulting https://atsconsulttax.com/wp-content/uploads/2021/08/logo.svg ATS Consulting2022-10-26 06:37:072023-01-25 13:47:29Student Loan Relief for Borrowers Earning $125,000 or Less
ATS Consulting
Finances, News, Taxes

President signs Inflation Reduction Act

The Inflation Reduction Act of 2022, H.R. 5376, was signed into law by President Joe Biden on August 16th. Targeting health care, taxes and climate change, the $739 billion legislation includes a package for energy and conservation focused tax credits, tax provisions, and increased funding for the IRS.

In terms of energy incentives for individuals and businesses, the bill provides credits generally applicable for post 2022 returns including: Read more

October 25, 2022/0 Comments/by ATS Consulting
https://atsconsulttax.com/wp-content/uploads/2022/10/ATS_BlogFeaturedImage04.jpg 321 845 ATS Consulting https://atsconsulttax.com/wp-content/uploads/2021/08/logo.svg ATS Consulting2022-10-25 06:37:582023-01-25 13:47:36President signs Inflation Reduction Act

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