IRS requires Venmo, PayPal and Zelle to report transactions.

As a result of the AMERICAN RESCUE PLAN ACT (a COVID related relief bill passed in March of 2021), these popular payment apps must report all transactions from accounts with over $600 commercial transactions in a year to the Internal Revenue Service (“IRS”). However, despite other sources claiming that the IRS is taxing these transactions, the reporting requirement simply provides the IRS with information that can be used to enforce existing rules (i.e., the requirement that taxpayers provide 1099s to individuals or businesses where the taxpayer paid over $600 in the taxable year).

In response to this new requirement, taxpayers should take care to correctly tag transactions, if possible, in their payment app. This is especially important when dealing with personal transactions on these platforms, as failure to do so could cause the transactions to be reported to the IRS as business related transactions.

While the impact of the new reporting will be minimal, it is causing disproportional concern to taxpayers because of inaccurate or misleading articles on the internet.

If you have any questions or concerns about this or any other legal or tax related issue, contact WEGNER LAW PLLC today at (239) 449-9200 or by email at cwegner@wegnerlawfirm.com.

Wegner Law PLLC advises client in $2.2 million sale of business

P. Christopher Wegner, Managing Attorney, Wegner Law PLLC, advised owners of a property management company on how best to sell their business to a publicly traded acquirer. This advice not only ensured that the clients received the most value from the sale of their business but also helped the clients significantly reduce their tax liabilities from the sale.

Mr. Wegner handles business sales and acquisitions for businesses of all sizes and in a variety of different fields. Whether advising in a $150 million purchase by a publicly traded agricultural concern or a $150,000 sale of an accounting practice, Mr. Wegner brings years of experience in law and in real world business to every deal. This combination of expertise and experience allows Mr. Wegner to deliver the best possible value to clients in any transaction.

For more information or to learn what Wegner Law PLLC can do for you, contact Mr. Wegner at (239) 449-9200.

New COVID relief package offers aide to small and mid-sized businesses.

Congress recently passed a new relief package to deal with the CORONA virus pandemic. This new bill includes a variety of programs for small and mid-sized businesses, including a revised version of the popular Payroll Protection Program (commonly known as “PPP”) from the original aide package in early 2020. The new version of the PPP is far more thorough and complex but we are ready to help you and your business apply for this relief.

Lawmakers reach deal to provide additional fund to Paycheck Protection Program

Payroll Protection Program receives additional funds to help small business hurt by Cornavirus.
Federal government provides additional funds to COVID-19 relief programs.

Lawmakers in Washington D.C. reach deal to provide additional funds to the popular Payroll Protection Program (better known as “PPP”) after the program ran out of initial funding late last week. While there is a possibility of changes to any part of the program, businesses hoping to receive the forgivable loans should work with their bank to file an application ASAP.

Contact P. Christopher Wegner, Managing Attorney, Wegner Law PLLC, at 239.449.9200 or cwegner@wegnerlawfirm.com for more information.

Florida making emergency bridge loans to small businesses

coronavirus bridge loans
State of Florida offering emergency bridge loans for small businesses effected by the coronavirus.

On Monday, March 17, 2020, the State of Florida announced the availability of zero interest short term bridge loans for Florida small businesses impacted by the Coronavirus. These loans are generally available to any qualifying business regardless of current revenue or other similar concerns..

Qualifying businesses are simply any business in the State of Florida, established before March 9, 2020, with between 2 and 100 employees (with exceptions for businesses engaged in gambling, illegal activity, massage or escort type services).

The loans will typically be for $50,000 or less (though loans for more will be approved on a case by case basis) and have a zero percent interest for the first year (increasing to twelve percent per annum after the first year).

This means that a vast majority of small to medium sized business will be able to easily (and quickly) take advantage of this program by applying before May 8, 2020.

If you or your business need help determining if you qualify for this program or applying, please do not hesitate to contact us at 239.449.9200 today.

Small business week

We would like to take this opportunity to thank all of the small businesses in the area that trust us for their business and tax law needs.

Ninety-nine point nine percent (99.9%) of all businesses in the United States are small businesses and we are here to serve everyone of them. We only serve businesses and most of our practice is small to mid-sized businesses like yours that need top notch legal advice at reasonable prices.

If you need an attorney to help your small business with formation, capital raising or day to day legal, give us a call. Our initial consultation is free but our advise is invaluable.

Wegner enters into affiliation with ABN-Law PLLC

ABN-Law PLLC logo.Wegner Law PLLC and ABN-Law PLLC enter into an affiliation agreement to offer more valuable legal services to clients. For Wegner Law PLLC, this means the firm’s business clients will have access to a full range of litigation and real estate services from the trail blazing attorneys at ABN-Law PLLC.

By entering into this arrangement, Wegner Law PLLC marshals the attorneys and experience to truly provide full service legal advice to small and mid-sized businesses in the Southwest Florida area.

Visit the Wegner Law PLLC website in the near future to learn more about this exciting new partnership of the most business minded law firms in Collier and Lee County.

How much should you expect to pay on taxes in 2019

While we are not yet out of 2018, it is about time to begin thinking about 2019 liabilities. (That said, there is still time to lower your 2018 taxes by deferring income and accelerating expenses, etc.).

Before we can design a tax strategy for you and your business, it may help to get an idea of what your rates could be:

2018 tax brackets and income ranges for single taxpayers

  • 10%: $0 to $9,525 of taxable income
  • 12%: $9,526 to $38,700
  • 22%: $38,701 to $82,500
  • 24%: $82,501 to $157,500
  • 32%: $157,501 to $200,000
  • 35%: $200,001 to $500,000
  • 37%: over $500,000
  • Standard deduction: $12,000

2018 tax brackets and income ranges for married taxpayers filing jointly and surviving spouses

  • 10%: $0 to $19,050 of taxable income
  • 12%: $19,051 to $77,400
  • 22%: $77,401 to $165,000
  • 24%: $165,001 to $315,000
  • 32%: $315,001 to $400,000
  • 35%: $400,001 to $600,000
  • 37%: over $600,000
  • Standard deduction: $24,000

2018 tax brackets and income ranges for taxpayers filing as head of household

  • 10%: $0 to $13,600 of taxable income
  • 12%: $13,601 to $51,800
  • 22%: $51,801 to $82,500
  • 24%: $82,501 to $157,500
  • 32%: $157,501 to $200,000
  • 35%: $200,001 to $500,000
  • 37%: over $500,000
  • Standard deduction: $18,000

Tax brackets and deductions from Business Insiderhttps://www.msn.com/en-us/money/taxes/how-the-new-gop-tax-law-will-affect-your-finances-next-year/ar-BBQ1vNi?ocid=spartanntp

Contact Wegner Law PLLC today to learn what we can do for you.

Wegner Law PLLC Closes $1.4 Million Offering

Wegner Law PLLC helped a technology client raise $1,400,000 in capital as part of private offering. P. Christopher Wegner was lead attorney for the offering drafting all significant documents and providing advice on how to follow the complex state and federal securities laws.

To learn more about how Wegner Law PLLC can help you, call us at 239.449.9200 or email us at cwegner@wegnerlawfirm.com.

Senators attempt to delay Wayfair

A small number of Senators have put forth a bill that would prohibit states from imposing sales tax on out of state retailers with less than $10 million in annual sales until the states can agree on how best to implement the new taxes.

North Dakota v. Wayfair, Inc. is the recent Supreme Court case holding that states can impose sales tax on out of state retailers. This proposed legislation is one of the many different ways that federal and state governments are dealing with this drastic change.

To learn more about Wegner Law PLLC or contact us with questions, visit www.wegnerlawfirm.com or call P. Christopher Wegner at 239 449 9200 today. You may also email Chris at cwegner@wegnerlawfirm.com for more information.