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  • 1.  Self-Employed Tax Credit

    Posted 19 days ago

    A client read an ad re: the referenced tax credit promoted by a company offering its service to assist in the credit's application process. My immediate impression was that I missed it among the various credits, deductions, etc. within the CARES Act, yet I am unable to find such a credit. Are any of you familiar with this? If so, kindly direct me where to research this credit. My client advised me that some aspect of it ends 4/15/2024. Thank you for your help.  Andrew C. Demsky 516-679-6504

     

      



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    Andrew C. Demsky
    Andrew C. Demsky, CPA
    North Bellmore NY
    516-679-6504
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  • 2.  RE: Self-Employed Tax Credit

    Silver Most Valuable Member
    Posted 19 days ago

    Sounds to me to be another in a long list of scams.   Will it ever end?   I do not see your which tax credit you refer.  Mark S Rosman

     




    Original Message


  • 3.  RE: Self-Employed Tax Credit

    Posted 18 days ago
    Form 7200 but very restricted and the clients paperwork must be air tight. 


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  • 4.  RE: Self-Employed Tax Credit

    Posted 18 days ago
    Form 7202 not 7200. It does exist and these companies are soliciting it many of them pushed ERC down our clients throats


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  • 5.  RE: Self-Employed Tax Credit

    Posted 17 days ago

    Sounds like a credit but could this be a reference to the NYS Subtraction Modification S-201 for Small Business on form 225?  This is often overlooked.



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    Craig R Morris
    CPA
    CRAIG MORRIS AND COMPANY, CPAS
    SYOSSET NY
    516-681-1121
    craig@cmcocpas.com
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    Original Message


  • 6.  RE: Self-Employed Tax Credit

    Posted 17 days ago

    Good morning, Steven Sorian provided the answer -the credit is calculated on Form 7202. 

    Thank you all for reading my post and responding.



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    Andrew C. Demsky
    Andrew C. Demsky, CPA
    North Bellmore NY
    516-679-6504
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    Original Message


Discussion Disclaimer

The opinions expressed are the views of the author alone and should not be attributed to any other individual or entity and shall not constitute an accounting opinion.