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Can you Benefit from the Enhanced Employee Retention Credit?
Many businesses have had to shut down or reduce operations during the COVID-19 pandemic, causing widespread furloughs and layoffs. Fortunately, employers that have managed to keep workers on payroll may be […]
Remember: Social Security is Taxable
Whether you’ve filed your 2020 tax return or soon will, you don’t want any surprises. One thing that often takes many older people by surprise is getting taxed on their […]
How Workers are Classified is Important
It is probably no surprise to you or anyone with a pulse that many companies experienced “workforce fluctuations” in 2020. If your business has turned independent contractors to address staffing needs, […]
Bipartisan Support for Tax Breaks to Promote Manufacturing
Strengthening tax breaks to promote manufacturing in the US received strong bipartisan support at a Senate Finance Committee hearing on March 16. Creating new incentives, and making temporary ones permanent, […]
Credit Card Rewards Used for Money Order or Debit Card Purchases Are Income
In brief, if you use rewards points to purchase other cash equivalents rather than products or services, the value of the rewards points is taxable. The Tax Court recently ruled […]
All the Latest Tax News You Need to Know (and will likely go out of date before you read it)
There’s nothing like having a ton of changes come down right in the middle of tax season! As you’ve already seen, so many things have happened and changed in the […]
Increased Deduction Limit for Disaster Relief Cash Contributions by Corporations
The IRS has released information on how corporations can qualify for the new 100% limit for disaster relief contributions, and has offered a temporary waiver of the record keeping requirement […]
Look at State Tax Before Making a Move
Remote work has convinced many of us that we can do our jobs regardless of where we are located. This new approach is making many think about moving to a […]
Double-Check for Missing, Incorrect Forms Before Filing
With some areas seeing mail delays, the IRS reminds taxpayers to double-check before filing a tax return to make sure they have all their tax documents, including Form W-2, Wage […]
Teachers Receive Safe Harbor for Certain COVID-related Expenses
The IRS is providing a safe harbor for eligible educators to deduct certain unreimbursed COVID-19-related expenses. The safe harbor applies to expenses for personal protective equipment, disinfectant, and other supplies […]
Can You Claim a Home Office Deduction?
More people worked from home in 2020 than in any previous time due to the COVID-19 pandemic. If you’re one of them, you might be asking, “Can I claim the […]
New Form for Self-Employed COVID-19 Leave Credits
The IRS has released new Form 7202, Credits for Sick Leave and Family Leave for Certain Self-Employed Individuals. The form allows eligible self-employed individuals to calculate the amount to claim […]