Tax & Money Tips

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, you must properly classify them for federal tax purposes. Tax Obligations The question of whether a worker is an independent contractor or an employee for …

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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, are particularly critical for helping American competitiveness in semiconductors, batteries and other high-tech products, Senate Banking Chair Ron Wyden (D-Ore) and Ranking Minority Party Member …

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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 that rewards dollars that a married couple earned by using their American Express credit cards to purchase debit cards and money orders—but not to purchase …

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All the Latest Tax News You Need to Know (and will likely go out of date before you read it)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 last few weeks, that it is nearly impossible to stay on top of them all. As you may have heard (and as we were writing …

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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 for corporations otherwise qualifying for the increased limit. The Taxpayer Certainty and Disaster Tax Relief Act of 2020 (P.L. 116-260) temporarily increased the limit, to …

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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 and Tax Statement, and Forms 1099 and 1099-INT. Many of these forms may be available online, however, when other options are not available, taxpayers who …

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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 used for the prevention of the spread of COVID-19 in the classroom, paid or incurred after March 12, 2020. All amounts remain subject to the …

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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 for qualified sick and family leave tax credits under the Families First Coronavirus Response Act (FFCRA) ( P.L. 116-127). They can claim the credits on …

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What is the CAA and How Can it Help You?

You’ve probably heard or read about the Consolidated Appropriations Act (CAA) passed in early January 2021. At over 5,500 pages, the law presents taxpayers and their advisors with much to digest. Whether you’re an individual looking for some financial relief or a business owner striving to keep your company operational and competitive, the provisions in …

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