In 2020, many people joined the gig economy to help make ends meet during the pandemic. Whether it’s a side business or a primary source of income, all taxpayers need to understand how their gig work affects their taxes.
Taxpayers Must Report Gig Economy Income on Their Tax Return Read More »
Employers may allow participants to carry over unused amounts The Internal Revenue Service provided greater flexibility, due to the pandemic, to employee benefit plans offering health flexible spending arrangements (FSAs) or dependent care assistance programs.
Deductions reduce the amount of taxable income when filing a federal income tax return. In other words, they can reduce the amount of tax someone owes.
Things Taxpayers Should Know When Choosing Between Standard and Itemized Deductions Read More »
When taxpayers complete their tax returns, they may discover they will owe taxes. By law, they have the right to pay no more than the correct amount of tax.
All Taxpayers Have the Right to Pay No More Than the Correct Amount of Tax Read More »
IRS officials issued an alert today concerning amended returns and claims for the Domestic Production Activities Deduction. This provision of tax law was repealed as part of the Tax Cuts and Jobs Act for taxable years after Dec. 31, 2017. In the wake of the repeal, the IRS has received a wave of questionable amended
The SBA and the Treasury announced that the Paycheck Protection Program (PPP) will re-open the week of January 11, 2021 for new borrowers and certain existing PPP borrowers.
Second Round of PPP Loans Read More »
The Internal Revenue Service announced that the nation’s tax season will start on Friday, Feb. 12, 2021, when the tax agency will begin accepting and processing 2020 tax year returns.
Speed Tax Refunds During the Pandemic Read More »
The Internal Revenue Service released Notice 2021-11 addressing how employers who elected to defer certain employees’ taxes can withhold and pay the deferred taxes throughout 2021 instead of just the first four months of the year.
Employers Can Withhold, Make Payments of Deferred Social Security Taxes from 2020 Read More »
The Internal Revenue Service is reminding taxpayers that organizing tax records is an important first step for getting ready to prepare and file their 2020 tax return.
Gather Tax Documents Now for Smooth Filing Later Read More »
Starting tax year 2020, any business that pays at least $600 for services performed by a person who is not their employee is required to file the new Form 1099-NEC. Previously, nonemployee compensation was reported in Box 7 on Form 1099-MISC.
New 1099-NEC Nonemployee Compensation Read More »