Personal Taxes
Working from Home – Tax implications
Are you fortunate to be working from home because of the pandemic? Or, are have you lost your job and collecting unemployment? Both of these situations could have tax implications.
Business Taxes
Hiring independent contractors? Make sure they’re properly classified
As a result of the coronavirus (COVID-19) crisis, your business may be using independent contractors to keep costs low. But you should be careful that these workers are properly classified for federal tax purposes. If the IRS reclassifies them as Read more…
Business Taxes
Tax Court Decision Holds Potential Impact for Travel Deductions
There are many professions that require taxpayers to travel extensively and spend significant amounts of time in paid lodging. These expenses are traditionally claimed as travel deductions. However, a case recently heard by the Tax Court – Soboyede, TC Summary Read more…
Consulting
Tips for Creating an Employee Stock Option Plan
Creating an employee stock option plan is an important step in your business’ growth and a sign of its success. Though doing so is not particularly complicated, that doesn’t mean that the process should be pursued without ensuring all of Read more…
Business Taxes
Estimated tax payments: The deadline for the first 2021 installment is coming up
April 15 is not only the deadline for filing your 2020 tax return, it’s also the deadline for the first quarterly estimated tax payment for 2021, if you’re required to make one. You may have to make estimated tax payments Read more…
Personal Taxes
New law – Parents and other eligible Americans to receive direct payments
The American Rescue Plan Act, signed into law on March 11, provides a variety of tax and financial relief to help mitigate the effects of the COVID-19 pandemic. Among the many initiatives are direct payments that will be made to Read more…
Business Taxes
The new Form 1099-NEC and the revised 1099-MISC are due to recipients soon
There’s a new IRS form for business taxpayers that pay or receive certain types of nonemployee compensation and it must be furnished to most recipients by February 1, 2021. After sending the forms to recipients, taxpayers must file the forms with Read more…
Personal Taxes
Selling Homes – Know the tax consequences
Summer is the peak season for selling homes in many parts of the country. If you are planning on putting your home on the market soon, you are probably thinking about things like how fast it will sell and how Read more…
Personal Taxes
Do you have tax questions related to COVID-19? Here are some answers
The coronavirus (COVID-19) pandemic has affected many Americans’ finances. Here are some answers to questions you may have right now. My employer closed the office and I’m working from home. Can I deduct any of the related expenses? Unfortunately, no. Read more…
Personal Taxes
IRS Offers New Identity Protection for Taxpayers
Article Highlights: IP PIN Identity Verification Opt-in Program Application Process : In the past, the IRS has assigned verification numbers to victims of identity theft to file their tax returns, if requested by the victimized individual. These numbers are referred Read more…
Business Taxes
Form 1099-NEC Get ready for the new form.
There’s a new IRS form 1099-NEC for business taxpayers that pay or receive nonemployee compensation. Beginning with tax year 2020, payers must complete Form 1099-NEC, Nonemployee Compensation, to report any payment of $600 or more to a payee. Why the new Read more…