IMPORTANT UPDATE: Late on Friday, August 28th, the IRS issued guidance on the payroll tax deferral that was ordered by the President (see original article below). The notice allows employers to defer withholding on employees’ compensation during the last four months of 2020 and then withhold those deferred amounts during the first four months of...
Tax reform eliminated the itemized deduction for employee business expenses. Thus, employees cannot deduct home office expenses for the tax years 2018 through 2025. However it's worth noting that the rules did not change for self-employed persons. So if you are self-employed, a small business owner, or an entrepreneur, you can continue to deduct qualifying...
Short of $$$ and short of staff, the number of tax returns examined by the IRS has dropped to just 0.5% of all returns — but that still means over a million taxpayers will be singled out for review. Most folks are honest when it comes to filing their returns but some do “fudge” a...
COVID -19 has stressed many businesses to the breaking point. In spite of PPP loans and EIDL $$$ many small business owners are facing financial challenges, but want to stay in business. Up until now their options were limited. See our prior article HERE: Is Bankruptcy The Best Choice In Bad Economic Times? What are...
Got Bitcoin? You may owe taxes on cryptocurrency transactions! Some cryptocurrency investors have received letters from the IRS this month announcing that their federal tax returns don’t match the information received from virtual currency exchanges. The letters acknowledge that trading exchanges, not the taxpayers, may have made the errors, however this signals that the IRS...
