As it does annually, the IRS announced its annual inflation adjustments for the new year, including tax rate schedules, tax tables, and cost-of-living adjustments. It also adjusted items such as contribution limits for 401(k)s, H.S.A.s, standard mileage rates and more for 2020. You can find the new 2020 tax tables, standard deduction amounts, and more...
Surprise, Surprise, - These Things Are Taxable Please Be Wise! Taxes are still complicated. The IRS still wants its fair share of things you receive, cash you earn, or money you don't have to pay back, and other assets. That means reporting certain surprising items that are taxable like gifts over $15,000, items exchanged as...
Got a Gig? Gig economy income is taxable! Whether you are renting out a spare bedroom or providing car rides, or freelancing in professional services, Fuoco Group wants taxpayers to understand the IRS rules regarding income so they can stay compliant with their taxes and avoid surprises for 2019 tax year filings. The gig economy...
Our clients are looking for flexibility and cost savings during these tough economic times as they work to recover from the pandemic and rebuild their businesses. It is more important than ever for employers to understand both the benefits and liabilities of utilizing a flexible workforce that includes independent contractors, 1099s and freelancers to drive...
Wealthy Americans and Corporations may be unaware of another benefit of Tax Reform’s sharp cut in the tax rate: IRS Audits are down sharply due to less funding. Don’t breathe easy just yet. States are seeking to fill revenue gaps and recover tax revenue losses due to Tax Reform, so while one type of tax...
