Taxes

Article Highlights: Additional Credit Amounts Refundability High-Income Phaseout Advance Payments Reconciliation of Advance Payments with Credit Child’s Death Online Portal   An increased child tax credit is part of President Biden’s stimulus package to help tackle the coronavirus pandemic and stimulate the economy. This stimulus

Article Highlights: Economic Impact Payments High-Income Taxpayer Phaseout Reconciliation Dependents Decedents Social Security Number Requirements Non-Filers IRS Information Sites The American Rescue Plan Act has passed and includes a third much-anticipated economic impact payment (EIP). This is one of several government measures intended to help

Freelance work and the gig economy have taken the nation by storm. A study commissioned by the Freelancers Union and freelance platform Upwork revealed that the gig economy’s work force reached an eye-popping 57 million Americans in 2019, with increasing numbers likely to join in the

Article Highlights: COVID Work from Home Requirements Employee Versus Self-employed Qualifications Actual Expense Method Simplified Method Home Office Expenses for Renters vs. Homeowners How Moving Affects the Home-Office Deduction Other Issues Gross Income Limitation Many individuals, because of the COVID pandemic, have been forced to

Freelance work and the gig economy have taken the nation by storm. A study commissioned by the Freelancers Union and freelance platform Upwork revealed that the gig economy’s work force reached an eye-popping 57 million Americans in 2019, with increasing numbers likely to join in the

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 Opinion 2021-3, 1/26/21 – has

Article Highlights: CARES Act Moratorium RMD Resumptions Age Considerations Figuring out the RMD Amount Penalty for Not Taking an RMD No Maximum Limit IRA-to-Charity Transfers As part of the CARES Act, the requirement for older taxpayers to take required minimum distributions (RMDs) from their retirement

Article Highlights: Employment (Earned) Income Earned Income Tax Credit (EITC) Child Tax Credit (CTC) 2019 or 2020 Earned Income Credit Qualifications   Because of the pandemic, many individuals have seen their employment (earned) income plummet. In that situation, two very important tax credits, the Earned

Article Highlights: 14-Day Exclusive Application Period for Small Businesses and Nonprofits Limited to 19 Employees Loans Based on Gross Income Rather than Wages Certain Restrictions Removed At the direction of the White House and effective on Wednesday, February 24, 2021, the SBA will establish a

March 10 - Report Tips to Employer If you are an employee who works for tips and received more than $20 in tips during February, you are required to report them to your employer on IRS Form 4070 no later than March 10. Your employer