Audit Trigger 2020
After a brief break during the height of the spring shutdown, the IRS is back at it, auditing certain taxpayers. Your financial situation has likely gone through some unexpected bumps in 2020, which means your taxes could be more complicated than ever for the coming tax season. Keep an eye on the following tax triggers […]
Charity in 2020: A Tax Guide
This year is unlike any other. That truth is clear when it comes to charitable contributions. Several relief measures and new tax rulings may affect your usual giving plan, for better or for worse. If you’re a business owner, even more opportunities abound. It’s worth a close look before the end of the year to […]
A Reminder to “Log” Travel Expenses
As business travel picks back up, a court ruling within the past 12 months brings to light the importance of maintaining records for travel-related tax deductions. The case involves a timberland owner who barely escaped IRS fines after his travel logs were stolen. As Accounting Today summarizes, the taxpayer traveled every week to maintain and […]
Did You Request IRS Penalty Relief Due to COVID?
The September 15 tax deadline has come and gone, but many had trouble getting their taxes filed and paid on time. The IRS offers relief, but even some who followed the rules will still receive penalties. The mid-September milestone included several tax deadlines for closely held businesses. The American Institute of Certified Public Accountants (AICPA) […]
Tax-Free Education: A Study Guide
Online options for schools have exploded in the wake of the pandemic. If you’re looking to expand your mind as you finish out your quarantine year, consider heading back to the virtual class-room. Or perhaps you’ve been hoping to help a family member with their education expenses. Each one of these non-traditional learning routes can […]
Paying for the New Norm
The construction industry has changed dramatically this year. The volatility in the market, supply chain disruptions, delays and pivots, relief loans, and the cost of new safety requirements will result in a bookkeeping challenge beyond anything you’ve seen before. Keep an eye on the following three areas to mitigate those challenges with tax opportunities: Click […]
The IRS Cryptocurrency Crackdown
Trading in Bitcoin? Getting paid by a client via Coinbase? It’s clear the IRS is no longer ignoring cryptocurrency activity. In fact, it’s planning to spotlight virtual currency front-and-center on the first page of your 2020 personal income tax return. “It first became part of the wider 1040 individual tax return form for 2019, but […]
What’s in a Name? The Business Value of YOU
In a significant move last year, the NCAA decided to allow individual athletes to profit from their own name, image, and likeness. While you may not be a superstar on the court, you might be able to “bank” on your name, too. If you’re a business owner, it’s a worthwhile consideration because it can drive […]
Surprise Nonpayment Notice? Mail Delays and Your Taxes
The IRS had up to 12 million pieces of unopened mail at one point this summer. That mail may have included your tax payment. And while that backlog is painstakingly sorted, you may have been shocked to receive a nonpayment notice along with threats of penalties and late fees. “If a taxpayer mailed a check […]
Eldercare and Your Taxes
As nursing homes and eldercare facilities have been in lockdown this year, you may have suddenly taken on primary caregiver responsibilities for a loved one. It’s a tough job and one that only becomes more daunting as the bills pile up. But there are some critical tax deductions you can take as a caregiver that […]