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 […]
It Still Pays to Build Green
The COVID-19 pandemic has held up many construction projects, including those that develop renewable energy. For this reason, the U.S. Treasury Department and IRS have modified the beginning of construction requirement for both the production tax credit for renewable energy facilities and the investment tax credit for energy property. They’ve extended an important safe-harbor allowance […]
Feds Now Prosecuting PPP Loan Fraud
For those who received PPP money during the pandemic and misused it, the time of reckoning is already here. More than a dozen criminal cases have been filed across 11 states involving PPP loan misuse. As the Los Angeles Times reports, these first cases involve “blatant fraud” by small businesses and individual business owners, not […]
Law Firms: More Changes in Partnership Tax Forms Ahead
Have you seen the newly redesigned partnership tax form? The IRS would like taxpayer input on it before releasing it in 2021. According to the IRS, the proposed form is designed to provide greater clarity for partners on how to compute their U.S. income tax liability with respect to items of international tax relevance, including […]
IRS “Wealth Squad” to Audit Hundreds by October
The IRS is back to business, conducting new examinations of tax returns and enforcing collections. A top priority? It intends to audit hundreds of high-net-worth taxpayers by September 30, 2020. The audits will be conducted by the agency’s Global High Wealth Industry Group (GHW) of the Large Business & International (LB&I) Division. It involves a […]