Here is an overview of key provisions in the recent COVID relief legislation that affect individuals. The legislation is the COVID-related Tax Relief Act of 2020 (the "Act" or COVIDTRA) and the Taxpayer Certainty and Disaster Tax Relief Act of 2020 (TCDTR), both of which...
The Consolidated Appropriations Act, 2021 (the CAA, 2021), signed into law on December 27, 2020, is a further legislative response to the coronavirus (COVID-19) pandemic. The CAA, 2021 includes the numerous business tax provisions briefly summarized below (in addition to changes for individuals discussed separately...
It's not a secret that hackers would like to get into your email so they can have access to data they can monetize. These attempts are made easier because so many people use the same passwords for all of their accounts. As a result, getting...
The IRS released the final regulations and other guidance on the limitation on the deduction for business interest expenses under the Tax Cuts and Jobs Act of 2017 that was amended by the CARES Act of 2020. The 2017 tax overhaul limited the business deduction as...
A trust can be a powerful estate-planning tool, but contrary to popular belief, trusts do not make all taxes disappear. The families who set them up still need to consider tax consequences. To start with, trust beneficiaries typically need to pay tax on the interest income...
Many small businesses have been forced to reimagine their business models to keep doors open and continue serving customers. Switching to online sales and using social media platforms to offer merchandise for sale locally have served retail firms. Gyms and fitness centers not only offer...
The IRS has introduced a new Form 1099-NEC, Nonemployee Compensation. It's a sibling to Form 1099-MISC and replaces it for certain purposes. You must file it for each person in the course of your business to whom you have paid at least $600 during the...
Artificial intelligence is the way of the future, but the speed of its adoption introduced a particular set of problems. One of those problems overshadows the others: How can a company create an AI framework that allows it to operate legally, ethically and profitably? The...
Many people think they can take a home office deduction, but that isn't always the case. At-home workers need to pay particular attention to the complex rules. Click through to see who can take this deduction and under what circumstances. The Internal Revenue Code (IRC) allows...
Many businesses have enhanced their online presence as a result of the COVID-19 pandemic. These businesses need to be aware of the many challenges associated with collecting sales tax on internet sales. Click through to learn how to transition smoothly to online sales. COVID-19 has triggered...