As a reminder, taxpayers are eligible to take a deduction for monetary contributions made by cash, check or credit card to qualifying charities in 2021, regardless of whether you itemize your deductions. The maximum allowed deduction is $300 for single, married filing separately and head of … [Read more...] about Above-the-Line Deductions for Contributions Made in 2021
Tax
Top IRS Audit Issues
IRS audits are on the uptick, as IRS employees are returning to a more normal schedule, post pandemic. What are the top 10 areas on which auditors are focusing? Unreported income: Auditors have many techniques to search for unreported income, but among the more commonly used is the bank deposit … [Read more...] about Top IRS Audit Issues
2021 Child Tax Credit and Advance Payments: A Deeper Dive
The American Rescue Plan not only expanded the amount of the Child Tax Credit, but also created a newly advanceable monthly payment that commenced on July 15th and is expected to continue monthly for the remainder of the 2021 tax year. The advance monthly payments are new and were rolled out … [Read more...] about 2021 Child Tax Credit and Advance Payments: A Deeper Dive
Considerations for a Remote Workforce
As the current work environment continues to evolve, employers are seeking out additional information on the ability to work remotely and what tax impact that has on the business and its employees. Employers should begin by considering a few questions: In which state(s) do we have employees … [Read more...] about Considerations for a Remote Workforce
Doing Business in the U.S.: Sales Tax Update and Other Tax Matters
It’s been just over three years since the US Supreme Court issued its landmark decision in South Dakota vs. Wayfair, Inc.; and now is a perfect time to provide an update as almost every state has new laws on sales tax and have defined their economic thresholds for remote sellers. Recently, two of … [Read more...] about Doing Business in the U.S.: Sales Tax Update and Other Tax Matters
Employer Tax Credit for COVID-19 Vaccination Paid Time Off
One of the tax relief provisions included in the American Rescue Plan includes a refundable tax credit to eligible employers for paid time off (PTO) related to obtaining a COVID-19 vaccine. Eligible employers include businesses and tax-exempt organizations with less than 500 employees and certain … [Read more...] about Employer Tax Credit for COVID-19 Vaccination Paid Time Off