Executive perks that are not properly reported to the IRS can land both you and your company in hot water. In the last couple of years, the IRS has engaged in an audit...
Help Decrease the Chance of an IRS Audit
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Taxes
Qualifying for Tax Breaks for a Dependent Parent
For many families, the tables may turn, and adult children provide financial support for their parents. For example, you might have moved your in-laws from a long-term care...
4 Important Changes on Your 2020 Tax Return
Tax season has started. Your tax professional is ready to prepare your 2020 federal and state returns — but are you ready? The pandemic has led to several changes to the tax...
Last-Minute Tips for Your 2020 Personal Return
Goodbye, 2020. Hello, tax season. Individual taxpayers have until April 15, 2021, to pay Uncle Sam for taxes owed for 2020. (Remember, you can extend the deadline for filing your...
5 Valuable Tax Credits for 2020 Individual Returns
Individuals who are eligible for federal income tax credits can significantly lower their tax obligations. It's important to differentiate between tax credits and tax deductions....
The Status of Temporary COVID Tax Relief Measures After the New Law
Before President Trump signed the latest economic stimulus law, several temporary COVID-19-related federal tax relief measures were set to expire on December 31, 2020. This...
FAQs About Tax-Free Disaster Relief Payments During the COVID-19 Crisis
Many people are struggling to make ends meet during the COVID-19 pandemic. Fortunately, some individuals qualify for federal-income-tax-free disaster relief and disaster...
Employee or Independent Contractor? The Rules May Be Getting Simpler
From an employer perspective, using independent contractors provides greater flexibility in managing variable demands for particular services. And, frequently, those services can...
Add Spendthrift Language to a Trust to Safeguard Its Assets
Protecting assets from creditors is a critical aspect of estate planning, but you need to think about more than just your own creditors: You also need to consider your heirs'...
The IRS Is Making Small Tax Refund Interest Payments to Some People
In the near future, you may notice a small payment in your bank account or you may receive a check from the IRS. The tax agency recently announced that it will send interest...