The Pension Benefit Guaranty Corporation (PBGC) has released its 2021 premium rates. The PBGC is a government agency that collects insurance premiums from employers that sponsor defined benefit plans. The 2021 flat premium rate for PBGC’s single-employer plan termination insurance program will be $86 per participant, up from the 2020 premium rate of $83. The … Read More
If you recently launched a business, you may want to set up a tax-favored retirement plan for yourself and your employees. There are several types of qualified plans that are eligible for these tax advantages: A current deduction from income to the employer for contributions to the plan, Tax-free buildup of the value of plan … Read More
Is paying a fantasy sports entry fee considered a wagering transaction for tax purposes? According to the IRS, the answer is yes. In a Chief Counsel Advice (CCA), the IRS has determined that the entry fee paid by individuals to participate in a daily fantasy sports (DFS) contest is an amount paid for a wagering … Read More
“Accountability” may seem like one of those popular management concepts you know would be nice to implement if your not-for-profit had the time and budget. But not only is accountability essential to your nonprofit’s health and efficacy — affecting everything from donations to grants, hiring to volunteering, board fiduciary duty to employee morale — it’s … Read More
Identifying taxpayers with virtual currency transactions isn’t easy for the IRS, said a key report. A recent Treasury Inspector General for Tax Administration (TIGTA) report showed that this is a growing form of alternative payment in the U.S., yet only a small number of audits that focus on such transactions have been initiated. The primary … Read More
When a couple is going through a divorce, taxes are probably not foremost in their minds. But without proper planning and advice, some people find divorce to be an even more taxing experience. Several tax concerns need to be addressed to ensure that taxes are kept to a minimum and that important tax-related decisions are … Read More
Do you need a photocopy of your previously filed tax return? Contact us if we prepared the return. Or you can get a copy from the IRS, now for a reduced fee of $43. According to the IRS, the lower fee kicked in on Oct. 1, 2020 (that’s down from $50, the fee in effect … Read More
The IRS is providing tax relief for the victims of California wildfires. Victims of the wildfires that began on Sept. 4 now have until Jan. 15, 2021, to file various individual and business tax returns and make tax payments. The relief is available to any area designated by the Federal Emergency Management Agency as qualifying … Read More
The subject of payroll has been top-of-mind for business owners this year. The COVID-19 pandemic triggered economic changes that caused considerable fluctuations in the size of many companies’ workforces. Employees have been laid off, furloughed and, in some cases, rehired. There has also been crisis relief for eligible businesses in the form of the Paycheck … Read More
The IRS now has a “to do” list for next year. The Treasury Inspector General for Tax Administration (TIGTA) has offered its perspective on the 10 most serious management and performance challenges confronting the IRS in 2021. (TIGTA has a statutory requirement to submit an annual report on the subject.) Among other things, the list … Read More