The IRS has issued the 2020–2021 business travel per diem rates for substantiating employee business expenses, including lodging, meals and incidental expenses. The Meal and Incidental Expense (M&IE) rates for the transportation industry remain at $66 for travel in the continental U.S. and $71 for travel outside the continental U.S. The per diem for travel … Read More
New federal budget figures are out, projecting $3.3 trillion deficit for fiscal year 2020. A report by the Congressional Budget Office (CBO) said that’s more than triple the shortfall recorded in 2019. At 16% of the gross domestic product, it represents the largest deficit since 1945. “That increase is mostly the result of the economic … Read More
Are you an employer with employees working at home due to COVID-19? In response to the pandemic, some states have issued specific guidance on whether telecommuting employees temporarily working in a state due to COVID-19 create “nexus” for an employer who doesn’t operate in that state. Call or visit our website for more information! www.mjscpa.com/
COVID-19 has changed our lives in many ways, and some of the changes have tax implications. Here is basic information about two common situations. 1. Working from home. Many employees have been told not to come into their workplaces due to the pandemic. If you’re an employee who “telecommutes” — that is, you work at … Read More
The IRS has determined that Medicaid coverage limited to COVID-19 testing and diagnostic services isn’t minimum essential coverage under a government-sponsored program. Thus, an individual’s eligibility for this coverage for one or more months doesn’t prevent those months from qualifying as coverage months for purposes of determining eligibility for the premium tax credit. The Families … Read More
Despite the COVID-19 pandemic, the National Association of Realtors (NAR) reports that existing home sales and prices are up nationwide, compared with last year. One of the reasons is the pandemic: “With the sizable shift in remote work, current homeowners are looking for larger homes…” according to NAR’s Chief Economist Lawrence Yun. If you’re buying … Read More
Do you owe taxes, but haven’t filed your 2019 return yet? Act now to avoid larger penalties that, by law, start after Sept. 14. (The tax deadline was July 15 this year due to the pandemic.) Taxpayers who didn’t request an extension, and still owe taxes, face both the “failure to file” and the “failure … Read More
Do you own a business with one or more individuals? Undoubtedly, your interest in the business represents a substantial part of your net worth and is likely your “pride and joy.” So it’s normal if your fondest wish is for the business to continue long after you’re gone or for you to keep it running … Read More
Purchasers of certain electric vehicles may qualify for lucrative tax credits. The credit isn’t new, but the IRS has added several new plug-in electric drive motor cars and light truck models to the list of qualifying vehicles. They include: 2020 Audi e-tron Sportback ($7,500 maximum credit), 2020 Audi A8L PHEV and AudiQ5 PHEV ($6,712 max); … Read More
You’d be hard-pressed to find a business that doesn’t value its customers, but tough times put many things into perspective. As companies have adjusted to operating during the COVID-19 pandemic and the resulting economic fallout, prioritizing customer service has become more important than ever. Without a strong base of loyal buyers, and a concerted effort … Read More