Thanks to affordable technology, more and more companies have been allowing employees to work remotely in recent years. It’s become feasible to procure laptops, set up security protocols, use cloud servers and rely on employees’ home Wi-Fi connections to create functional virtual workspaces. In turn, many of these businesses have lowered overhead costs such as … Read More
Do you work in the “gig economy?” It’s also called the sharing or access economy, and generally depends on a digital platform. Gig work has been popular for a while, and in light of COVID-19, many furloughed employees have turned to it for income. Companies that have had to shift the way they do business … Read More
In light of the novel coronavirus (COVID-19) pandemic, many businesses are interested in donating to charity. In order to incentivize charitable giving, the Coronavirus Aid, Relief and Economic Security (CARES) Act made some liberalizations to the rules governing charitable deductions. Here are two changes that affect businesses: The limit on charitable deductions for corporations has … Read More
The IRS has announced a time-limited offer to settle certain syndicated conservation easement cases pending in the U.S. Tax Court. Eligible taxpayers will be notified by letter about settlement terms. They include that: 1) The deduction for the contributed easement is disallowed in full; 2) All partners must agree to settle, and the partnership must … Read More
The Coronavirus Aid, Relief, and Economic Security (CARES) Act eliminates some of the tax-revenue-generating provisions included in a previous tax law. Here’s a look at how the rules for claiming certain tax losses have been modified to provide businesses with relief from the novel coronavirus (COVID-19) crisis. NOL deductions Basically, you may be able to … Read More
Taxpayers were given extra time to file and pay current tax liabilities, in response to the COVID-19 pandemic. Absent another extension, the deadline of July 15, is almost here. Those who owe a 2019 income tax liability as well as estimated tax for quarters one and two of 2020, must make two separate payments (the … Read More
The novel coronavirus (COVID-19) crisis has put enormous financial stress on many not-for-profits — whether they’re temporarily shut down or actively fighting the pandemic. If cash flow has dried up, your organization may need to do more than trim expenses. Here’s how to assess your financial condition and take appropriate action. Put your board in … Read More
The IRS has announced that the July 15 income tax filing and payment deadline WON’T be postponed. Taxpayers who need more time to file their federal income tax return can get an extension until October 15 by filing Form 4868, “Application for Automatic Extension of Time to File U.S. Individual Income Tax Return,” before the … Read More
A reminder: Taxpayers receiving Social Security (SS) benefits may have to pay federal income tax on a portion of those benefits. For example, up to 85% of a taxpayer’s benefits may be taxable if he or she is: 1) filing single, head of household or qualifying widow or widower with more than $34,000 income, 2) … Read More
The IRS announced on its website that overpayment interest, on individual 2019 refunds with respect to returns filed by July 15, 2020, will run from April 15, 2020, until the date of the refund. Interest is allowed and paid on any overpayment in respect of any internal revenue tax. Overpayments are shown on Form 1040 … Read More