The whirlwind of tax changes just keeps going. Now if you have children 17 or under there is a new, higher child tax credit in place for 2021. Here is what you need to know: Age matters. The old credit was for children under the age of...
The IRS is expanding a pilot program that uses Identity Protection Personal Information Numbers (IP PINs) to provide an extra layer of security for all taxpayers. Here is what you need to know. IP PIN program details The IRS's IP PIN program is an additional layer of...
Virtually every small business, including sole-proprietors, must issue at least one 1099 each year. And this year there is a new one called the 1099 NEC. Here is a summary of the most common of these informational tax forms that you will need to file...
Mileage rates for travel are now set for 2021. The standard business mileage rate decreases by 1.5 cents to 56 cents per mile. The medical and moving mileage rates also decrease by 1 cent to 16 cents per mile. Charitable mileage rates remain unchanged at...
Lost in the media storm during the coronavirus pandemic is a law change enacted in late 2019 that eliminates an IRA withdrawal technique known as the stretch IRA. Here is what you need to know. Time to review beneficiaries While the chances of you having a severe...
In addition to filing delays and stimulus payments, the IRS is implementing many changes in response to the coronavirus pandemic. Here are some of the major topics that could affect you and your family. Early distribution penalty waived The 10% early distribution penalty on up to $100,000...
The Coronavirus Aid, Relief, and Economic Security (CARES) Act recently signed into law provides a one-time payment, among other items, to individuals to help ease the economic strain caused by the coronavirus epidemic. Here are the details of the stimulus payment initiative. Who qualifies to receive a...
The Families First Coronavirus Response Act is a new law passed in late March that offers COVID-19 assistance for both employees and employers. This new law provides businesses with fewer than 500 employees the funds to provide employees with paid leave, either for the employee’s own...
Deep inside legislation passed in late 2019, is a provision that broadens the acceptable use of 529 college savings plan funds. Background 529 savings plans are available to set aside after-tax funds to pay for college and K through 12 education expenses. As long as the funds...
Late on Friday December 20th a new 1,770 page bill was signed into law. Deep within the pages of the bill are a number of retroactive tax law changes to current and expired tax laws. These new law extenders are in place for both 2019...
