It’s back but did we even know it existed? You may not have known, but there is a tax credit for the cost of charging/fueling infrastructure to power so called clean vehicles. The credit applies to both business and individuals. For a business, the tax credit can be up to $30,000 for property subject to …
With the recent passage of the Setting Every Community Up for Retirement Enhancement (SECURE) Act into law, several tax credits originally set to expire at the end of 2019 have been extended through tax year 2020. Business owners should be aware of these potential tax saving opportunities, as the resulting dollar-for-dollar tax credits can be …
IRS updated frequently asked questions on virtual currency transactions and provides guidance on capital gains when selling or gifting virtual currency.
Taxes are not everyone’s favorite topic especially if they didn’t benefit from the changes enacted in 2018. However, it can be fun to look back on some of the strangest taxes that have been charged (in history and present-day) to make you realize it could be worse! In history England once implemented a window tax …
Here’s a blast from the past for those of us who were creating Forms 1099 in the early 1980’s. Form 1099-NEC is back! This form is not exactly the same as the last one used in 1982; the current form will be a primped up, more informative Form 1099 (read that as more boxes to …
Recently, the IRS instructed their auditors to allow employers to take the work opportunity tax credit (WOTC) in the year in which they receive the required certification. As opposed to the year in which the employer paid or incurred certified employee’s qualified wages. The recent IRS decision provides some administrative relief for taxpayers and tax …
It’s that time of year! Lots of shopping and when no great gift comes to mind, you may, like me, default to gifting a gift card to that favorite person. The Federal Trade Commission (FTC) offers great tips on making your gift card giving more joyous! Inspect gift cards before you buy. All the protective …
For 2020, the 401(k)-contribution limit is being increased to $19,500 from $19,000 and the catch-up limit is being increased to $6,500 from $6,000. In addition, the limitation regarding SIMPLE retirement accounts is increasing to $13,500 for 2020. In order to determine eligibility to made deductible contributions to traditional IRAs or to contribute to Roth IRAs …
From time-to-time employers deem it necessary to change administrators for their employee benefit plan. This may affect the election choices of the employees. A Third-Party Administrator (TPA) is hired by an employer to deal with the behind the scenes events that occur while handling the retirement plan. They assist with the plan design and are …
Did you participate in the Cyber Monday sales? You might want to make sure your information is safe from online thieves. Due to the high volume of online shoppers during this time of year, criminals take advantage and try to steal identities, and even worse, tax and financial data that can be used to file …