More parents may owe “nanny tax” this year, due to COVID-19


Do you have a nanny, housekeeper or other household worker? If you pay him or her cash wages of $2,200 in 2020, you must withhold and pay Social Security and Medicare taxes. Learn about this and other tax obligations for household workers.

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The possible tax consequences of PPP loans


Businesses that received PPP loans should be aware of the tax consequences. Here’s a look at the issue.

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The tax implications of employer-provided life insurance


Employer-provided group term life insurance can be a nice employee benefit. But depending on the amount of coverage, it may cause an unwanted tax result. Here’s why.

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File cash transaction reports for your business — on paper or electronically


If your business receives large cash or “cash equivalent” payments, you may have to report the transactions to the IRS. Here are the details.

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Are scholarships tax-free or taxable?


Scholarships are generally tax-free but there are times when academic awards result in taxable income.

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Why do partners sometimes report more income on tax returns than they receive in cash?


Partnerships and partners are taxed differently than corporations. In some cases, partners may be taxed on more partnership income than was distributed to them from their partnerships. Here’s why.

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Take advantage of a “stepped-up basis” when you inherit property


If you’ve inherited assets or you’re planning your estate, it’s crucial to understand the fair market value basis rules (also known as the “step-up and step-down” rules). That way, you won’t pay more tax than you’re legally required to.

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Even if no money changes hands, bartering is a taxable transaction


For hundreds of years, businesses have engaged in bartering. It’s popular during times of economic downturns, which many businesses are suffering now due to COVID-19. But if you trade goods or services, be aware of the tax consequences.

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Conduct a “paycheck checkup” to make sure your withholding is adequate


A big tax bill or a large refund may mean you don’t have the correct amount of tax withheld from your paycheck. Here’s how to avoid this next year.

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Businesses: Get ready for the new Form 1099-NEC


A tax form that used to be filed back in the 1980s is coming back for 2020. Here’s what businesses need to know.

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