tax

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

8/11/2020

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

8/10/2020

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

8/4/2020

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

8/3/2020

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?

7/28/2020

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?

7/27/2020

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

7/21/2020

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

7/20/2020

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

7/14/2020

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

7/13/2020

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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