Issue Number: COVID Tax Tip 2021-21 In 2020, many people joined the gig economy to help make ends meet during the pandemic. Whether it’s a side business or a primary source of income, all taxpayers need to understand how their gig work affects their taxes. The bottom line is taxpayers must report gig economy income on […]
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Issue Number: COVID Tax Tip 2020-170 Following tax law changes, cash donations of up to $300 made this year by December 31, 2020 are now deductible without having to itemize when people file their taxes in 2021. The Coronavirus Aid, Relief and Economic Security Act includes several temporary tax law changes to help charities. This
This alert from the IRS just came across my desk. I wanted to put it out there so everyone can be informed and vigilant. Stay safe out there. Issue Number: COVID Tax Tip 2020-167 “The IRS and its Security Summit partners are warning people to be aware of a new COVID text message scam. The thief’s goal is
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If not, are my PPP expenses deductible? The CARES Act states that an eligible recipient of a PPP loan can request debt forgiveness on amounts used to pay covered expenses (i.e. Payroll costs, etc.). It also states that any forgiven amounts should not be included as taxable income. But in May, the IRS came out
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IRS Tax Tip 2020-152, November 10, 2020 “The IRS grouped all of the rights taxpayers have under the law into the Taxpayer Bill of Rights. Included in the list is the right to retain representation. Here’s what the right to retain representation means to taxpayers: Taxpayers have the right to retain an authorized representative of their
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