The coronavirus has wrought devastating harm to the health of our nation and to the vibrancy of our economy. With respect to financial markets, it has also given rise to a full-blown mania. Individuals, cooped up at home, working remotely on flexible schedules, with no social activities and no live sports to watch and bet […]
TaxConnections
IRS Warns Tax Pros to Be Alert to These Scams
Working Virtually: Avoid Phishing Scams The Internal Revenue Service and the Security Summit partners warned tax professionals to be alert to new phishing scams that try to take advantage of COVID-19, Economic Impact Payments and increased teleworking by practitioners. The IRS, state tax agencies and the nation’s tax industry urged tax firms to review and […]
Here’s What You Need to Know About the Home Office Deduction
The home office deduction allows qualifying taxpayers to deduct certain home expenses on their tax return. With more people working from home than ever before, some taxpayers may be wondering if they can claim a home office deduction when they file their 2020 tax return next year. Understanding the home office deduction • Employees are not eligible […]
IRS Unclaimed Refunds Waiting For Taxpayers Face July 15 Deadline
Unclaimed income tax refunds worth more than $1.5 billion await an estimated 1.4 million individual taxpayers who did not file a 2016 federal income tax return, according to the Internal Revenue Service. “The IRS wants to help taxpayers who are owed refunds but haven’t filed their 2016 tax returns yet,” said IRS Commissioner Chuck Rettig. […]
6 IRS Tips About the Gig Economy Taxpayers Need to Know
The gig economy, also called sharing or access economy, is activity where taxpayers earn income providing on-demand work, services or goods. Often, it’s through a digital platform like an app or website. While there are many types of sharing economy businesses, ride-sharing and home rentals are two of the most popular. Here are some things […]
How To Save Cash Like An Investor Before You Start Investing
Watching the balance on your savings account climb higher and higher is undeniably a deeply satisfying feeling, but there absolutely is such a thing as “having too much cash.” Piling stacks on stacks might feel great, but letting too much of your money sit there and gather dust is almost never the best strategy — […]
What You Need to Know About Covid-19 Tax Relief
Over the last three months, COVID-19 has grown to affect almost every aspect of daily life. From shelter-in-place mandates to the millions of workers currently out of work, we’ve all felt the impact. As a small business ourselves, we understand that this is a time of financial crisis for so many similarly-sized businesses across the […]
COVID-19 and the Pandemic Impact on Opportunity Zones
We talked to leading tax expert Blake Christian, Tax Partner at HCVT in Long Beach, CA/Park City, Utah about the impact on Opportunity Zones during this time. The goal was to gather how the pandemic affects Opportunity Zones and advice on strategies moving forward. TaxConnections genuinely appreciates Blake’s input as he offers very valuable insight […]
The Difference Between Independent Contractor And Employee: Why It Matters
If you hire someone for a long-term, full-time project or a series of projects that are likely to last for an extended period, you must pay special attention to the difference between independent contractors and employees. Why It Matters The Internal Revenue Service and state regulators scrutinize the distinction between employees and independent contractors. That’s […]
3 Important Sales Tax Predictions to Watch for in 2020
The world of sales tax has changed a lot in the past year. Following the Supreme Court’s Wayfair decision, 2019 was the year most states began requiring businesses to collect and remit sales tax, and then began making marketplace facilitators (such as Amazon or eBay) responsible for collecting and remitting the taxes on sales that […]
