taxes Tag

The October 15 filing deadline for taxpayers who requested an extension to file their 2019 tax return is quickly approaching. Taxpayers should remember they can file whenever they’re ready and don’t have to wait until Thursday, Oct 15.  These tools are available at IRS.gov to help...

2020 has been a big year for tax law changes. The SECURE Act is the most significant retirement reform law in at least a decade. The CARES Act provided tax breaks designed to help ease the economic burden of the Coronavirus and related shutdowns. These...

The September 3rd IRS payroll industry telephone conference was dominated by questions regarding the postponement (commonly referred to as deferral) of the employee's share of Social Security tax. Background. On August 8, 2020, President Trump signed a Presidential Memorandum directing Treasury Secretary Mnuchin to permit the postponement...

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...

In a joint letter to the U.S. Treasury and IRS, the National Payroll Reporting Consortium (NPRC) and American Payroll Association (APA) offered help to both government agencies by listing some priorities the NPRC and APA believe should be considered regarding guidance for President Trump's recent memorandum deferring...

There is a new Form 1099-NEC, Nonemployee Compensation for business taxpayers who pay or receive nonemployee compensation. Starting in tax year 2020, payers must complete this form to report any payment of $600 or more to a payee. Generally, payers must file Form 1099-NEC by January 31....

A salary, or wage, advance is a type of short-term loan from an employer to an employee. The employee receiving the advance must pay back the money within a specified time frame, as dictated by the company's salary advance policy. Under federal law, employers can make...