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Did you receive a required minimum distribution from a retirement account in 2020? If so, you may be able to return it to another retirement account by August 31 without taking a tax hit. Here is what you need to know: Background on distributions and roll overs You generally must begin taking distributions from IRAs …
Continue reading August 31 is New Deadline to Avoid Distribution Tax Hit
The Treasury Department and the IRS have officially extended the federal income tax filing due date from April 15, 2020, to July 15, 2020. At this time, refunds are still being processed on schedule according to the United States Department of Treasury. The IRS started accepting returns on January 27th, 2020. Most refunds will be issued by the IRS in less …
Continue reading 2020 Refund Schedule: How Long Do I Have to Wait Until I Get My Tax Refund?
The Treasury Department and the Internal Revenue Service have issued their proposed regulations updating the federal income tax withholding rules, bringing them in line with the changes made by the Tax Cuts and Jobs Act. The regulations have been published in the Federal Register. In general, the regulations are designed to usher the revamped Form W-4, Employee’s Withholding Certificate, …
Do I Have a Business or a Hobby? Taxpayers must report on their tax return the income earned from hobbies. The rules for how to report the income and expenses depend on whether the activity is a hobby or a business. There are special rules and limits for deductions taxpayers can claim for hobbies. In …
From Uber to AirBnB, Lyft to TaskRabbit, more Americans are getting involved in the gig economy. Whether their involvement is just a side hustle or the main event, taxpayers can find income earned in this way can affect their tax returns—and it’s not always in a positive way. The Internal Revenue Service says a little …
Continue reading Gig Economy Income Can Affect a Taxpayer’s Bottom Line
An audit by the Treasury Inspector General for Tax Administration (TIGTA) has found that nearly 10,000 new tax-exempt organizations failed to follow federal law to notify the IRS of their formation. Penalties, the auditors conclude, may be reserved for all but the most egregious laggards. Why Was the Audit Done? On Dec. 18, 2015, the …
Continue reading Thousands of New Non-Profits Not Following Federal Law
An HSA can help you stretch your health care dollars and build your retirement savings at the same time, as long as you’re eligible for one and you spend the money in your HSA on eligible expenses. Here’s a look at the benefits of HSAs and tips for opening one: 1. HSAs are tax-free Putting …
IRS issues 2020 standard mileage rates For business use of a car, van, pickup truck, or panel truck, the standard mileage rate for 2020 will be 57.5 cents per mile in 2020, down from 58 cents per mile last year after increasing from 54.5 cents per mile in 2018. The standard mileage for medical care …
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The Occupational Safety and Health Administration (OSHA) is a government agency looking after health and safety standards for your small business. As a result, they can inspect you and hit you with citations. Recently the National Federation of Independent Business (NFIB) held a webinar called OSHA Essentials for Small Business. Elizabeth Milito Senior Executive Counsel, Legal Foundation, NFIB, …
Continue reading 10 Things About OSHA Small Businesses Must Know
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