Gig Economy Income Can Affect a Taxpayer’s Bottom Line

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 …

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W2 & 1099 Deadline and Penalties

W-2 Deadlines for 2019 The following table will help you to remember all the W-2 deadlines for sending W-2 forms to the employees and for paper filing or e-filing them with the SSA. Form W-2DeadlineIssuing W-2 Forms to the employeesJanuary 31, 2020Filing to SSA by MailJanuary 31, 2020Filing to SSA ElectronicallyJanuary 31, 2020 W-2 Penalties …

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More taxpayers qualify for student loan COD relief

The IRS extended its safe-harbor relief from recognizing cancellation-of-debt (COD) income for students whose loans were discharged either because their schools were closed or as a result of some type of fraud (Rev. Proc. 2020-11). The IRS had earlier provided relief for students from Corinthian College or American Career Institutes Inc. whose loans were discharged …

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