by Monthly Newsletter | Aug 1, 2021 | Tax Blogs
In May 2021, the Department of Labor withdrew the “Independent Contractor Status Under the Fair Labor Standards Act” final rule. According to the Society for Human Resource Management, “The DOL has traditionally analyzed a number of factors to consider whether a...
by Monthly Newsletter | Aug 1, 2021 | Tax Blogs, Tax Information
IRS Notice 2020-65 allowed employers to defer withholding and payment of the employee’s Social Security taxes. This deferral applied to those with less than $4,000 in wages every two weeks, or an equivalent amount for other pay periods. It was optional for most...
by Monthly Newsletter | Jul 23, 2021 | Tax Articles, Tax Blogs
Death doesn’t cancel a final responsibility: paying income taxes. A decedent’s executor must file one last income tax return for the deceased if the deceased’s income surpassed a certain threshold. And even if a return isn’t required, a return...
by Monthly Newsletter | Jul 23, 2021 | Tax Articles, Tax Blogs
Here are some of the key numbers for 2021: Affordable Care Act “affordability” percentage Per IRS Revenue Procedure 2020-36, the ACA “affordability” percentage for 2021 is 9.83%, increasing slightly from 9.78% in 2020. This means that, for...
by Monthly Newsletter | Jul 23, 2021 | CPA information, Tax Articles, Tax Blogs
The IRS released the final regulations and other guidance on the limitation on the deduction for business interest expenses under the Tax Cuts and Jobs Act of 2017 that was amended by the CARES Act of 2020. The 2017 tax overhaul limited the business deduction as a way...
