Tax Deductions Without Itemizing

Tax Deductions Without Itemizing

, , , , ,
Article Highlights: Charitable Contributions Educator Expenses Performing Artist Expenses State and Local Government Officials’ Expenses Health Savings Account Contributions Moving Expenses for Members of the Armed Forces …
House Votes Monday on Second $2,000 Stimulus Check After Trump Signs Bill

House Votes Monday on Second $2,000 Stimulus Check After Trump Signs Bill

, , , , , ,
From CNET | written by Jessica Dolcourt President Trump signed the stimulus bill on Sunday night, avoiding the government shutdown. Today, the House will vote on $2,000 stimulus checks. Sunday night, after days of criticizing the $600 second…
Oregon Individual Income Tax Guide Revised for 2020

Oregon Individual Income Tax Guide Revised for 2020

, ,
From Thomson Reuters | by Margaret Eisler, Esq. The Oregon Department of Revenue has revised Publication OR-17, Individual Income Tax Guide, for 2020. The publication supplements the Oregon income tax instruction booklet and the IRS Tax Guide:…
IP PINs to Be Available to All Individuals in 2021

IP PINs to Be Available to All Individuals in 2021

,
From the Tax Adviser | By Sally P. Schreiber, J.D. Starting in January, the IRS will allow all individuals to receive an identity protection personal identification number (IP PIN). The IRS announced (IR-2020-267 (https://www.irs.gov/newsroom/national-tax-security-awareness-week-…
Help Is on the Way – Emergency Coronavirus Relief Agreement Reached

Help Is on the Way – Emergency Coronavirus Relief Agreement Reached

, , , ,
Emergency Coronavirus Relief Act of 2020 Stimulus Payments Unemployment Assistance CDC Eviction Moratorium Paycheck Protection Program Loans Earned Income Tax Credit & Child Tax Credit School Funding Child Care …
5 Reasons Why You May Not Receive a Stimulus Check

5 Reasons Why You May Not Receive a Stimulus Check

, , ,
From Forbes.com | Kelly Anne Smith Forbes Advisor Staff The harsh economic consequences of the COVID-19 pandemic and the widespread shutdowns needed to contain it are starting to set in. More than 30 million Americans have filed for unemployment…
Need to identify QOF property by December 31st

Qualified Opportunity Zone Rules Are Relaxed– Need to identify QOF property by December 31

, ,
From The Journal of Accountancy, by Sally P. Schreiber, J.D. In Notice 2020-39, the IRS extended some deadlines for investing in qualified opportunity funds (QOF) and relaxed some investment requirements to make it easier for QOF investors…
Don’t Miss Out on Year-End Tax-Planning Opportunities

Don’t Miss Out on Year-End Tax-Planning Opportunities

, , , ,
Article Highlights: Unemployment Benefits Taxability To Skip or Not Skip the 2020 Required Minimum Distribution Special Charitable Giving Opportunities Divorced or Separated Planning Issues Potential State Health Insurance…
IRS Stance on Deductibility Of Expenses Paid With PPP Funds

IRS Clarifies Stance On No Deductibility Of Expenses Paid With PPP Funds

, , ,
Dear friends and clients, On Wednesday, November 18, the IRS issued further guidance regarding the tax deductibility of business expenses paid with Paycheck Protection Program loan proceeds. The article below published in Forbes.com and…
Employee Holiday Gifts May Be Taxable!

Employee Holiday Gifts May Be Taxable

, , , ,
Article Highlights: De Minimis Fringe Benefits Cash Gifts Gift Certificates Group Meals FICA and Wage Withholding It is common practice this time of year for employers to give their employees gifts. Where a gift is infrequently…