Flexibility for Health FSAs and Dependent Care
The IRS has released guidance on temporary special rules under the Taxpayer Certainty and Disaster Relief Act of 2020 for health flexible spending arrangements (FSAs) and dependent care assistance programs…
COVID-19 Relief for Users of the Automobile Lease Valuation Rule
The IRS has provided relief from the consistency rules to certain employers and employees that use the automobile lease valuation rule to determine the value of an employee’s personal use…
Education Credits
With school back in session, parents and students should look into tax credits that can help with the cost of higher education. Credits reduce the amount of tax someone owes…
Sales Tax Ruling Related to Professional Organization Memberships
The Tennessee Department of Revenue has ruled that a professional organization’s sales of memberships were not taxable. The organization provided its members with certifications, resources, tools, academic research, publications, professional…
Safe Harbor for Teacher’s Expense Deduction
The Consolidated Appropriations Act, 2021 clarifies that the above-the-line deduction for teacher classroom expenses includes personal protective equipment, disinfectant, and other supplies used for the prevention of the spread of…
Qualified Opportunity Zones
The Tax Cuts and Jobs Act includes changes for businesses and individuals. One of these is the creation of the opportunity zones tax incentive, an economic development tool that allows…
Underpayment Penalty Relief on Certain Excess Business Losses
The IRS has granted relief by providing a waiver on estimated tax underpayment penalties incurred solely as a result of certain excess business loss related payments for tax years beginning…
A Few Tips as the IRS Opens the 2020 Tax Filing Season
Be tax ready: Review pandemic-related changes Last year’s sweeping set of tax changes not only affected individuals and their families but may also affect the tax return they’re filing this…
Rules on Carried Partnership Interest
The IRS has issued final regulations that provide guidance related to “carried interests” in a partnership. The final regulations amend existing regulations on holding periods to clarify the holding period…
Regulations Clarify Rules Related to HRAs
The IRS has released final regulations clarifying the application of the employer shared responsibility provisions and certain nondiscrimination rules to health reimbursement arrangements (HRAs) and other account-based group health plans…
