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…
Exclusion for Employer Payments of Student Loans
The Consolidated Appropriations Act, 2021 Act provides tax relief and tax incentives for individuals and businesses alike. Included in the numerous tax provisions is a five-year extension of the exclusion…
2021 Tax Planning: Optional Standard Mileage Rates
Businesses generally can deduct the entire cost of operating a vehicle for business purposes. Alternatively, they can use the business standard mileage rate, subject to some exceptions. The deduction is…
Changes to Medical and Dental Expenses
The Consolidated Appropriations Act, 2021, includes changes to tax benefits for medical expenses. The Act provides for a permanent reduction in the medical expense deduction threshold from 10% to 7.5%…
New law extends COVID tax credit for employers who keep workers on payroll
The Internal Revenue Service urges employers to take advantage of the newly-extended employee retention credit, designed to make it easier for businesses that, despite challenges posed by COVID-19, choose to…
