Penalty Relief for Reporting Interest in Foreign Partnerships
New schedules have been released for pass-through international tax reporting for tax year 2021. The new standardized format assists pass-through entities in providing partners and shareholders with the information necessary…
Tax Planning: Itemized Deductions
There are two ways you can take deductions on your federal income tax return: you can itemize deductions or use the standard deduction. Deductions reduce the amount of your taxable…
Taxes and Household Employees
If you hire people to work in your home, you may be legally obligated to pay their federal and state payroll taxes. You must also indicate on your own annual…
Further Clarification on Monthly Child Tax Credit Payments
Last Friday, millions of American families started receiving monthly Child Tax Credit payments. Under the American Rescue Plan, each payment is up to $300 per month for each child under…
The Child Tax Credit Update Portal allows families to update direct deposit information or unenroll
The IRS recently upgraded the Child Tax Credit Update Portal to enable families to update their bank account information so they can receive their monthly Child Tax Credit payment. The…
What Higher Education Institutions Need to Know About Tuition Discounting
By David Clark, CIA, CFE, CRMA, BDO USA Universities and colleges in the U.S. are facing a challenging paradox. Over the past 20 years, tuition rates have increased a staggering…
BBA Partnerships Are Eligible for Amended Return Procedures
The IRS has issued procedures for eligible partnerships to file amended income tax returns and partners’ Schedule K-1s in order to receive tax benefits. Partnerships subject to the centralized partnership…
Changes in Computing Certain Residential Rental Property Depreciation
The IRS has issued a revenue procedure which provides guidance under the Consolidated Appropriations Act, 2021, that retroactively provides a recovery period of 30 years under the alternative depreciation system…
Online tool helps families see if they qualify for the Child Tax Credit
Families can take advantage of a special online tool that can help them determine whether they qualify for the Child Tax Credit and the special monthly advance payments beginning on…
Independent Contractor vs. Employee
Today more and more businesses are making increasing use of outside workers to cut costs, including payroll tax costs. Unfortunately, this trend has caught the attention of the IRS. What…
