The IRS is reminding employers that they must file Form W-2 and other wage statements by Feb. 1, 2021, to avoid penalties and help the IRS prevent fraud. A 2015 law made it a...
With federal income tax fraud continuing to be an issue, the IRS has expanded its Identity Protection (IP) PIN Opt-In program to taxpayers nationwide. Starting in mid-January, the program will be offered to all...
Be on the lookout for online scams, says the IRS. Between COVID-19 and holiday shopping, there’s increased time online, which raises the risk of cybercrime. That’s why the IRS is urging taxpayers to step...
Are you thinking about selling stock shares at a loss to offset gains that you’ve realized during 2020? If so, it’s important not to run afoul of the “wash sale” rule. IRS may disallow...
It’s been a tough year for nonprofits. Many have experienced an increased demand for services just as revenues have plummeted. Until the COVID-19 pandemic is over, your organization’s board of directors will likely play...
In response to the COVID-19 pandemic, the federal government enacted legislation that includes deferral of the employer’s portion of Social Security tax. The IRS then significantly revised Form 941-X, “Adjusted Employer’s Quarterly Federal Tax...
The IRS has offered clarification on the interaction of the COVID-19-related Employer Retention Credit (ERC) in acquisitions. Under the law, if an employer receives a Paycheck Protection Program (PPP) loan, it may not receive...
Now that Joe Biden has been projected as the winner of the presidential election by major news outlets,* you may wonder if your federal taxes will be affected.
President-elect Biden campaigned on a broad agenda,...
Many employees take advantage of the opportunity to save taxes by placing funds in their employer’s health or dependent care flexible spending arrangements (FSAs). As the end of 2020 nears, here are some rules...
In 1993, a consortium of philanthropic organizations came up with the Donor Bill of Rights to guide nonprofits in their interactions with financial supporters. For the most part, the basic principles remain valid. But...