Recently the Treasury issued TD 9925 which contains final guidance under section 274 of the Internal Revenue Code regarding amendments made to the deductibility of meals and entertainment costs with passage of the Tax Cuts and Jobs Act at the end of 2017. Worldwide ERC previously reported on this topic after the […]
Final Regulations Issued Regarding Meals & Entertainment Deductions Read More »
On March 13th, 2020, President Trump declared COVID-19 (coronavirus) pandemic, a National Emergency. The declaration provides a mechanism for employers to provide tax-free disaster relief assistance to employees under Section 139 of the IRS code. Qualified disaster relief payments are exempt from tax withholding, FICA, FUTA, Medicare, and self-employment taxes for all
Section 139 – Tax-Free Disaster Relief Payments Read More »
The most sweeping change to tax law – Tax Cuts And Jobs Act. This act eliminated a section of the tax code that allowed for preferential treatmentment of certain qualified moving expenses. Prior to 2018 allowed certain expenses paid by your employer or reimbursed to you were not treated as a taxable
Talking Tax – What Happened To Moving Deductions? Read More »
Gross up or tax assistance is a good thing! The are reducing or possibly eliminating the amount of taxes coming out of your pocket. Your employer paid relocation benefits are taxable income to you – depending on your companies policy the tax assistance or gross up provided will either reduce or eliminate
Talking Tax – Gross up/Tax Assistance Read More »
Taxation of your benefits – whether paid to you or to a third party on your behalf are considered taxable income to you. This benefit is reported as income along with your regular wages – income and payroll taxes will apply! Your company may be assisting you with these taxes or you
Talking Tax – Mobility Reimbursement Read More »
Whether we know a friend or family member serving our country in the military, or if our line of business works with the men and women in the armed forces, the newly released Armed Forces’ Tax Guide, available at the IRS website, may be useful beneficial to know. The publication describes: The
Tax Benefits For Military Members Read More »
WASHINGTON ― The Internal Revenue Service today reiterated its warning that taxpayers may not be able to renew a current passport or obtain a new passport if they owe federal taxes. To avoid delays in travel plans, taxpayers need to take prompt action to resolve their tax issues. In January of last
IRS Warning: Tax Debt Can Impact Passport Renewals Read More »
The IRS Tax Tip 2019-107 this week reminds us that summertime activities often affect the tax returns we will be filing next year. Here are a few summertime things you should make note of now: Getting Married All you newlyweds need to remember to report your name change to The Social Security Administration.
IRS Offers Tax Tips For Summer Activites Read More »
Summer is not the only season of the year sandwiched between Spring and Fall – wedding season squeezes in as well. The IRS has some helpful tips for those Love Birds planning their nuptials. I shared these with two soon-to-be “ex-Singles” in our office and thought we all probably know one or
Tax Tips If You’re Tying The Knot Read More »
Many people are taking advantage of our Shared Services Community these days – whether putting a house or spare room on Airbnb and VRBO, or driving for Uber or Lyft to earn some extra cash. There are very important things people engaging in “gig” work should realize so they are not surprised
The Gig Economy – Sharing is Caring Read More »
