New Reporting Rules for Non-Employee Compensation of $600 or More There is a new Form 1099-NEC, Nonemployee Compensation, for business taxpayers who pay or receive nonemployee … [Read more...] about Form 1099-NEC Replaces Form 1099-MISC
IRS
IRS Announces 2020 W-2 Filing Due Date
IRS Announces Feb. 1 2021 As Due Date to File 2020 W-2s IRS IR-2020-269 Announces Feb. 1 2021 As Due Date to Send W-2s to IRS and Employees The Internal Revenue Service reminds employers … [Read more...] about IRS Announces 2020 W-2 Filing Due Date
IRS Announces New ID Theft Protection Program
Starting in January 2021, the IRS will allow all individuals to receive an IP PIN The IRS will unveil a portal in mid-January 2021 expanding its IP PIN ID Theft Program to all Individual … [Read more...] about IRS Announces New ID Theft Protection Program
Vacation Properties Owned by Real Estate Professional Not Considered a Rental Activity by the IRS
Court Agrees with IRS that Real Estate Professional's Losses Were Considered Non-Deductible Passive Losses A Tax Advantages of Being a Real Estate Professional Is that Rental Losses Are Not Treated … [Read more...] about Vacation Properties Owned by Real Estate Professional Not Considered a Rental Activity by the IRS
17 Million Taxpayers at Risk
Taxpayers Who Lost Their Jobs or Had Their Hours of Work Substantially Reduced May Wind Up In IRS Collections As We Continue to Endure the Health and Financial Ravages of the Corona Virus, … [Read more...] about 17 Million Taxpayers at Risk
Are My Unemployment Compensation (UC) Benefits Tax-Free or Taxable? What about the $1,200 Stimulus Check I Received?
What You Need to Know about Your Unemployment Compensation Benefits and Tax Stimulus Check Perhaps You Were One of the Millions of Taxpayers Who Lost their Job, Had their Work Hours Reduced, or … [Read more...] about Are My Unemployment Compensation (UC) Benefits Tax-Free or Taxable? What about the $1,200 Stimulus Check I Received?