Share to facebook Share to twitter Share to linkedin Shutterstock There are significant tax advantages for independent contractors (IC) vs. employees. ICs deduct business expenses, whereas, the new tax law (TCJA) suspended “unreimbursed employee business expenses” as miscellaneous itemized deductions. ICs are eligible for TCJA’s 20% qualified business income (QBI) deduction, whereas, employees are not.
Taxes
Getty Tax season may be at an end for most taxpayers, but scammers aren’t letting up. The Internal Revenue Service (IRS) recently warned taxpayers and tax professionals about a new IRS impersonation scam email. The email subject line may vary, but according to the IRS, recent examples use phrases like “Automatic Income Tax Reminder” or
President Trump speaks to the media. (Photo by Mark Wilson/Getty Images) Getty Images Trump’s mention that he might temporarily cut payroll taxes comes right out of the Obama administration’s playbook. From the way the current White House has talked, such a possibility has all the trappings of a contingency plan to give the economy a
The challenge of Samuel and Louise Edelman to the State of New York is a protest against double taxation. I covered it here last month and even came up with a workaround for people in their situation. I had a nice talk with Tom Corrie of Friedman LLP. He directs Friedman’s State and Local Tax Group
Since the second series of Treasury regulations regarding Qualified Opportunity Zones (QOZs) were created this spring, tax attorneys across multiple disciplines have been focused on capturing as much tax alpha as possible. And the new regulations have unveiled new opportunities. For example, Treasury is now allowing Qualified Opportunity Fund (QOF) investors to sell their QOF
Share to facebook Share to twitter Share to linkedin Analysts believe 2019’s low unemployment rate means any economic stimulus from a payroll tax cut would be nominal. ASSOCIATED PRESS Topline: President Trump said Tuesday he is considering a payroll tax cut that would put money back into everyday Americans’ pockets, but it could impact funding
Share to facebook Share to twitter Share to linkedin “I’m not looking at a tax cut now. We don’t need it. We have a strong economy,” President Trump said Wednesday. ASSOCIATED PRESS Topline: President Trump said Wednesday he is no longer considering a payroll tax cut, contradicting a Tuesday statement in which he said the
Share to facebook Share to twitter Share to linkedin Serving on the board of directors of a nonprofit can be rewarding, but not if you end up paying for the organization’s tax problems. Your first reaction might be to say what tax problems, for aren’t nonprofits, especially public charities, tax exempt? Not entirely. For example, nonprofits
Democrats should hold Trump and the GOP accountable for their inability to manage the nation’s finances. ASSOCIATED PRESS A new report from the Congressional Budget Office projects federal budget deficits between 2019 and 2029 to be $872 billion higher than was projected just three months ago. As a result, Donald Trump will be forced to campaign
Former U.S. Federal Reserve Chairman Paul Volcker In an unfortunate decision, three of the four voting members of the board of the Federal Deposit Insurance Corporation (FDIC) voted to significantly gut the Volcker Rule, a risk reduction cornerstone of the Obama era financial reform law, The Wall Street Reform and Consumer Protection Act (Dodd-Frank). The
Social Security may be one of your largest assets. What and when you collect will make a huge difference to your lifetime benefits. Today’s column explains what years of income can count toward higher Social Security benefits, benefits available after multiple marriages, benefits available after divorce and remarriage, adopted grandchildren and suspicious claims made by
There has been a bit of hobby loss action, since the Tax Court decision in the case of James and Elaine Donoghue on June 11 which I covered here. None of the decisions struck me as quite interesting enough to merit a post, but I have resolved to be your go-to-guy when it comes to
Hand holding U.S. passport Getty Earlier this month, the Internal Revenue Service (IRS) issued a reminder to taxpayers with significant tax debts that their passports could be at risk. Now, IRS Commissioner Charles Rettig has granted a reprieve for some taxpayers. A memo (TAS-13-0819-0014) from Acting National Taxpayer Advocate Bridget Rogers has advised that there is
Getty As concerns circulate about a potential recession, President Donald Trump insists that the economy remains healthy. Despite those assertions, there have been rumblings that White House officials are exploring the possibility of a temporary payroll tax cut to put more money in the hands of consumers. According to reports, economists inside the White House
The city of Toronto has become a flash point for a global issue that will soon become one of the most divisive, complex legal, regulatory and administrative challenges of the 21st century: smart cities. Toronto, Ontario, Canada on July 01, 2019. (Photo by Creative Touch Imaging Ltd./NurPhoto via Getty Images) NurPhoto via Getty Images Late
Social Security may be one of your largest assets. What and when you collect will make a huge difference to your lifetime benefits. Today’s column addresses filing and suspending versus simply delaying filing, how married couples might sequence benefit applications, early retirement benefits before spousal benefits, and how to understand and respond to negative decisions
Which expenses are business and which are personal? You might think it’s obvious, but your view and the IRS view may differ. These days business and personal can often seem mixed up, such as when you do entertaining, try to motivate employees, go on combined business and work trips, and more. Even lawsuits can seem
Share to facebook Share to twitter Share to linkedin Photocredit: © 2019 Bloomberg Finance LP © 2019 Bloomberg Finance LP The S&P 500 has followed the monthly cycle down. Sentiment, however, turned from too bullish to overly bearish within a short time, leading to a recovery rally. The current price formation looks like a chair
A job seeker shakes hands with a representative during a Hiring Our Heroes career fair in Houston, Texas, U.S., on Thursday, Feb. 28, 2019. The U.S. Bureau of Labor Statistics released its new state level employment report on August 16, 2019. Photographer: Allison Hess/Bloomberg © 2019 Bloomberg Finance LP The federal government just released its
Social Security may be one of your largest assets. What and when you collect will make a huge difference to your lifetime benefits. Today’s column addresses taking benefits early to invest them in a 401k, whether filing a restricted application was a mistake, taking retirement benefits before spousal benefits, when to file to get the