The PayPal loophole is going away in a little over six months from now. You may remember the strategy where you can avoid giving 1099s to contractors and vendors when you use PayPal or a similar service as your payment platform. With this strategy, you push the reporting requirements to PayPal. Current federal law requires…
It’s time to take some kind of action. You’ve been cooped up from COVID, you’ve had to deal with downsizing, layoffs, “essential workers” (or the lack thereof), and, quite frankly, like a LOT of us, I’ll bet you’re sick of it. So no matter how this last year affected you, what are you waiting on? …
True confession: every time a client calls or emails me with those faithful words “I’m being audited!” I cringe a little. Not because I’m afraid of the IRS, or even because I worry about the return they filed, but simply because. It’s like seeing a police car behind you suddenly turn on their lights, even…
I want to ask you to think about something you might not have considered in a long time: Do you like the work you do? Before you answer, re-read that line – “do you like the work you do…” – because it means far more than “the job you have…” Think about it, and then…
One of the biggest challenges we’ve seen in the last year of COVID-based lockdowns has been with kids and virtual classrooms. Dual income parents who were furloughed or working from home suddenly had to take on roles they weren’t really prepared for – namely, teaching or helping kids with both sketchy online learning technology, poor…
To tell the truth, I should have penned this email months ago, but time and tax season simply got away from me and the team. Today, I want to talk about two nasty surprises a lot of Americans got this tax season – unemployment benefits are taxable and so is cancelled debt. What millions of…
It is ABSOLUTELY no fun to see that envelope from the IRS in your mail, and when you open it to find they have decided to audit your return, it’s even less fun! So what causes some taxpayers to be audited while others never seem to have any contact with the IRS? As with many…
Whether you claim a business office in the home or are simply working at home, say because of COVID-19, you likely have some former personal assets that you now use for business. Ah, new tax deductions! Yep. Say you don’t claim a home-office deduction but now you are working at home and sitting in the…
You know that long list of ways that the coronavirus has affected our lives? Well, here’s another one. The Internal Revenue Service has completely flipped a switch on its priorities, and it is not even looking at paper tax returns that are being sent to it. The idea of all those envelopes piling up somewhere…
