Fraudulent Federal Tax Returns are on the rise!Starting in January 2021, In order to help combat this, the IRS Identity Protection PIN Opt-In Program will be expanded to all taxpayers who can properly verify their identity. Previously, IP PINs were only available to identity theft victims.WHAT IS AN IDENTITY PROTECTION PIN?An identity protection personal identification number (IP PIN) is a … Read More

Retirement Contribution Limits for 2021 Cost of living adjustments affecting dollar limitations for pension plans and other retirement-related items for 2021 are as follows:401(k), 403(b), 457 plans, and Thrift Savings Plan Contribution limits for employees who participate in 401(k), 403(b), most 457 plans, and the federal government’s Thrift Savings Plan remain unchanged at $19,500. The catch-up contribution limit for employees … Read More

    As we close out the year and get ready for tax season, here’s what individuals and families need to know about tax provisions for 2020. Personal Exemptions Personal exemptions are eliminated for tax years 2018 through 2025. Standard Deductions The standard deduction for married couples filing a joint return in 2020 is $24,800. For singles and married individuals … Read More

Taxpayers receiving certain types of income typically reported on certain Forms 1099 and W-2G may need to have backup withholding deducted from these payments. Here are three tips to help taxpayers understand backup withholding: 1. Backup withholding is required on certain non-payroll amounts when certain conditions apply. The payer making such payments to the payee doesn’t generally withhold taxes, and … Read More

Businesses often need to hire workers on a seasonal or part-time basis. For example, some businesses may need seasonal help for the harvest, holidays, commercial fishing, or sporting events. Whether you are getting paid or paying someone else, questions can often arise over whether these seasonal workers affect employers with regard to the Affordable Care Act (ACA). For the purposes … Read More

HOW THE EDUCATOR EXPENSE DEDUCTION WORKS Even with COVID-19 in full swing, schooling in-person or virtual is moving on. Educators should be aware that they can deduct up to $250 of unreimbursed business expenses. If both spouses are eligible educators and file a joint return, they may deduct up to $500, but not more than $250 each. According to the … Read More