Tax

Victims of Hurricane Sally now have until January 15, 2021, to file various individual and business tax returns and make tax payments.

An early glimpse at the income tax picture for 2021, as projected under current tax law, is now available from Wolters Kluwer Tax & Accounting. The new information includes estimated ranges for each 2021 tax bracket as well as projections for a ...

The 1099-NEC is used strictly for reporting independent contractor payments of $600 or more in the course of your trade or business. You will still be required to use the 1099-MISC for such items as royalties, rent, and healthcare payments.

Specifically, the final regulations clarify that the following deductions are allowable in figuring adjusted gross income and are not miscellaneous itemized deductions:

Legislation passed this year as a result of COVID-19 led to many changes in how tax professionals will advise their clients and assist them in recovery. The National Association of Tax Professionals (NATP) Virtual Tax Season Update is the ...

Small Business Week, Sept. 22-24 is a good time for individuals to consider taking the home office deduction if they qualify. The benefit may allow taxpayers working from home to deduct certain expenses on their tax return.

The shift from cable to streaming services has taken an enormous bite out of state and local tax collections. To replenish their coffers, state and local governments have developed a patchwork of new streaming-specific taxes that ...

The flurry of activity at the city and district levels indicates that taxes will continue to play a major role in the post-COVID economy. Future adjustments could take the form of a tax decrease to stimulate economic activity.