Tax

The legislation would provide direct payments of $600 to most Americans and their children. Those with incomes of more than $100,000 would be excluded, as would undocumented immigrants. The payments will go out as soon as next week.

Preparing for the upcoming tax season is an important step in managing the professional liability risks associated with providing tax services. There are several steps firms can consider in planning for and delivering tax services. A few are noted below. Before the rush Busy season is, well, busy. A little bit of advance planning and […]

The plan would provide direct payments of $600 to most Americans and $300 per week in enhanced unemployment benefits through March, according to lawmakers and aides. Expiring programs for gig workers and the long-term unemployed also would continue.

The season of giving is here, which means the annual exclusion deadline for tax-free gifts is fast approaching. Clients are likely flooding your inbox with the common question, “What can I gift tax-free before the year comes to a close?”. It can be difficult to distinguish between what is and isn’t allowed when it comes […]

Congress may be on the verge of passing a second relief package, which could mean $600 stimulus checks, plus supplemental $300-a-week federal unemployment benefits if you're not working, and deferred student loan payments until April 2021.

Traditional year-end tax planning in a normal year would include postponing income into the following year combined with accelerating deductions into the current year. With the current TCJA itemized standard deduction amounts, a bunching strategy for ...

Many businesses are beginning to prepare for their end-of-year filing and may be facing unique challenges due to the pandemic. For example, they may still be operating remotely. Regardless of their size and situation, TaxBandits continues to offer an ...

The annual ‘fresh start’ that comes with a new year is fast approaching. This is a great opportunity for Americans to review their overall financial situation, check-in on their goals and set some new ones.