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Category: Tax Code, Regulations and Guidance


Tax Code, Regulations and Guidance

4 Ways Charitable Giving Can Help Reduce Your 2020 Taxes

November 24, 2020

Via: Entrepreneur

This year in the U.S., we’ve seen truly historic levels of charitable giving in support of communities impacted by the pandemic, social unrest and natural disasters. Still, new research from the Lilly Family School of Philanthropy at Indiana University and […]


Tax Code, Regulations and Guidance

Kansas Issues Sales Tax Guidance on Digital Currency

November 20, 2020

Via: National Law Review

Only a few states have issued guidance on the sales tax treatment of digital currency transactions. On November 2, 2020, Kansas joined this group, with Notice 20-04, Sales Tax Requirements Concerning Digital Currency Under the Retailers’ Sales and Compensating Tax […]


Tax Code, Regulations and Guidance

15 Tax Deductions and Benefits for the Self-Employed

November 19, 2020

Via: Investopedia

Throughout the years, legislators have written numerous lines into the tax code to soften the blow of the extra costs that self-employed persons must shoulder as they do business. The Tax Cuts and Jobs Act (TCJA), passed in December 2017 […]


Tax Code, Regulations and Guidance

Expatriation Tax Definition

November 19, 2020

Via: Investopedia

An expatriation tax is a government fee charged to individuals who renounce their citizenship, usually based on the value of a taxpayer’s property. In the United States, the expatriation tax provisions under Section 877 and Section 877A of the Internal […]


Tax Code, Regulations and Guidance

IRS Issues Guidance on Missing Participants and State Unclaimed Property Funds

November 16, 2020

Via: National Law Review

In October 2020, the IRS issued two pieces of guidance addressing (1) the tax withholding and reporting of distributions from qualified retirement plans to state unclaimed property funds, and (2) the ability of taxpayers to roll over funds that were […]


Tax Code, Regulations and Guidance

California Voters Reject Ballot Measures Related to Rent Control and Property Tax

November 11, 2020

Via: National Law Review

While the results are yet to be certified, it is clear, a week after Election Day, that Californians have rejected both Proposition 15 – The California Schools and Local Communities Act of 2020 (“Prop. 15”)[1] and Proposition 21 – Rental […]


Tax Code, Regulations and Guidance

San Francisco Passes Tax on Highly Paid Executives

November 9, 2020

Via: SHRM

San Francisco voters approved a tax on businesses that pay their chief executive officer (CEO) or “highest-paid managerial employee” well above the median salary for the rest of their employees. The amount due will depend on how much more the […]


Tax Code, Regulations and Guidance

REMINDER: Alabama Department of Revenue Now Requires Annual Renewal of Alabama Tax Licenses, Beginning November 1, 2020

November 2, 2020

Via: National Law Review

This is a reminder to all businesses registered in Alabama for sales, rental, sellers use, lodgings, utility gross receipts, or simplified sellers use tax purposes and who are required under current law to obtain a corresponding license from the Alabama […]


Tax Code, Regulations and Guidance

What Is Form 944? Plus 2020 Instructions

October 23, 2020

Via: Fit Small Business

Form 944 is an IRS form that very small businesses use to file their employer taxes on an annual basis. It is specifically for businesses that have at least one employee and owe less than $1,000 annually in federal taxes […]


Tax Code, Regulations and Guidance

Tax Haven Vs. Tax Shelters: Is There a Difference?

October 22, 2020

Via: Investopedia

Though both go hand in hand to help high-net-worth individuals (HNWIs), and others, legally decrease their income tax burdens, there is an important difference between tax havens and tax shelters. Tax havens are locations around the globe known for having […]