Virtual currencies such as Bitcoin, Ethereum, Litecoin, and Ripple are gaining traction as viable currencies for a wide range of transactions. However, their increasing acceptance by the public...
Congress originally passed the Section 179D deduction as part of the Energy Policy Act of 2005 in direct response to broader energy usage and energy independence concerns. Section 179D has been...
On April 21, 2021, President Joe Biden announced a paid-leave tax credit for employers that provide full pay for employees who take time off to get and recover from the COVID-19 vaccination. This...
On March 11th, President Biden signed the American Rescue Plan Act of 2021 (ARPA) into law. While the $1.9 trillion bill is primarily focused on direct relief to individuals, it also contains...
Tax identity theft is a serious issue for the IRS as fraudsters continue to find new ways to steal taxpayers’ Social Security numbers and other personal information to file false tax returns....
Along with other changes, the recent $2.3 trillion Consolidated Appropriations Act (Act) made significant changes to the Employee Retention Credit (ERC) created earlier in 2020 by the CARES Act....
President-elect Joe Biden has publicized various aspects of his tax plan once he takes office in 2021. This article summarizes those proposals as they stood heading into the election and their...
As a general rule, gross income includes all compensation and employment benefits unless exclusion is provided by law. Cafeteria plan and certain other fringe benefits are among the items that...
On August 8, 2020, President Trump issued a memorandum authorizing the deferral of payroll taxes for certain employees from September 1, 2020 through December 31, 2020. On August 28th, the IRS...
On August 8, 2020, President Trump issued a memorandum to the Secretary of the Treasury authorizing the deferral of payroll taxes for certain employees from September 1, 2020 through December 31,...