IRS Makes It Harder to Use the Section 530 Safe Harbor It can cost you a bundle if you misclassify a worker as an independent contractor instead of an employee for federal employment tax purposes.The IRS can make you pay back payroll taxes plus penalties—in some...
Alert: California, Illinois, and New York Laws Require Written Freelance Agreements If your business hires freelance workers—also known as independent contractors—you need to be aware of new laws now in effect in California, Illinois, and New York. These laws are...
Deducting Disaster Losses for Individuals: Navigating the Rules The federal tax law provides relief if a disaster—such as a fire, flood, or hurricane—damages your personal (non-business) property, including your home, belongings, and vehicle. You may be able to deduct...
Almost the Last Chance to Claim the 2021 Employee Retention Credit! If your business has not yet claimed the 2021 Employee Retention Credit (ERC), you still have time—but you must act soon. What Is the ERC, and How Much Can You Claim? The ERC is a refundable tax...
Can Real Estate Professional Status Free Up Old Passive Losses? Deducting your rental property tax losses against your other income is tricky, as you likely know. You have to get the tax law to treat you—say, a computer engineer—as a tax-code–defined real estate...
Game On: TCJA Winners and Losers—Business on the Chopping Block Prepare for tax changes. There is considerable uncertainty regarding the legislative agenda and which of the expiring provisions will be allowed to expire or extended by the new administration. We expect...
