News & Publications
Please feel free to check here for relevant, timely news and other information.
01
IRS reminds business owners to correctly identify workers as employees or independent contractors
IRS.gov 09.15.2021
WASHINGTON — During National Small Business Week, the Internal Revenue Service reminds business owners that it's critical to correctly determine whether the individuals providing services are employees or independent contractors.
An employee is generally considered to be anyone who performs services, if the business can control what will be done and how it will be done. What matters is that the business has the right to control the details of how the worker's services are performed. Independent contractors are normally people in...
02
Expanded tax benefits help individuals and businesses give to charity during 2021; deductions up to $600 available for cash donations by non-itemizers
IRS.gov 09.17.2021
WASHINGTON — The Internal Revenue Service today explained how expanded tax benefits can help both individuals and businesses give to charity before the end of this year.
The Taxpayer Certainty and Disaster Tax Relief Act of 2020, enacted last December, provides several provisions to help individuals and businesses who give to charity. The new law generally extends through the end of 2021 four temporary tax changes...
03
Democrats to raise cap on Biden’s IRS transaction data proposal
yahoo!news 09.25.2021
Democrats plan to revise President Joe Biden’s proposal that all bank transactions of more than $600 be reported to the IRS as banks and privacy advocates come out against the plan.
The initial proposal was for banks to report all account inflows and outflows of over $600 to the IRS in an effort to crack down on tax cheats and raise revenue for Democrats’ multitrillion-dollar infrastructure and social spending package.
04
IRS would track all bank transactions over $600 under Biden plan; Businesses revolt
yahoo!news 09.27.2021
A major component of President Joe Biden’s plan to raise revenue to pay for his trillions of dollars in new federal spending is now under fire from trade associations across the country.
The Biden administration has made clear its plan to beef up IRS auditing by expanding the agency’s funding and power. Biden’s latest proposal would require banks to turn over to the Internal Revenue Service bank account information for all accounts holding more than $600...