Entries by admin-wxc

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A Distributed Workforce Can Bring Tax Savings for Businesses

Businesses could be saving money on local taxes without even realizing it. With more companies making remote work a permanent option, a more distributed workforce will be the norm moving forward. Not only does it provide tremendous flexibility for employees, allowing them to work wherever suits them best, but it also allows companies to take a […]

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IRS provides tax inflation adjustments for tax year 2021

WASHINGTON — The Internal Revenue Service today announced the tax year 2021 annual inflation adjustments for more than 60 tax provisions, including the tax rate schedules and other tax changes. Revenue Procedure 2020-45 PDF provides details about these annual adjustments. Highlights of changes in Revenue Procedure 2020-45 The Consolidated Appropriation Act for 2020 increased the amount of the […]

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68% of Businesses Plan to Rehire Laid Off Staff within 6 Months

According to a new survey, close to 70 percent of organizations who have furloughed or laid off employees during the COVID-19 pandemic will back-fill roles that were eliminated (68%), even with hiring freezes (40%) being the most important cost saving initiative to organizations during the pandemic to-date. Nearly 9 in 10 of those saying they […]

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Home Values Growing in Most U.S. Markets

Pressure from this summer’s housing inventory shortage caused U.S. home values to rise sharply in August. They are up 0.7% from July to $256,663, the biggest month-over-month increase in nearly seven years, according to the August Zillow Real Estate Market Report. Home value growth accelerated last month in 48 of the 50 largest markets and was relatively […]

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IRS adds six more forms to list that can be signed digitally; 16 now available

WASHINGTON — On August 28, the IRS announced that it would temporarily allow the use of digital signatures on certain forms that cannot be filed electronically. Today, the agency added several more forms (PDF) PDF to that list. The IRS made this decision to help protect the health of taxpayers and tax professionals during the COVID-19 pandemic. The change will […]

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IRS reminds taxpayers who filed an extension that the Oct. 15 due date approaches

WASHINGTON – The Internal Revenue Service today reminds taxpayers who filed an extension that the October 15 due date to file 2019 tax returns is approaching. Taxpayers should complete their tax returns and file on or before the October 15 deadline. Convenient electronic filing options, including IRS Free File, are still available. Taxpayers and tax professionals should […]

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IRS issues final regulations on business interest expense deduction limitation

WASHINGTON — The Internal Revenue Service issued final regulations (PDF) regarding the provision of the Tax Cuts and Jobs Act that limits the deduction for business interest expense, including basic statutory amendments made by the CARES Act. For tax years beginning after December 31, 2017, business interest expense deductions are generally limited to the sum of: the […]