IRS Publishes New Business Travel Per Diem Rates for 2021
Most business travel was temporarily suspended during the spring and summer months. Now some people have started traveling for business purposes again, albeit less than before the COVID-19 pandemic began. With travel cutbacks, now may be a good time to review — and possibly simplify — how your company reimburses its workers for out-of-town lodging,…
Home Office Deductions in the COVID-19 Era
Have you been working from home during the COVID-19 crisis? Join the club. Approximately 42% of the American workforce is currently working from home full-time, according to a recent study by the Stanford Institute for Economic Policy Research. Only 26% are working on business premises — and many of those are essential workers, such as…
7 Expiring Tax Breaks for Individuals
Several significant federal tax breaks are set to expire at the end of 2020, unless Congress renews them. Lawmakers customarily extend these so-called “extender” provisions for another year or two, sometimes retroactively. However, in this tumultuous time, nothing is certain. In the face of that uncertainty, you should consider the following seven tax breaks that…
Beat Them or Join Them? A Challenge for Not-for-Profits
Do you pay close attention to what your main competitors in the not-for-profit field are up to? It only makes sense to keep tabs on the organizations that are competing with you for donation dollars. In some cases, your group’s survival may depend on it. On the other hand, you may initiate arrangements to work…
Monitor These 3 Things as Your Nonprofit’s Priorities Change
Several months into the COVID-19 crisis, most not-for-profit organizations have formulated at least a temporary plan for sustaining operations. But short-term solutions should be complemented by long-term strategic planning that reprioritizes objectives. Specifically, your nonprofit needs to focus on three areas: social impact, economic viability and capacity to deliver. Let’s take a look. Social Impact…
Tax Implications When Lenders Cancel Debts in the COVID-19 Era
In the COVID-19-ravaged economy, debts can pile up beyond a borrower’s ability to repay. Lenders sometimes may be willing to forgive (or cancel) debts that are owed by certain borrowers. While debt forgiveness can help struggling borrowers survive financially, it can sometimes trigger negative tax consequences. Here’s what borrowers need to know about the tax implications…
Monitor Overtime Pay for Your Remote Workers: DOL Guidance
Paying your employees for hours that you know they’ve worked is straightforward enough. But what if they’re doing more work than you think they are — or more than you’ve asked them to do? As federal regulations state, “Work not requested but suffered or permitted is work time” and, thus, must be compensated. As explained in…
How Tax Reform Affects Divorce Settlements for Small Business Owners
How does the Tax Cuts and Jobs Act (TCJA) affect divorce settlements? Changes in the new law may require divorcing individuals — especially those who own businesses and other investments — to take a different approach to splitting assets and setting maintenance payments than under prior law. To illustrate, consider Pat and Chris, a hypothetical married…
Spotlight on Individual Tax Matters in the 2020 Election
Election season 2020 is in full swing. Over the next few weeks, both parties will be hard at work, trying to win your vote for their presidential candidate. As you watch social media ads and listen to interviews and debates, pay close attention to the candidates’ federal tax plans. Their stances could have a major impact…
Elements of Successful Cybersecurity
Government Contractors are more reliant on technology than ever before to deliver on their obligations. The integration of digital technology into all aspects of the organization, or digital transformation, provides a number of new opportunities, but it also provides the possibility for additional security issues. Not only are there more ways to be attacked than…