Advice

The Internal Revenue Service has issued final regulations that update the federal income tax withholding rules for certain periodic retirement and annuity payments made after Dec. 31. In July, the IRS released a draft of a redesigned 2021 Form W-4P and instructions intended to align with the redesigned W-4. The draft W-4P also proposed a
0 Comments
More bucks for the IRS; deductible haircuts; virtues of virtual learning; and other highlights from our favorite tax bloggers. Getting serious Tax Vox (https://www.taxpolicycenter.org/taxvox): Yin and Yang Dept: “How Much More Money Could the IRS Collect If Congress Gave Them More Money?” TaxProf Blog (http://taxprof.typepad.com/taxprof_blog/): Turns out the Congressional Budget Office has estimated that modest
0 Comments
Avalara has debuted a new compliance solution for the alcoholic beverage industry, AvaTax for Beverage Alcohol. The new product comes after Avalara bought Compli, which provides compliance services, technology and software to producers, distributors and importers of alcoholic beverages in the United States, last year. AvaTax Beverage Alcohol provides compliance solutions for wineries, distilleries, breweries,
0 Comments
Victims of Hurricane Sally have until mid-January to file various federal individual and business returns and make tax payments. The IRS is offering this relief to any area designated by the Federal Emergency Management Agency as qualifying for individual assistance. Currently this includes Baldwin, Escambia and Mobile Counties in Alabama, but taxpayers in localities qualifying
0 Comments
A Panama sentencing; ‘subcontractor’ mess; fun with funds; and other highlights of recent tax cases. New York: Harald Joachim von der Goltz (a.k.a. H.J. von der Goltz, Johan von der Goltz, Jochen von der Goltz, “Tica” and “Tika”), of Needham, Massachusetts, and Key Biscayne, Florida, has been sentenced to four years in prison for wire
0 Comments
Recently, the Colorado Municipal League in tandem with businesses and the state’s Department of Revenue created a model ordinance on economic nexus and marketplace facilitator laws to help simplify sales tax within the state. Localities that adopt it will align with the state’s economic nexus threshold for their local taxes. Colorado has historically had self-collected
0 Comments
Taxes, relief and partisanship; more than a nickel; a new pair; and other highlights from our favorite tax bloggers. Big surprises Taxbuzz (https://www.taxbuzz.com/blog): Unemployment benefits, taxes and the shock therein. Eide Bailly (https://www.eidebailly.com/taxblog): Understatement of the Week: “The death of Justice Ginsberg is setting up a very contentious period in Washington.” This contention only stands
0 Comments
The Internal Revenue Service released final regulations Monday to offer guidance on deductions for estates and non-grantor trusts, clarifying that certain deductions aren’t to be considered miscellaneous itemized deductions. The Tax Cuts and Jobs Acts of 2017 forbids individuals, estates and non-grantor trusts from claiming miscellaneous itemized deductions for any taxable year starting after Dec.
0 Comments
A group of Senate Democrats introduced legislation Thursday to offer tax relief to individuals, businesses and states affected by catastrophic wildfires, such as the ones devastating California, Oregon and Washington State, along with other presidentially declared disasters, such as Hurricane Sally, which flooded parts of Gulf states like Florida, Alabama and Louisiana this week. Senate
0 Comments