Tax Tips for Higher Education
Annually, the IRS issued updated amounts and information with respect to per diem rates for employee business expenses under I.R.C. Section 274(d). The 2020-2021 information has been released in the form of IRS Notice 2020-71…In Notice 2020-71, the IRS released the 2020-2021 (October 1, 2020 – September 30, 2021) updated per diem rates and list of high-cost locations. The per diem for travel to high-cost localities has decreased from $297 to…
The “Setting Every Community Up for Retirement Enhancement” Act of 2019 (SECURE Act) was signed into law on December 20, 2019. Forbes stated of this Act, “it is one of the most dynamic changes to retirement legislation since the Pension Protection Act of 2006, and addresses a wide variety of retirement planning topics.” However, with COVID-19 and other interesting phenomena of 2020, this law has seemingly been neglected. The IRS has recently issued guidance in a questions and answers format. It is worth reviewing.
On August 8, 2020, the President of the United States issued a Presidential Memorandum directing the Secretary of the Treasury (Secretary) to use his authority pursuant to section 7508A of the Internal Revenue Code (Code) to defer the withholding, deposit, and payment of certain payroll tax obligations, specifically the 6.2% employee withholding portion of some workers’ Social Security taxes.
More than 1 million Individual Taxpayer Identification Numbers are set to expire at the end of 2020 as the Internal Revenue Service completes the expiration of ITINs assigned prior to 2013. The IRS continues to urge affected taxpayers to submit their renewal applications early to avoid refund delays next year.
The IRS and the Security Summit continue to issue “Tips for Tax Professionals” (that contain good information for all of us). Today we look at Part 4 of the six-part series, “Working Virtually: Avoid Phishing Scams.”