by TaxGenuity Tax Experts | Apr 10, 2020 | Tax Advice
Small and medium-sized employers can begin taking advantage of two new refundable payroll tax credits, designed to immediately and fully reimburse them, dollar-for-dollar, for the cost of providing Coronavirus-related leave to their employees. This relief to employees...
by TaxGenuity Tax Experts | Apr 7, 2020 | Tax Advice
The Taxpayer Certainty and Disaster Tax Relief Act, passed on December 20, 2019, includes several provisions that may apply to tax-exempt organizations’ current and previous tax years. As such, tax-exempt organizations should understand how these recent tax law...
by TaxGenuity Tax Experts | Apr 4, 2020 | Tax Advice
Form 8962, Premium Tax Credit, reconciles 2019 advance payments of the premium tax credit and may also affect a taxpayer’s ability to get advance payments of the premium tax credit or cost-sharing reductions. Taxpayers who don’t file and reconcile their...
by TaxGenuity Tax Experts | Apr 3, 2020 | Tax Advice
The Coronavirus Aid, Relief, and Economic Security (CARES) Act, often referred to as the stimulus bill, was signed into law on March 27, 2020, and contains legislation to stabilize the economy during the coronavirus pandemic. These measures include economic recovery...
by TaxGenuity Tax Experts | Apr 1, 2020 | Tax Advice
Due to the coronavirus pandemic, the federal income tax filing due date is automatically extended from April 15, 2020, to July 15, 2020. Taxpayers can also defer federal income tax payments due on April 15, 2020, to July 15, 2020, without penalties and interest,...
by TaxGenuity Tax Experts | Mar 29, 2020 | Tax Advice
The short answer is yes, tips are taxable. If you work at a hair salon, barbershop, casino, golf course, hotel, or restaurant, or drive a taxicab, then the tip income you receive as an employee from those services is taxable income. Here are a few other tips about...
by TaxGenuity Tax Experts | Mar 17, 2020 | Tax Advice
The Tax Cuts and Jobs Act has resulted in questions from taxpayers about many tax provisions including whether interest paid on home equity loans is still deductible. The good news is that despite newly enacted restrictions on home mortgages, taxpayers can often still...
