Employer Tax Credits As businesses reel from the impact of COVID 19, both employers and employees face a crunch. The federal government, therefore, has provided some additional employer tax credits to ensure that employers are encouraged to keep employees on payroll via these credits. To this end, two different credits have been announced viz. the […]
For a business to run seamlessly in these challenging times, connectivity from anywhere anytime is a major requirement. Digital technology is transforming how businesses function, collaborate, compete, and engage with their customers. Technology brings opportunities for growth. However, adopting new technology also creates more challenges to provide data security. With the increased usage of the […]
COVID 19 has turned the whole world around on its head. Requirements of social distancing, sanitization, and crowd minimization have led to a lot of companies continuing to practice work from home policies, even though businesses are opening up. Google in fact has announced that its work from home policy is likely to continue till […]
Every year the IRS lists out the most aggressive scams of the year under its “Dirty Dozen” list. This list highlights various phishing and other scams that taxpayers might encounter. The current IRS list includes the following scams: Phishing: At the top fo the list is Phishing – fake e-mails/websites that try to steal personal […]
On Aug 8, 2020, President Trump signed a memorandum directing the Treasury to provide specific relief with reference to the social security withholding. For the purposes of the notice, all employers required to withhold and pay social security withholding are affected by COVID 19 and would be considered “Affected Taxpayers”. For affected taxpayers, the withholding […]
The Tax Cuts & Jobs Act of December 2017 doubled the lifetime exclusions under the Gift and Estate tax to $11.4 Million (adjusted for inflation) in 2019. An individual’s estate comprises of the total net value of his assets. According to Gift Tax rules, the first $11.40 Million would be free (For 2019 – this […]
The US Government imposes income tax on all US persons regardless of whether they have earned their income working in the United States or a foreign country. In this context, especially for persons with international tax commitments, it becomes imperative to understand the exact definition of a ‘US Person’ by the IRS and its implications. […]
International Tax Enforcement is a complicated and often intricate process given the nature of tax laws and local enforcements across the world. FATCA was one step toward the related exchange of information to identify and enforce. However, other measures are also needed especially when evasion is involved and the intent is criminal. In cases of […]
Even before the advent of COVID-19, accounting firms had turned to remote accounting/cloud accounting to empower their staff to carry out tasks from virtually anywhere. The advent of the pandemic has hastened the technology adaptation to maintain a competitive edge and provide flexibility to work successfully from home. Employee expectations are shifting, and firms are […]
The tax payment deadline of April 15 had been postponed to July 15, 2020, by the federal and state governments owing to the coronavirus pandemic. A taxpayer can request an extension to file until October 15, 2020, but all estimated tax payments are due by July 15. Estimated payments are due in case of an […]
