A new Tax Court case, Tressler, TC Summary Opinion 2021-33, 9/13/21, shows that the way the settlement is worded can have a significant impact on taxability. Under Section 104(a)(2) of the tax code, and accompanying regulations, damages paid for personal physical injury or illness are specifically excluded from federal income
Many tax practitioners are challenged by what to tell their clients regarding the various tax provisions Congress is currently considering. We, of course, won’t have firm answers until the plan becomes law, but we can educate ourselves about the proposals in order to stay ahead of any major changes. In
Intuit has released Money by QuickBooks, the latest addition to an expanding suite of QuickBooks offerings that power small businesses with the ability to get paid and manage their cash flow. The Money by QuickBooks mobile app available for free on iOS and Android is designed to give your clients
If you’re just joining us, I recommend reviewing part one of the series on tax breaks for disaster victims for introductory comments on the deductions available to Hester, a disaster survivor. To qualify, she must satisfy two stipulations. First, she suffers losses that are “sudden, unexpected or unusual” natural disasters, such
The way tax seasons work, it always feels like the next one is just around the corner. Over the last year (2021), there have been several unclear situations regarding how taxes are filed and to whom they pertain. Granted, 2021 was a unique year all around. The world has faced
In case we haven’t met before, I’m Dawn Brolin and I want to commend you for taking action and acknowledging to yourself that you too, want to make a change of some kind in your professional life (and perhaps your personal one, too!). We share the desire to create a
When considering estate taxes, where your client lives has a big impact on how much their estate will owe when they die. There are both state and federal estate taxes, and Congress is considering legislation that would change the federal rules. This article will look at how the state where
While the switch from working in an office to working at home during the pandemic was abrupt, most businesses and their employees adapted quickly to remote work, discovering it improved work-life balance. Now, you can go for a run in the middle of a busy workday and still be productive. Staff
The cybersecurity landscape is always changing: Between 2019 and 2020, ransomware attacks rose by 180 percent in North America alone, according to a 2021 report by cybersecurity firm SonicWall. The total global cost of damages from ransomware attacks is projected to exceed $20 billion in 2021, and the total global cost of cybercrime
In a new case, Nurumbi, 2021-79, TC Memo 2021-79. 6/30/21, an Uber driver ran afoul of the rules, but at least was able to salvage some deductions in Tax Court. Participants in the so-called “gig economy” ranging from drivers to temporary landlords to delivery services people are generally treated as
