Employees are more likely to behave honestly on the job when they believe an employer is committed to their well-being and career advancement. That’s what a survey of supermarket employees found . It was conducted by the Workforce Development Group, the Food Marketing Institute and Purdue University. The study concluded that employees who have positive… Continue reading
News & Updates
Watch Out for COVID-19 Vaccine Scams
As millions of people sign up for COVID-19 vaccines across the United States, dishonest people see yet another opportunity to defraud, cheat or steal from unsuspecting victims. Don’t let yourself be swept up in these types of scams. Too often, these con artists make promises that they can’t keep, including offers of faster access to… Continue reading
EIC: New Law Makes Major Changes
The earned income credit (EIC) has been around for years. But it’s never been worth as much as it will be for 2021 under the new American Rescue Plan Act (ARPA). Some favorable changes are only for the 2021 tax year; others are permanent. Here are the details. Important: Many people report too much income to… Continue reading
DOL Suspends Changes to Trump-Era Labor Regulations
The U.S. Department of Labor (DOL) has recently taken action on the criteria for determining independent contractor status, rescinding regulations that were enacted as recently as two weeks prior to President Biden’s inauguration in the last days of the Trump administration. That means what’s old is new—the regulations in force now are left over from… Continue reading
The Evolution of the Employee Retention Credit
The pandemic has adversely affected many sectors of the U.S. economy, causing widespread job losses. At the start of the national emergency, Congress created a novel tax break—the Employee Retention Credit (ERC)—to entice employers to retain employees. But three different laws have created and changed the credit, which has led to significant confusion. Here’s a… Continue reading
Big Changes to the Child Credit for 2021
The American Rescue Plan Act (ARPA) significantly liberalizes the rules for the federal child tax credit, which means more money in the pockets of eligible parents this year. However, the liberalizations are only for the 2021 tax year. Here’s the story. Pre-ARPA Rules Before the ARPA, there was one set of rules for parents who… Continue reading
Which Start-Up Costs Are Deductible for Federal Tax Purposes?
Many people started businesses in 2020, and many others plan to launch new ventures in 2021. Entrepreneurs often have questions about whether business expenses for a start-up can be deducted in the year they’re incurred or paid—or whether they must be capitalized and deducted over time. Here’s some guidance. Basic Tax Rules Internal Revenue Code… Continue reading
Identity Theft and Unemployment Benefits
Be aware that criminals are using stolen identities to open accounts and file fraudulent claims for unemployment benefits with state agencies across the United States. Many victims of this crime have no knowledge that criminals have applied for unemployment insurance (UI) benefits in their name. Signs that you may be a victim of this crime… Continue reading
COVID-19 Relief: Overview of the New American Rescue Plan Act
The American Rescue Plan Act (ARPA) was signed into law on March 12, 2021. The new law will provide roughly $1.9 trillion in much needed financial relief to individuals, businesses, not-for-profit organizations and state and local governments during the pandemic. Here are some of the key ARPA provisions that will affect federal income taxes for… Continue reading
4 Important Changes on Your 2020 Tax Return
Tax season has started. Your SSB tax professional is ready to prepare your 2020 federal and state returns—but are you ready? The pandemic has led to several changes to the tax rules for last year. Here’s a summary of four taxpayer friendly changes that may affect your 2020 federal income tax return. Limited Charitable Deduction… Continue reading
