Share to facebook Share to twitter Share to linkedin Shutterstock There are significant tax advantages for independent contractors (IC) vs. employees. ICs deduct business expenses, whereas, the new tax law (TCJA) suspended “unreimbursed employee business expenses” as miscellaneous itemized deductions. ICs are eligible for TCJA’s 20% qualified business income (QBI) deduction, whereas, employees are not.
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Since the second series of Treasury regulations regarding Qualified Opportunity Zones (QOZs) were created this spring, tax attorneys across multiple disciplines have been focused on capturing as much tax alpha as possible. And the new regulations have unveiled new opportunities. For example, Treasury is now allowing Qualified Opportunity Fund (QOF) investors to sell their QOF
The challenge of Samuel and Louise Edelman to the State of New York is a protest against double taxation. I covered it here last month and even came up with a workaround for people in their situation. I had a nice talk with Tom Corrie of Friedman LLP. He directs Friedman’s State and Local Tax Group
President Trump speaks to the media. (Photo by Mark Wilson/Getty Images) Getty Images Trump’s mention that he might temporarily cut payroll taxes comes right out of the Obama administration’s playbook. From the way the current White House has talked, such a possibility has all the trappings of a contingency plan to give the economy a
Getty Tax season may be at an end for most taxpayers, but scammers aren’t letting up. The Internal Revenue Service (IRS) recently warned taxpayers and tax professionals about a new IRS impersonation scam email. The email subject line may vary, but according to the IRS, recent examples use phrases like “Automatic Income Tax Reminder” or