An accountable plan is a plan that complies with the Internal Revenue Service (IRS) rules for reimbursing workers for business expenses if the reimbursement is not considered income....
It is the last day of 2020, and the IRS encourages taxpayers to take the necessary steps in the final days of the year to file federal tax returns in a timely and correct manner before...
For people in the line of work where they receive tips typically, money is an essential part of their income. The internal Revenue Service, however, makes it compulsory that tip...
It is not only Uncle Sam that wants a slice of your paycheck. Some states also levy their citizens some percentage as a paycheck. They use the revenues from such tax to provide public...
In the US tax system, income taxes are progressive, so you pay different types of taxes. Knowing the federal tax brackets for fiscal 2020 and 2021 can help you maximize your tax savings...
The sole purpose of anyone venturing into business is to make a profit. There are, however, times when a company cannot make a profit. In such cases, a tax deduction comes as a saving...
After the publication of the TCJA, it was evident that several areas of the new law needed clarification. One of the laws that need clarification is the meal and entertainment expenses...
The IRS, in conjunction with the Treasury Department, has released final regulations containing changes from the TCJA (2017). With these rules, taxpayers can determine discounted unpaid...
There are times Uncle Sam might be authorized legally to confiscate a taxpayer’s property. They do this to take care of tax liabilities. It should be noted that a levy stands...
