Are you an employee or independent contractor? For decades. this is a question that has deeply concerned not only the federal government but state governments throughout the country. For federal tax purposes, the distinction between the two is crucial. The…
In early 2020, the Internal Revenue Service issued Revenue Procedure 2020-11 (Rev. Proc. 2020-11) about the established safe harbor that extends relief to taxpayers who used federal or private student loans to finance attending a nonprofit or for-profit school. The relief described…
IRS updates guidance for deductible business, charitable, medical and moving expenses. . . Last week, the Internal Revenue Service posted Revenue Procedure 2019-46, which issued guidance for taxpayers with deductible expenses of operating a motor vehicle for business, charitable, medical…