In addition to more employees becoming remote than ever, home-based businesses make up the majority of U.S.-based small businesses.
About 15 million small businesses are home-based, and this number is expected to continue rising since the digital age makes entrepreneurship easier and more accessible than ever.
The self-employed enjoy many personal and business benefits of working at home or having the option to take a laptop anywhere that has internet.
https://www.taxbuzz.com/blog/how-to-avoid-pitfalls-with-the-home-office-deduction
TAXBUZZ.COM
How to Avoid Pitfalls with the Home Office Deduction
The spreadsheet-based “Income Tax Withholding Assistant for Employers” helps navigate the redesigned withholding system (no longer based on withholding allowances) that goes into effect Jan. 1, 2020, for employees who fill out the redesigned W-4.
https://www.accountingtoday.com/news/as-new-withholding-looms-irs-launches-tool-to-help-small-biz
ACCOUNTINGTODAY.COM
As new withholding looms, IRS launches tool to help small businesses
Recently, Representative Tom Suozzi (D-NY) introduced legislation to remove the state and local tax (SALT) deduction limit of $10,000 for two years and return the top individual income bracket to its structure and rate before the Tax Cuts and Jobs Act (TCJA) was passed in late 2017.
https://www.marketwatch.com/story/harvey-weinsteins-alleged-victims-could-lose-more-than-half-their-settlement-money-to-taxes-and-attorneys-fees-2019-12-17
MARKETWATCH.COM
Harvey Weinstein’s accusers will most likely pay a hefty tax bill on any settlement money
HSBC’s Swiss branch became the fourth bank in recent years to settle with the US Justice Department over allegations it concealed vast amounts of American clients’ money in Switzerland, agreeing this week to pay $192 million to end a decade-long saga.
https://qz.com/1766445/hsbc-to-pay-192-million-for-helping-americans-hide-money/
QZ.COM
HSBC to pay about $200 million for helping rich Americans hide money
The U.S. Congress is moving to extend by another year tax breaks for beer, wine and distilled spirits worth hundreds of millions of dollars that were initially approved as part of tax reform in 2017.
https://www.reuters.com/article/us-usa-taxes-alcohol/us-beer-spirits-wine-industry-escape-big-tax-hike-in-year-end-budget-deal-idUSKBN1YL2E2
REUTERS.COM
U.S. beer, spirits, wine industry escape big tax hike in year-end budget deal
The IRS claims to issue most refunds in fewer than 21 days, and hopefully that will hold true for the 2020 tax season, too. To reduce any potential refund delays, consider preparing tax returns—or working with a professional or tax filing software to prepare them—as early as possible. That way, as soon as the IRS begins accepting returns, yours can be submitted and your refund can be processed, hopefully within that 21-day window. The IRS also recommends that taxpayers file their returns electronically to reduce any potential errors and receive refunds more quickly. Use the commonly overlooked tax deductions checklist to check for any opportunities to increase that 2019 tax refund, and plan to be patient: That refund will arrive eventually. ⠀⠀⠀⠀⠀⠀⠀⠀⠀
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E&Q Tax Accounting & Business Solutions added a button to make it easier to use an app.
