Covid-19 Accelerates Adoption of Remote Audit, Tax Services
Frank T. Ardito, CPA Vice President & Director So far, 2020 has thrown many curve balls at the business community due to the Covid-19 pandemic, not the least of which is the shift to remote service delivery for some companies, including accounting firms like ours....Employer-provided life insurance may add taxable ‘phantom income’ to your compensation
If you receive employer-paid group term life insurance as part of your compensation, and the coverage is higher than $50,000, it may be adding taxable “phantom income.”
Take advantage of a ‘stepped-up basis’ when you inherit property
If you are planning your estate or if you have inherited assets, it’s critical for you to understand how “basis” is determined for tax purposes.
‘Kiddie Tax’ reverts to old rules
The kiddie tax will revert to pre-TCJA rules for 2020, and affected taxpayers may benefit from filing amended returns for 2018 and 2019.