Covid-19 tax issues related to remote work and unemployment benefits
If you are working from home or collecting unemployment, one of two tax issues will impact you when you file your tax returns in 2021.
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.
To find new revenue opportunities, apply critical thinking skills
Sometimes finding new sources of revenue starts internally by examining your organization’s finances and applying critical thinking skills.