Tax Warrior Chronicles

GUEST BLOG – From a Distance: Tax Traps of a Remote Workforce

Posted on Wed, Aug 25, 2021

A pressing question from clients has been around remote workforces and the related tax implications. As businesses weigh their options regarding from where an employee is required to work (home, office, or hybrid) there is a lot to consider. Our guest blogger today is Jennifer Karpchuk, an attorney and co-chair of the state and local tax controversy planning practice at Chamberlain, Hrdlicka, White, Williams & Aughtry in Philadelphia. She describes the issues businesses should know regarding remote workforces. If you have remote employees, this is a must read.

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PPP Update #23 - New Portal Links PPP Borrowers Directly with SBA for Loan Forgiveness

Posted on Thu, Aug 12, 2021

As guidance in this area is being released regularly, we recommend you read all of our blogs on this subject.  All the blogs in the Paycheck Protection Program series are here#1, #2#3#4#5#6#7,#8,#9,#10,#11,#12,#13, #14, #15#16#17, #18,

#19, #20, #21, #22, #23

 

From the beginning, the Small Business Administration (SBA) has struggled with making the Paycheck Protection Program (PPP) process easy for borrowers to navigate. One confusing question has been do businesses work through the SBA or through their lender to secure forgiveness? A new portal launched on August 4th by the SBA targets borrowers with loans up to $150,000 and allows them to apply for forgiveness

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BEWARE: Pandemic-related Scams Lead the IRS’s Hit List

Posted on Fri, Jul 30, 2021

As the world fights through a devastating pandemic, tax scams and schemes have not stopped. In fact, they have grown. No theme is too low for these nefarious designers of deceit. The IRS tracks and releases a list of the most prominent scams each year. Taxpayers and tax professionals should know them well and how to avoid becoming a victim. Pandemic-related scams lead this year’s IRS “Dirty Dozen” list.

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Federal Student Loans and Taxes – A Primer

Posted on Mon, May 24, 2021

By: Steve R. Rossman, CPA, MT

 

The recent spotlight on student loans has been intense. Every consideration from suspending payments to outright forgiveness is being discussed in the halls of Congress and the White House. This topic is widely impactful as a recent Forbes article sites current student loan debt in the Unites States tops a record $1.7 trillion amongst 45 million borrowers. So, what is the law today for how loans are handled in the wake of COVID-19, and what might the tax and financial landscape look like if loans are forgiven? Today, we offer a primer on this very question and its possible outcomes.

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2021 Individual Tax Deadline Extension – Déjà Vu All Over Again

Posted on Tue, Mar 23, 2021

By:  Drucker & Scaccetti

 

On March 17, 2021, the Treasury Department and the IRS announced the 2020 individual federal income tax filing due date will be automatically extended from April 15, 2021, to May 17, 2021. Since then, over 25 states and localities have announced similar extensions. The Tax Warriors have been patiently waiting for the additional guidance promised by the IRS, however, here we are 6 days later, with no such guidance. Today we will discuss what we know about the extensions, how they compare to last year, what is not extended (hint – Q1 2021 estimates are still due April 15) and several questions that remain.

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COVID-19-Related Expansion of Tax Break for Teachers

Posted on Tue, Mar 02, 2021

By:  Drucker & Scaccetti

 

Among the many frontline workers braving the pandemic are teachers and educators. With many hybrid school schedules in place, many find themselves in an in-person learning setting at least part of the time. Eligible educators can now broaden the list of deductible unreimbursed educator expenses to include protective items used to prevent the spread of COVID-19 in the classroom. Here is the guidance needed for those who are eligible.

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Philadelphia Wage Tax Refunds – What’s New for 2020? Plenty!

Posted on Wed, Feb 10, 2021

Among the many issues created by the pandemic, local income tax withholding in Pennsylvania caused administrative headaches for Pennsylvania employers over the last several months (as explained in our previous blog). In today’s blog, we will discuss the Philadelphia Wage Tax Refund process for 2020.

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Home Office Deductions and the Coronavirus

Posted on Tue, Feb 09, 2021

By: Ashley Hampton, MPA

 

2020 was an extraordinary and challenging year. In fact, a Stanford University study found that roughly 40 percent of the U.S. work force now works from home full time due to COVID-19. This has led many to question the effect this has on their taxes. Do you now qualify for the home office deduction? Did the CARES Act account for this wave of remote workers? Does my state follow the federal tax law? Continue reading to find your answers.

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Tax Impact of 2020 Unemployment Compensation

Posted on Fri, Jan 15, 2021

By: Brandon Caine, CPA

 

The coronavirus pandemic has affected our nation’s economy in many ways. Most notably, millions of citizens applied for and received unemployment compensation during 2020. As we head into the 2020 tax filing season, today we will provide a summary of the tax impact of receiving unemployment compensation.

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Telecommuting - Payroll Issues for Pennsylvania Businesses and Employees

Posted on Fri, Oct 30, 2020

Clare Porreca, CPA, MT

 

Working from home has created a host of state and local tax issues that businesses cannot ignore. Pennsylvania’s numerous local tax jurisdictions create an extra layer of complexity. As pandemic-influenced telecommuting remains prevalent, Pennsylvania employers and employees should revisit their policies regarding PA local tax withholding.

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