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UPDATES&INSIGHTS: TAX – January 2021

UPDATES&INSIGHTS:TAX is a HoganTaylor Tax practice publication designed to help you keep up with the latest tax issues impacting your organization.

In This Issue:

6 Key Tax Q&As for 2021

Now’s a good time for taxpayers to familiarize themselves with pertinent tax-related amounts that may or may not be changing in 2021 because of inflation. This article poses six key questions about such amounts, including those related to retirement planning and the itemized deduction. Read More

Are You at Risk for Investment Fraud?

Perpetrators of investment fraud know how to push the right psychological buttons to entice their “marks” to buy worthless or nonexistent securities. This article explains how to recognize and mitigate risk by asking the right questions, performing some research and consulting with trusted advisors. Read More

Business Bartering is Taxable

During the COVID-19 pandemic, many cash-challenged businesses have bartered for goods and services instead of paying dollars for them. This article discusses the tax impact of bartering and explores membership in a barter exchange. Read More

Don’t Want Your Social Security Number on Your Form 1040? Apply for an IP PIN

The IRS developed a system to assist taxpayers who had been subject to identity theft. It would provide a unique number to be used on Form 1040 instead of a social security number. This program is now available to all individual taxpayers. Read More

Tax Calendar

This calendar notes important tax deadlines for the first quarter of 2021. Read More

Twice As Nice: The Temporary Gift Tax Break

Wealthier individuals should bear in mind that the Tax Cuts and Jobs Act temporarily doubled the federal gift and estate tax exemption through 2025. This brief article provides specifics on the dollar amounts involved and explains why there’s no reason to fear a “clawback.” Read More