The IRS is providing a safe harbor for eligible educators to deduct certain unreimbursed COVID-19-related expenses. The safe harbor applies to expenses for personal protective equipment, disinfectant, and other supplies used for the prevention of the spread of COVID-19 in the classroom, paid or incurred after March 12, 2020. All amounts remain subject to the ... Read More ›
The IRS has highlighted identity theft involving unemployment benefits and urged taxpayers who receive Forms 1099-G, Certain Government Payments, to contact their appropriate state agency for a corrected form. Taxpayers who faced unemployment or reduced work hours due to COVID-19 pandemic applied for and received unemployment compensation from their state which are taxable income. However, ... Read More ›