The COVID-19 relief law: What’s in it for you?

January 14, 2021By Smeriglio Associates LLCNews

The new COVID-19 relief law that was signed on December 27, 2020, contains a multitude of provisions that may affect you. Here are some of the highlights of the Consolidated Appropriations Act, which also contains two other laws: the COVID-related Tax Relief Act (COVIDTRA) and the Taxpayer Certainty and Disaster Tax Relief Act (TCDTR).   … Read More

IRS: Independent Contractor Classification

January 12, 2021By Smeriglio Associates LLCNews

When determining whether to classify a worker as an employee or an independent contractor, the IRS and the courts look at several factors. They include: 1) the degree of control exercised by the business over the work details; 2) which party invests in the facilities used in the work; 3) whether the worker has the … Read More

IRS: 2021 Standard Mileage:

January 11, 2021By Smeriglio Associates LLCNews

The IRS has issued the 2021 standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. As of Jan. 1, 2021, the standard mileage rates for the use of a vehicle are: 56 cents per mile for business use; 16 cents per mile for medical … Read More

IRS: Consolidated Appropriations Act Increase

January 8, 2021By Smeriglio Associates LLCNews

The new law extends and improves charitable donation tax breaks. For 2020, individuals who don’t itemize deductions could take up to a $300 above-the-line deduction for cash contributions to qualified charitable organizations. The Consolidated Appropriations Act (CAA), which was signed on Dec. 27, 2020, extends this deduction through 2021. The law increases it to $600 … Read More