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Tax Newsletter: October 2021

 
As members of the RSM Alliance, we would like to share their tax insights.

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Significant changes to the federal tax rules have been proposed. The next round of negotiations and voting is expected to come at the end of October. Here's a summary of various tax change proposals that could fund infrastructure projects, expanded social programs and green energy initiatives. Tax increase proposals would affect many small businesses and higher-income individuals, including business owners.

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Many companies are having trouble retaining workers — including those working from home. Offering new, innovative fringe benefits may help. But it's important to understand the potential tax consequences. This article discusses eight benefits, including mental health services and food delivery.
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Most people realize that withdrawals from traditional IRAs are taxable, but they may not understand exactly how. The rules can be complicated. This is especially true if you've made nondeductible contributions to your IRA or if you're under age 59½. Here's a refresher on the federal income tax rules that apply to traditional IRA withdrawals.
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The IRS has recently made some announcements encouraging taxpayers to obtain an Identity Protection Personal Identification Number (IP PIN). According to the tax agency, it can help protect against tax-related identity theft. This article provides some details about IP PINs, along with information about how you can get one.
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A recent study found that more than 59 million people engaged in online fantasy sports and gaming across the United States and Canada last year. That trend was bolstered by stay-at-home and social distancing restrictions imposed during the pandemic — and the momentum is expected to continue. If you play for money, you could owe taxes on your winnings. Here's an overview of the evolving federal tax rules for these activities.

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