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Changes in business during the pandemic, along with new government programs, have created many money-saving opportunities for public relations and marketing firms.
Tax Time Tips To Avoid Getting Audited
Nobody wants to hear from the Internal Revenue Service that your income tax return is being audited! Kiplinger’s Personal Finance magazine has put together a list of things that could get you flagged by the IRS this tax season & how to avoid it.
1. Giving a Lot of Money to Charity
The IRS knows what others who make a similar income to you tend to give, and they will question you if you’re claiming too much. Have accurate and complete documentation to prove you’ve made the donation and to prove the value of the donation.
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On December 27, 2020, President Trump signed into law an additional COVID-19 relief bill, attached to the Consolidated Appropriations Act of 2021, and intended to provide economic assistance to Americans impacted by COVID-19, as well as continued funding for the federal government. However, it also contains a surprising number of provisions relating to employee benefits which are summarized in this advisory.
FSA and Dependent Care Account Relief
Background
The general rule is that Flexible Spending Accounts (FSA) and Dependent Care Accounts elections are irrevocable for the Plan Year, generally the calendar year. The general rule is that unused amounts in the FSA and Dependent Care Accounts are forfeited at the end of the year, subject to three exceptions: