Tax Newsletter: October 2021

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

Lowdown on Federal Tax Proposals for Individuals and Businesses

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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Tax Consequences of Offering Innovative Benefits

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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How Are Traditional IRA Withdrawals Taxed?

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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What’s an IP PIN and Should You Have One for Protection?

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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Learn the Tax Score for Fantasy Sports

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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