October 2021: Current Tax & Accounting Information
The latest tax and accounting news and information for personal taxpayers, businesses, and credit unions.
Tax & Accounting News
IRS announces tax relief for victims of Hurricane Ida in Louisiana
“Victims of Hurricane Ida that began August 26, 2021 now have until January 3, 2022, to file various individual and business tax returns and make tax payments … individuals and households who reside or have a business anywhere in the state of Louisiana will receive tax relief.”
8/31/2021, IRS, accessed 10/27/2021, https://www.irs.gov/newsroom/irs-announces-tax-relief-for-victims-of-hurricane-ida-in-louisiana
How Remote Work Could Affect Your 2021 Income Tax
“As a general rule of thumb, workers pay income tax to their state of residence. This can offer great advantages to the city dwellers migrating to suburban or rural areas who can take advantage of their company’s work-from-home policy and relocate to a low tax state.”
“However, as remote work becomes more popular and taxpayers migrate, states are seeking ways to recoup that lost revenue“
10/26/21, Emma Kerr, U.S. News & World Report, accessed 10/27/2021, https://money.usnews.com/money/personal-finance/taxes/articles/how-remote-work-could-affect-your-income-tax
COVID relief: IRS helps employers wanting to rehire retirees or retain employees after retirement age
“To help address COVID-related labor shortages, the Internal Revenue Service today reminded employers that they generally will not jeopardize the tax status of their pension plans if they rehire retirees or permit distributions of retirement benefits to current employees who have reached age 59 ½ or the plan’s normal retirement age.”
10/22/2021, IRS, accessed 10/27/2021, https://www.irs.gov/newsroom/covid-relief-irs-helps-employers-wanting-to-rehire-retirees-or-retain-employees-after-retirement-age
Credit Union News
Communication key to understanding volunteer role
“Board and supervisory committee members must be aware of their capabilities, their role and function, and how they contribute to the success of the credit union … These factors also are key to creating relationships between the board, supervisory committee, and leadership.”
10/7/2021, CUNA, accessed 10/27/2021, https://news.cuna.org/articles/119969-communication-key-to-understanding-volunteer-rolel
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