Connect with us

Hi, what are you looking for?

Trending News

Working at home may affect state taxes, says AIPCA

More than half — 55% — of those who have worked remotely during the pandemic are unaware that a failure to change their state tax withholding to reflect their remote work situation could result in tax consequences, a survey from the American Institute of CPAs has found.

Since 42% of American currently employed have worked remotely at some point during the COVID-19 pandemic, the number of people who could see their tax situation change is large, said the American Institute of CPAs, which noted that working remotely can have tax implications that vary from state to state.

The survey of more than 2,000 adults conducted in October by The Harris Poll, found that 71% were not aware that working remotely in other states can have an impact on the amount of state taxes they owe.

In addition, 54% were unaware that the number of days worked outside of the state where their physical workplace is located may also affect the amount of state taxes owed.

The AICPA recommends that remote workers compile a list of states in which they worked remotely during 2020, track or approximate the number of days worked in each state, and check those states’ tax withholding requirements.

[More: Home office deduction limited to self-employed]

Source link

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

You May Also Like

Trending News

via blogmaverick I wanted to get an understanding of what opening meant to businesses around Dallas. Were they opening? What precautions were they taking? Were...

Trending News

by Dr. Eowyn Washington State governor Jay Inslee is not only a rabid leftist (see “Washington Gov. Jay Inslee Signs Seven Anti Gun Bills...

Trending News

Canada Life has extended its segregated portfolio service (SPS) to a wider range of bonds. The SPS provides clients with access to an offering...

Trending News

by Tom Wigand Cross-posted from An ordained minister from Chicago. A former Black Panther. Supported by the Democrat Socialists of...