Are Your Unemployment Benefits Taxable?

Are Your Unemployment Benefits Taxable?

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Article Highlights: CARES and COVID Tax Relief Acts Unemployment Benefits American Rescue Plan Tax-Exempt Portion of Unemployment Bogus Forms 1099-G Kiddie Tax and Unemployment States’ Taxation of Unemployment   With…
Required Minimum IRA Distributions Will Resume in 2021

Required Minimum IRA Distributions Will Resume in 2021

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Article Highlights: CARES Act Moratorium RMD Resumptions Age Considerations Figuring out the RMD Amount Penalty for Not Taking an RMD No Maximum Limit IRA-to-Charity Transfers As part of the CARES Act, the requirement…
Unemployment Fraudsters May Create a Tax Nightmare for Unsuspecting Taxpayers

Unemployment Fraudsters May Create a Tax Nightmare for Unsuspecting Taxpayers

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As if this past year with all of its pandemic perils has not been stressful enough, the Office of the Inspector General for the Department of Labor has just added to our anxieties by announcing that at least at least $36 billion and possibly…
House Votes Monday on Second $2,000 Stimulus Check After Trump Signs Bill

House Votes Monday on Second $2,000 Stimulus Check After Trump Signs Bill

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From CNET | written by Jessica Dolcourt President Trump signed the stimulus bill on Sunday night, avoiding the government shutdown. Today, the House will vote on $2,000 stimulus checks. Sunday night, after days of criticizing the $600 second…
Help Is on the Way – Emergency Coronavirus Relief Agreement Reached

Help Is on the Way – Emergency Coronavirus Relief Agreement Reached

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Emergency Coronavirus Relief Act of 2020 Stimulus Payments Unemployment Assistance CDC Eviction Moratorium Paycheck Protection Program Loans Earned Income Tax Credit & Child Tax Credit School Funding Child Care …
Tax Law Changes Allow Year-End Charitable Planning Opportunities

Tax Law Changes Allow Year-End Charitable Planning Opportunities

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  As the end of the tax year approaches, it is worth spending a few minutes reviewing some of the changes that have been made in the tax laws surrounding donations to charities. In some cases, this guide will serve as a refresher regarding…
IRS Stance on Deductibility Of Expenses Paid With PPP Funds

IRS Clarifies Stance On No Deductibility Of Expenses Paid With PPP Funds

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Dear friends and clients, On Wednesday, November 18, the IRS issued further guidance regarding the tax deductibility of business expenses paid with Paycheck Protection Program loan proceeds. The article below published in Forbes.com and…

What Led to Congress Extending the Paycheck Protection Program?

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The economic uncertainty created in the outset of the Coronavirus pandemic was unprecedented, to say the least. This is a big part of the reason why, soon after the spread began, Congress took steps that were equally drastic - they passed the…

Congress Liberalizes PPP Loan Forgiveness

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If you are the owner of a small business that was able to obtain a Paycheck Projection Program (PPP) Loan, you have probably already started worrying about how you are supposed to spend the loan proceeds to maximize loan forgiveness. When…
Does Your Business Qualify for the Research Tax Credit?

Does Your Business Qualify for the Research Tax Credit?

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For businesses, the tax code provides a tax credit of up to 20% of qualified expenditures to encourage businesses to develop, design or improve products, processes, techniques, formulas or software and similar activities. In the past, this credit—called…