How Biden’s Rescue Plan Might Impact Your Taxes

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How Biden’s Rescue Plan Might Impact Your Taxes  Article Highlights:   Economic Impact Payments Unemployment Compensation Minimum Wage Education Assistance Families First Coronavirus Response Act Child Care Tax…
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 …
5 Reasons Why You May Not Receive a Stimulus Check

5 Reasons Why You May Not Receive a Stimulus Check

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From Forbes.com | Kelly Anne Smith Forbes Advisor Staff The harsh economic consequences of the COVID-19 pandemic and the widespread shutdowns needed to contain it are starting to set in. More than 30 million Americans have filed for unemployment…
Need to identify QOF property by December 31st

Qualified Opportunity Zone Rules Are Relaxed– Need to identify QOF property by December 31

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From The Journal of Accountancy, by Sally P. Schreiber, J.D. In Notice 2020-39, the IRS extended some deadlines for investing in qualified opportunity funds (QOF) and relaxed some investment requirements to make it easier for QOF investors…
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…
Beware of New Text Scam Related to Stimulus Payments

Beware of New Text Scam Related to Stimulus Payments

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Article Highlights: New Clever Scammer Scheme Uses Economic Impact Payments as Bait The Text Message How to Report a Scam How to Correctly Provide Information to Claim a Payment The IRS has warned taxpayers of a clever scheme…
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…

IRS Provides Tax Relief for Victims of Oregon Wildfires

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From the Oregon Society of Certified Public Accountants WASHINGTON — Victims of the Oregon wildfires and straight-line winds that began on Sept. 7 now have until Jan. 15, 2021 to file various individual and business tax returns…

Individuals Have a New Opportunity to Receive $500 Economic Impact Payments for Their Children

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Article Highlights:   $500 Per Child Stimulus Payment Non-Filer Tool Those Who Have Already Used the Non-Filer Tool Those Who Haven’t Used Non-Filer Tool How Payment Will be Made Get My Payment Tool Non-Filers The…