Midyear Tax Planning Ideas for Individuals
The extended July 15 deadline for filing your 2019 federal income tax return is behind us. Now it's time to think about your current federal tax situation. Tax planning is especially complicated for…
IRS Issues New Guidance for Employers to Report Sick and Family Leave Wages for Coronavirus Relief
The Internal Revenue Service and Treasury Department announced new guidance for employers requiring them to report the amount of qualified sick leave and family leave wages they paid to employees…
Last-Minute Strategies for Businesses that Deferred Filing Tax Returns
During the COVID-19 crisis, some key tax deadlines were postponed until July 15, 2020. If your business and/or personal federal income tax return is still awaiting completion, you may have significant…
Seniors: Can you deduct Medicare premiums?
If you’re age 65 and older, and you have basic Medicare insurance, you may need to pay additional premiums to get the level of coverage you want. The premiums can…
The IRS Clarifies the Deductibility of PPP-Funded Expenses
The IRS has issued new guidance addressing a question that has lingered since the launch of the Paycheck Protection Program (PPP) — whether expenses paid for with forgiven, tax-free PPP…
COVID-19 Relief for Employers: New Employee Retention Tax Credit
The coronavirus (COVID-19) pandemic has shut down many sectors of the U.S. economy, causing widespread job losses. Over 10 million Americans applied for unemployment benefits in March, according to the U.S.…
Questions About the CARES Act and PPP
If you are feeling confused about the CARES Act, Payroll Protection Program and other recently released legislation, you’re not alone. In this article, we are addressing a few of the…
Employers Can Make Deductible Disaster Relief Payments to Employees
Generous employers who want to provide financial assistance to struggling employees have an option thanks to Internal Revenue Code Section 139, which allows employers to make non-taxable qualified disaster relief…
COVID-19 Relief: Overview of the New CARES Act
The Coronavirus Aid, Relief, and Economic Security (CARES) Act was signed into law on March 27, 2020. In addition to giving people access to health care treatments, the new law will…
Major Business Assistance Provisions of the 2020 CARES Act
On March 27th, President Trump signed into law the 2020 CARES Act, which provides several provisions that are extremely relevant to small and mid-sized businesses. Two of the most significant…