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PPP Updates from the Stimulus Package
Back in mid-November, we wrote this article stating that expenses paid with Paycheck Protection Program (PPP) loan proceeds are not deductible. And it was true at the time. We also stated that […]
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Handle Mutual Funds With Care at Year End
As the year is coming to a close, it is a good time to review any mutual fund holdings in your taxable accounts and and do what is necessary to […]
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Have You Reviewed Sales Tax Laws Lately?
The U.S. Supreme Court ruled in South Dakota v. Wayfair over two years ago. The ruling said that states may require out-of-state sellers to collect sales and use tax even if they […]
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Do You Know Your Taxpayer Filing Status?
Most of us are ready for 2020 to end. From a tax perspective, however, the end of the year means thinking about the filing status you’ll use when filing your […]
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IRS States that Expenses Paid with PPP Loan Proceeds Are Not Deductible
There has been a lot of confusion and discussion about what is, and is not, deductible when it comes to Paycheck Protection Program (PPP) loan funds. While it was clear […]
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Watch Out for “Wash Sales” When Selling Securities
If you have realized gains during the year and are planning to sell capital assets at a loss to offset to those gains, beware of the “wash sale” rule. Basically, if you […]
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Do You Need a Cost Segregation Study?
The COVID-19 crisis has hit all of us, but some more than others. If you own one of the many companies that need to conserve cash and reduce expenditures on […]
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Helping Those in the Sandwich Generation
Most people love a good sandwich, but in this case, being in the “sandwich generation” can be a real challenge. Originally coined to describe Baby Boomers caught between caring for their […]
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IRS Makes Inflation Adjustments for 2021
2020 has been a rough year, so we can all use a bit of good news. While it’s not a huge adjustment, the IRS recently announced more than 60 tax […]
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CT Creates $50M Grant Program for Small Businesses & Nonprofits
The Connecticut Department of Economic and Community Development (DECD) recently created a $50 million grant program to help small businesses and nonprofits in the state recover from the ongoing challenges […]
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Is Nonqualified Deferred Compensation for You?
First, let’s define what a nonqualified deferred compensation (NQDC) plan is. These plans allow you to set aside large amounts of tax-deferred compensation and then schedule distributions that align with your […]
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AMT Has Less Impact with TCJA
The alternative minimum tax (AMT) has negatively impacted many taxpayers in the middle- to upper-income brackets for many years. The Tax Cuts and Jobs Act (TCJA) took much of the […]
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