We’ve written a lot about the PPP loans and tried to keep you abreast of what you need to know about them as new information was available. With the second round of loans running out, and forgiveness issues with the first round, we figured it was time to create another update. First Round PPP Loans […]
PPP Loan Updates and Latest News Read More »
One of the most talked about portions of the American Rescue Plan Act that was passed earlier this year is the $28.6 billion restaurant Revitalization Fund (RRF). It was created to help restaurants that experienced lost revenue due to mandatory COVID-19 shutdowns. Administered by the Small Business Administration (SBA) and similar to PPP loans, funds
Restaurant Revitalization Fund is Nearly Gone Read More »
Many businesses have had to shut down or reduce operations during the COVID-19 pandemic, causing widespread furloughs and layoffs. Fortunately, employers that have managed to keep workers on payroll may be eligible for a refundable employee retention credit. Three laws have created, extended and enhanced the credit. The Original The CARES Act created the employee retention
Can you Benefit from the Enhanced Employee Retention Credit? Read More »
Whether you’ve filed your 2020 tax return or soon will, you don’t want any surprises. One thing that often takes many older people by surprise is getting taxed on their Social Security benefits. Will You Be Taxed & How Much Will You Have to Pay? The amount of tax depends on your other income. If
Remember: Social Security is Taxable Read More »
It is probably no surprise to you or anyone with a pulse that many companies experienced “workforce fluctuations” in 2020. If your business has turned independent contractors to address staffing needs, you must properly classify them for federal tax purposes. Tax Obligations The question of whether a worker is an independent contractor or an employee for
How Workers are Classified is Important Read More »
Strengthening tax breaks to promote manufacturing in the US received strong bipartisan support at a Senate Finance Committee hearing on March 16. Creating new incentives, and making temporary ones permanent, are particularly critical for helping American competitiveness in semiconductors, batteries and other high-tech products, Senate Banking Chair Ron Wyden (D-Ore) and Ranking Minority Party Member
Bipartisan Support for Tax Breaks to Promote Manufacturing Read More »
In brief, if you use rewards points to purchase other cash equivalents rather than products or services, the value of the rewards points is taxable. The Tax Court recently ruled that rewards dollars that a married couple earned by using their American Express credit cards to purchase debit cards and money orders—but not to purchase
Credit Card Rewards Used for Money Order or Debit Card Purchases Are Income Read More »
There’s nothing like having a ton of changes come down right in the middle of tax season! As you’ve already seen, so many things have happened and changed in the last few weeks, that it is nearly impossible to stay on top of them all. As you may have heard (and as we were writing
The IRS has released information on how corporations can qualify for the new 100% limit for disaster relief contributions, and has offered a temporary waiver of the record keeping requirement for corporations otherwise qualifying for the increased limit. The Taxpayer Certainty and Disaster Tax Relief Act of 2020 (P.L. 116-260) temporarily increased the limit, to
Increased Deduction Limit for Disaster Relief Cash Contributions by Corporations Read More »
Remote work has convinced many of us that we can do our jobs regardless of where we are located. This new approach is making many think about moving to a new location to be closer to family, enjoy nicer weather or to save money. Additionally, many people facing retirement move to an area with a
Look at State Tax Before Making a Move Read More »
With some areas seeing mail delays, the IRS reminds taxpayers to double-check before filing a tax return to make sure they have all their tax documents, including Form W-2, Wage and Tax Statement, and Forms 1099 and 1099-INT. Many of these forms may be available online, however, when other options are not available, taxpayers who
Double-Check for Missing, Incorrect Forms Before Filing Read More »
The IRS is providing a safe harbor for eligible educators to deduct certain unreimbursed COVID-19-related expenses. The safe harbor applies to expenses for personal protective equipment, disinfectant, and other supplies used for the prevention of the spread of COVID-19 in the classroom, paid or incurred after March 12, 2020. All amounts remain subject to the
Teachers Receive Safe Harbor for Certain COVID-related Expenses Read More »