The IRS has released new Form 7202, Credits for Sick Leave and Family Leave for Certain Self-Employed Individuals. The form allows eligible self-employed individuals to calculate the amount to claim for qualified sick and family leave tax credits under the Families First Coronavirus Response Act (FFCRA) ( P.L. 116-127). They can claim the credits on […]
New Form for Self-Employed COVID-19 Leave Credits Read More »
If you’re a parent, or soon will be, you’re no doubt aware of how expensive it is to pay for your child’s food, clothes, activities and education. The federal child tax credit is available to help many taxpayers with children under the age of 17, as well as a dependent credit for those with older children
Parents Get Tax Break with Child Tax Credit Read More »
Believe it or not, it was around a year ago when the Paycheck Protection Program (PPP) launched in response to the COVID-19 pandemic. If your company took out a PPP loan, we wanted to share a few things about its tax consequences — particularly for loans that have been forgiven. Criteria for Forgiveness An eligible
PPP Loans & Tax Impacts Read More »
You’ve probably heard or read about the Consolidated Appropriations Act (CAA) passed in early January 2021. At over 5,500 pages, the law presents taxpayers and their advisors with much to digest. Whether you’re an individual looking for some financial relief or a business owner striving to keep your company operational and competitive, the provisions in
What is the CAA and How Can it Help You? Read More »
Many cash-challenged businesses have started bartering for goods and services instead of paying cash for them during the COVID-19 pandemic. What many don’t realize is that if your company has bartered for goods or services, keep in mind that the fair market value of goods that you receive is taxable income. If you exchange services
Did You Know Business Bartering is Taxable Read More »
One of the odder portions of The Tax Cuts and Jobs Act temporarily doubled the federal gift and estate tax exemption through 2025. When adjusted for inflation, this exemption allows individuals to transfer up to $11.7 million in 2021 without paying any federal gift or estate tax (up from $11.58 million in 2020). Married couples can
Some Clarification on the Temporary Gift Tax Break Read More »
Like most of us, you are probably more focused on your 2020 tax bill than how to manage your personal finances in 2021. However, as you get ready to file your annual tax filing, it’s a good idea to also think about changes that will impact your taxes for 2021. Not all tax figures are
Six 2021 Tax Questions & Answers Read More »
While it seems like ages ago, the Families First Coronavirus Response Act (FFRCA) was passed 10 months year ago, providing businesses incentives to retain their workforce through various tax relief measures. The Consolidations Appropriates Act passed on December 27, 2020 extended and expanded these incentives through various times in 2021. Here are a few of the relief
Pandemic-Related Payroll and Self-Employment Tax Relief Explained Read More »
Congress passed the Consolidated Appropriations Act (CAA) on December 27, 2020, adding to, and building on, the support provided by the original act passed in May. Part of this 5500-page bill is the Economic Aid to Hard-Hit Small Businesses, Nonprofits and Venues Act which provides $284.5 billion of additional funding for the Paycheck Protection Program
Paycheck Protection Program Reopens – What You Need to Know Read More »
Estate planning allows you to put in writing how you want your wealth distributed to loved ones after your death. What if you want to use that wealth to help a family member in need while you’re still alive? This has been an increasingly common and pressing issue in 2020 because of the COVID-19 pandemic
Making Intrafamily Loans and Creating a Family Bank Read More »
While we are all in the same ocean, we aren’t all in the same boat when it comes to the impact the pandemic has had on our lives and businesses. One of the types of businesses particularly hard hit has been live entertainment venues and cultural institutions, which have been all but shuttered due to
Much Needed Help for Entertainment Venues Included in Recent Stimulus Bill Read More »
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 Congress may act on this, since it was their intent to allow expenses to be deductible, but it was not clearly written into the CARES
PPP Updates from the Stimulus Package Read More »