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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 retroactive tax-planning flexibility. The same holds true for individuals who own interests in pass-through business entities and haven’t yet filed their personal tax returns.…

The U.S. Department of Labor has released updated resources for employers, workers and states as businesses begin to reopen across the nation during the coronavirus (COVID-19) public health emergency.

Back in April, the Small Business Administration (SBA) launched the Paycheck Protection Program (PPP) to help companies reeling from the economic impact of the COVID-19 pandemic. Created under a provision of the Coronavirus Aid, Relief and Economic Security (CARES) Act, the PPP is generally available to U.S. businesses with fewer than 500 employees. In its…

On March 27, 2020 President Trump signed into Law the Coronavirus Aid, Relief, and Economic Security Act. The sweeping legislation gives substantial relief to business owners and individuals. It is the third stimulus package passed this year to help the country recover from the effects of the coronavirus pandemic, which, for some states, has forced…

In the wake of declaring a State Disaster Emergency, New York Governor Cuomo has issued an executive order expanding the Tax Commissioner’s authority to abate late filing and payment penalties to also allow the Commissioner to abate interest on quarterly sales and use tax filings and remittances with a due date of March 20, 2020…

President Trump has signed into Law the Families First Coronavirus Response Act (FFCRA). The FFCRA requires that certain employers provide expanded paid leave and/or emergency family leave to certain employees. The requirements vary based on several factors including the employer’s number of employees, the length of time the employee has been employed by the employer…

Treasury Secretary Steven Mnuchin announced Friday, March 20th, that the Trump administration has decided to push the federal income tax filing and payment date to July 15 from April 15.

On March 18, 2020 the Secretary of the Treasury issued a notice which grants relief with respect to the timing of the payment of Federal Income Tax which would otherwise be due on April 15, 2020. The relief grants taxpayers an extension of time until July 15, 2020 to make the payment and applies to…

We now have two years of the Tax Cuts and Jobs Act (TCJA) changes under our belts: 2018 and 2019. Are your taxes lower than before the law went into effect? Not surprisingly, the answer depends on your specific situation. Perception vs. Reality After most people filed their 2018 tax returns, only 40% believed that…

Tax legislation signed at the end of last year as part of a federal spending package includes significant breaks for manufacturers. Notably, the Taxpayer Certainty and Disaster Tax Relief Act of 2019 extends various incentives, repeals a tax specifically aimed at manufacturing companies and creates a new credit for employers in disaster areas. Here’s a…

Along with a new year comes new payroll rules. Here are five highlights: 1. Significant revisions have been made to Form W-4 The IRS redesigned Form W-4, beginning with the 2020 tax year. The form was revised to take into account changes from the Tax Cuts and Jobs Act. That law suspended personal exemptions and…

The IRS has announced the 2020 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. Background: If you use a vehicle for business driving, you can generally deduct the actual expenses attributable to your business use. This includes expenses such as gas, oil,…

In the past, home office deductions were available to a wide range of taxpayers, including certain employees who worked from home. But the Tax Cuts and Jobs Act (TCJA) has effectively eliminated home office deductions for employees through 2025. Fortunately, many self-employed individuals can still claim deductions — even if they don’t itemize deductions on…

If you routinely have extra cash on hand after paying off your monthly bills, you might want to consider paying down your home mortgage balance faster than is required under your loan agreement. This can be a powerful way to invest surplus cash. But it’s not right for everyone. Here are some hypothetical scenarios to…

The groundbreaking 2017 Tax Cuts and Jobs Act legislation sent shock waves through the real estate industry when it introduced qualified opportunity zones. These federal zones help real estate investors and developers alike save taxes and expand their operations – but not without some challenges. Here are some tips to shed some light on this…