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With autumn coming up in a couple of weeks, it’s time to think about “harvesting” capital gains or losses from sales of securities. In addition, unfavorable tax law changes proposed in President Biden’s American Families Plan (AFP) may create an added sense of urgency for some taxpayers. (See “Proposed Tax Law Changes” at right.)

In recent weeks, many employers have complained about how difficult it is to fill job openings. The country is returning to normalcy, with COVID-19 cases drastically falling, yet some businesses can’t get all their workers to come back. Maryland recently joined 24 other states in ending the $300 per week federal unemployment benefits in a…

Is your family planning a road trip this summer? Many Americans are expected to hit the road as many parts of the country have relaxed their COVID-19-related restrictions on in-person gatherings, dining, recreation and events.

How can tenants pay their regular monthly rent bills if they’re out of work? As unemployment skyrocketed due to the COVID-19 pandemic, Congress enacted a series of laws designed to provide relief to renters and protection from potential eviction. But these relief measures often left owners of residential rental properties holding the bag.

The 2021 advance child tax credit (CTC) payments, which were established under a recent law, will begin being made on July 15, 2021, the IRS announced. The tax agency also stated that “roughly 39 million households — covering 88% of children in the United States — are slated to begin receiving monthly payments without…

President Biden has proposed tax legislation which could significantly impact many individuals and businesses if enacted. In his April 28, 2021 address, President Biden discussed some of the proposals in his $1.8 trillion American Families Plan (AFP), which would make sweeping changes to some of the tax provisions enacted in the Tax Cuts and…

On March 30, 2021, President Biden signed legislation to extend the application period of the popular Paycheck Protection Program (PPP) through May 31, 2021. This followed a bipartisan 92-7 vote in the U.S. Senate to pass the Paycheck Protection Program Extension Act of 2021.

The American Rescue Plan Act(ARPA) significantly liberalizes the rules for the federal child tax credit, which means more money in the pockets of eligible parents this year. However, the liberalizations are only for the 2021 tax year. Here’s the story.

On March 11, 2021, President Biden signed the American Rescue Plan (“The Act”) into law. The Act provides $1.9 trillion of relief and is the third COVID-19 bill signed to help Americans since last March. The Act allocates money for stimulus payments and unemployment benefits, vaccines, schools, small businesses, and more. The following is a summary of…

Updated: March 17, 2021 Goodbye, 2020. Hello, tax season. Individual taxpayers have until May 17, 2021, to pay Uncle Sam for taxes owed for 2020. (Remember, you can extend the deadline for filing your return until October 15, but you can’t extend the deadline for paying what you owe without penalty.)

The following table provides some important federal tax information for 2021, as compared with 2020. Some of the dollar amounts are unchanged and some changed only slightly due to inflation.

The Biden Administration announced changes to the Paycheck Protection Program (PPP) to increase lending to smaller businesses and help ensure equitable distribution of loans to them. But qualified businesses may want to act fast because there is a short period when PPP loan applications will exclusively be accepted from businesses with fewer than 20 employees.

Restaurants have struggled mightily during the COVID-19 pandemic. Thankfully, they’re specifically targeted for a new tax relief measure found in the massive Consolidated Appropriations Act (CAA), which became law on December 27, 2020. The new provision creates a temporary but meaningful tax incentive to spend more on business-related food and beverage costs.

Updated: March 1, 2021 While the $7.25 federal minimum wage has been in place since 2009, most states, and many municipalities and counties, have upped their minimums since then. Of those, 25 have scheduled increases in 2021, most of which took effect on Jan. 1, 2021.

Many business owners were looking forward to 2021 after a year of significant hardship and stress. But staying afloat remains a daunting challenge in 2021. Here are 16 ideas to help reduce costs without sacrificing quality this year.

Updated: January 7, 2021 On December 27, 2020, President Trump signed into law the Consolidated Appropriations Act, 2021 (“The Act”). This was the fourth stimulus package passed in 2020 and comes after months of protracted negotiations. The Act contains numerous tax and nontax provisions and includes several extensions of popular provisions of earlier COVID relief…

If your business is in a position to acquire equipment or machinery, management faces a tough decision: Should you lease it, or should you buy it? There’s no universal “right” answer. Here are some factors to consider.

Business owners still have time to make tax planning moves to lower their 2020 federal income tax bills — and possibly lay the groundwork to save taxes in future years. Here are 10 ideas for businesses to consider.

The CARES Act granted several valuable federal tax breaks for individuals and businesses. But most will expire at the end of 2020 or at the end of tax years that begin in 2020. Here’s a roundup of tax breaks scheduled to go off the books soon, unless Congress extends them.

Election season 2020 is almost over. As you continue to watch social media ads and listen to interviews and past debates, pay close attention to the candidates’ federal tax plans. Their stances could have a major impact on the amount of taxes you’ll owe in the future and how much you can transfer to loved…

Several significant federal tax breaks are set to expire at the end of 2020, unless Congress renews them. Lawmakers customarily extend these so-called “extender” provisions for another year or two, sometimes retroactively. However, in this tumultuous time, nothing is certain.

Due to the COVID-19 pandemic, many small and mid-sized businesses expect to have significant net operating losses (NOLs) in 2020. What makes this prospect more discouraging is that some companies are still recovering from NOLs suffered in recent years.

The second half of 2020 has begun. What steps can small business owners take today to lower taxes for the current tax year? Alternatively, would it make more sense to maximize taxable income this year if you expect higher income and/or unfavorable changes to the tax law starting in 2021?

If you’re feeling burned out from coping with extreme circumstances brought on by the COVID-19 pandemic, you’re not alone. Fortunately, the Financial Accounting Standards Board (FASB) and Congress are offering some compliance-related relief for certain entities.

With the extended July 15 deadline for filing your 2019 federal income tax return behind us, it’s time to think about your current federal tax situation. Tax planning is especially complicated for 2020.

Today, many people sell homemade products online or work on some unincorporated sideline venture outside of their regular day jobs. Such activities can generate extra spending money. This can be especially helpful for retired people and stay-at-home parents — or for those who been laid off or taken a pay cut, during the COVID-19 crisis.

The days when you could claim deductions for run-of-the-mill casualty and theft losses of personal property are gone — at least temporarily. The Tax Cuts and Jobs Act (TCJA) generally suspends write-offs for such expenses for 2018 through 2025. However, you can still claim deductions for personal property losses caused by certain federally declared disasters,…

On June 12, 2020, the IRS released proposed regulations that once finalized would clarify a few key factors for taxpayers participating in like-kind exchanges after the enactment of the Tax Cuts and Jobs Act (TCJA). Under Section 1031 of the Internal Revenue Code, taxpayers can defer gain recognition on sales of…

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.