Articles

MWE written articles.

Posted in Articles

Which States Are Opting Out of Federal Unemployment Benefits?

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…

Read More
Posted in Articles, Featured Content

How Landlords Can Cope with Pandemic Fallout

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.

Read More
Posted in Alerts, Articles, Featured Content

The American Families Plan: Here’s What You Should Know About President Biden’s Proposal

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…

Read More
Posted in Alerts, Articles, Featured Content

New COVID-19-Relief: The American Rescue Plan

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…

Read More
Posted in Articles

Last-Minute Tips for Your 2020 Personal Return

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.)

Read More
Posted in Articles

Important Tax Figures for 2021

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.

Read More
Posted in Articles

Wage Costs Rise in Many States in 2021

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.

Read More
Posted in Alerts, Articles

COVID-19-Related Relief Is Signed Into Law

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…

Read More
Posted in Articles

Should You Buy or Lease Equipment?

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.

Read More
Posted in Articles

Beware: Several CARES Act Tax Provisions Will Soon Expire

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.

Read More
Posted in Articles

Spotlight on Individual Tax Matters in the 2020 Election

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…

Read More
Posted in Articles

7 Expiring Tax Breaks for Individuals

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.

Read More
Posted in Articles

Salvaging Tax Benefits from New NOL Rules

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.

Read More
Posted in Articles

5 Mid-Year Tax Planning Ideas for Small Business Owners

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?

Read More
Posted in Articles

Hobby or Business? How to Treat COVID-19 Sideline Activities for Taxes

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.

Read More
Posted in Articles

Demystifying Casualty Loss Deductions

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,…

Read More
Posted in Articles

Last-Minute Strategies for Businesses that Deferred Filing Tax Returns

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.…

Read More