Articles

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.

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…

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.