Articles

MWE written articles.

Posted in Featured Content, Newsletters

MWE Advisor July Highlights

July highlights from The MWE Advisor: Midyear tax planning strategies for individuals to consider in light of recent tax-law changes; An overview of the treatment of hobby vs. for-profit business activities under current tax law; Clarification on the rules for deducting losses incurred in 2019 and 2020.

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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.

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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,…

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Posted in Newsletters

MWE Advisor June Highlights

June highlights from The MWE Advisor: Last-minute tax saving and planning strategies for businesses that deferred filing tax returns; How to report employees who refuse to return to work.

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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.…

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Posted in The Bottom Line, Featured Post, State & Local Strategies, Corporate Income Tax, Personal Income Tax, Property and Other State/Local Tax Issues, Featured Content

Decoupling from the CARES Act New York City Style – The Sequel

Late last Wednesday, Governor Cuomo signed legislation, A10519/S08411, that decoupled additional provisions from the CARES Act for New York City Business Taxes.  The legislation may have personal income tax considerations because the legislation has provisions that apply to New York City pass through entity level taxes. The…

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