Rarely do taxpayers have an opportunity to reduce their taxable income and related tax liabilities in a given year after the clock strikes midnight on December 31. This is not the case for certain trusts, which the IRS grants an additional 65 days after year-end to distribute income to beneficiaries and treat it as if […]
With all the economic hardships caused by the COVID-19 crisis, businesses must take the time to carefully review their financial losses to uncover potential opportunities for which they may use those deductions to maximize tax efficiency in 2020 and the years ahead. For example, much ink has been spilled over the Coronavirus Aid, Relief and […]
The ongoing COVID-19 pandemic continues to be a burden on the cash flow of commercial and residential real estate owners and their tenants. Many landlords have seen their rent receivables explode as a result of executing rent-forbearance agreements with struggling tenants, but they may not be certain if they will ever be able to collect […]
The IRS warns taxpayers to be on alert to a rise in identity-theft schemes related to the COVID-19 pandemic, including phony offers for government-backed economic relief, access to FDA-approved vaccines or other products falsely marketed as virus cures. In one scam, thieves are directing victims to click on a link in a text message to […]
There is good and bad news for retirement savers in 2021. While the IRS’s annual inflation adjustments will allow more individuals to qualify to contribute to traditional IRAs and Roth IRAs, the maximum amount that can be contributed to employer-sponsored 401(k) and 403(b) plans remains unchanged from last year. If you are already retired or […]
The COVID-19 pandemic has forced businesses to quickly adapt in extraordinary ways. Today, as vaccinations begin to roll out across the country, companies must again prepare to acclimate to a future business environment when the pandemic is no longer paramount. As simple as it may seem to assume that we will all return to “business […]
As businesses and nonprofits close their books for 2020, those that received SBA-backed Paycheck Protection Program (PPP) loans must now consider how they will account for those funds on their end-of-year financial statements. Absent specific reporting requirements from the SBA or the IRS, borrowers can instead rely on technical guidance issued by organizations that include […]
The Small Business Administration (SBA) and U.S. Treasury Department recently announced the opening dates for the second round of the Paycheck Protection Program (PPP2) and released the application forms small businesses, nonprofits and other qualifying entities should use when applying for first-time and second-draw loans under the revived program. Lenders with $1 billion or less […]
The COVID-19 pandemic and long-awaited rollout of FDA-approved vaccines this year highlight the importance of planning for rising medical costs and taking advantage of tax breaks, when available, to help you cover some of those expenses. Following are the IRS’s annual cost-of-living adjustments for various provisions of the tax code that relate to health care […]
In the rush to put 2020 in the rearview mirror and welcome in the promises of a New Year, employers should remember that there are some critical tax-reporting deadlines they must prepare to meet in the next few weeks. For example, businesses have until Feb. 1, 2021, to file Forms W-2, Wage and Tax Statements, and […]