Business Owners

The Latest Updates on Opportunity Zone Investments by Arkadiy (Eric) Green, CPA

Posted on March 18, 2021 by Eric Green

Like so much of 2020, the Qualified Opportunity Zone (QOZ) program suffered under the weight of the COVID pandemic. In response, the IRS relaxed certain deadlines and requirements taxpayers must meet to yield the program’s generous tax savings. A second round of relief was issued by the IRS in early 2021, and a bill making […]

IRS Extends Federal Tax Filing Deadline for Residents, Businesses in Texas by Karen A. Lake, CPA

Posted on March 16, 2021 by Karen Lake

Due to the recent winter storms that crippled much of Texas, the IRS has postponed several federal tax filing and payment deadlines for residents and businesses in the state. Texans now have until June 15 to file their 2020 personal income tax returns and pay the related tax liabilities, rather than the usual April 15 […]

Latest Stimulus Package Further Expands Eligibility, Benefits of Employee Retention Tax Credit by Andreea Cioara Schinas, CPA

Posted on March 11, 2021 by Andreea Cioara-Schinas

The latest round of stimulus approved by Congress in response to the ongoing pandemic further enhances the employee retention tax credit (ERC) and the benefits it provides to eligible taxpayers that keep employees on payroll despite COVID-related suspensions of operations or declines in gross revenue. With the enactment of the $1.9 trillion American Rescue Plan […]

IRS Issued Final Regulations on Tax Treatment of Carried Interest by Arkadiy (Eric) Green, CPA

Posted on March 04, 2021 by Eric Green

In January 2021, the IRS issued final regulations concerning the taxation of carried interest under the Tax Cuts and Jobs Act (TCJA) effective for tax years beginning in 2018. These regulations, which modify certain provisions of proposed guidance issued last year, bring mostly welcome changes to real estate businesses and private equity funds. Background Carried […]

Trusts Still Have Time to Reduce Taxable Income in 2020 by Jeffrey M. Mutnik, CPA/PFS

Posted on February 25, 2021 by Jeffrey Mutnik

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 […]

Commercial Real Estate Landlords Can Find Tax Savings in COVID-Related Abandonment Losses by John G. Ebenger, CPA

Posted on February 22, 2021 by John Ebenger

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 […]

Tax Relief for Real Estate Property Owners with Uncollectable Rent Accruals in the Wake of COVID-19 by Arthur J. Lieberman

Posted on February 19, 2021 by Art Lieberman

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 […]

COVID-19-Related Identity Theft Scams on the Rise by Joseph L. Saka, CPA/PFS

Posted on February 08, 2021 by Joseph Saka

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 […]

Retirement Savings Plan Contribution Limits for 2021 by Joanie B. Stein, CPA

Posted on February 03, 2021 by Joanie Stein

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 […]

Time to Pivot Again – Moving Management Beyond COVID-19 Survival by Richard A. Berkowitz, JD,CPA

Posted on January 26, 2021 by Richard Berkowitz

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 […]

Category: Business Owners