Category: Tax

Tax

Does Your State Tax Forgive PPP Loans? by Michael Hirsch, JD, LLM


Posted on April 12, 2021 by Michael Hirsch

The expansion of the government’s Payroll Protection Program (PPP) under recent economic stimulus packages is welcome news to nonprofits and small businesses struggling to keep their doors open and their workers employed through the prolonged COVID-19 pandemic. Yet, these entities must be careful to recognize that some of the new relief provisions of the forgivable […]

Latest Stimulus Package Changes Tax Treatment of Unemployment Benefits Received in 2020 by Joanie B. Stein, CPA


Posted on April 07, 2021 by Joanie Stein

The American Rescue Plan (ARP), signed into law on March 11, 2021, allows eligible taxpayers to exclude from their 2020 taxable income up to $10,200 in unemployment benefits they received last year. This relief is subject to certain restrictions and limitations as well as further changes as the IRS continues to issue guidance. Ordinarily, unemployment […]

IRS Sets Standard Mileage Rate for 2021 by Kevin McNally, JD


Posted on March 24, 2021 by Kevin McNally

The IRS issued the 2021 optional standard mileage rates qualifying taxpayers may use to calculate deductible costs of operating an automobile for business or for charitable, medical or moving purposes. Taxpayers also have the option to calculate the actual costs of using their vehicle rather than using the standard mileage rates. Effective Jan. 1, 2021, […]

2020 Tax Filing Extensions and Limitations UPDATED by Edward N. Cooper, CPA


Posted on March 18, 2021 by Edward Cooper

In response to the ongoing pandemic, the U.S. government continues to postpone several critical deadlines, including recent extensions of the due date for individual federal income tax filings and the application period for paycheck protection program (PPP) loans. However, taxpayers must take special care to understand the unique applications and limitation of each announcement and […]

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 […]