Category: Tax

Tax

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 […]

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 […]

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 […]

College Tax Credits Can Ease Costs of Higher Education by Joanie B. Stein, CPA


Posted on January 19, 2021 by Joanie Stein

A college education is a significant expense. To help reduce the financial burden of paying for higher education, college students and their families may qualify for certain tax credits and other tax-advantaged savings programs offered through public and private sources. The American Opportunity Tax Credit The American Opportunity Tax Credit (AOTC) provides a maximum annual […]