Part of the Consolidated Appropriations Act, 2021, signed into law on December 27, 2020, authorizes another round of Paycheck Protection Program (PPP) loans for small businesses. This new round of PPP loans, being called “PPP2” by some, is similar to the first round of PPP loans that were authorized early in 2020, but there areRead more about New Round of PPP Loans Authorized by Congress[…]

On December 27, President Trump signed into law the COVID-19 relief bill that was passed by Congress on December 21, 2020. The legislation, the Consolidated Appropriations Act, 2021, extends weekly benefits for unemployed workers, and provides more than $300 billion in aid for small businesses. It also ensures tax deductibility for business expenses paid withRead more about New COVID-19 Relief Bill Signed Into Law[…]

In guidance issued in late November, the IRS confirmed that taxpayers that received a Paycheck Protection Program (PPP) loan and that paid eligible expenses with proceeds from that loan cannot deduct those expenses in the tax year in which the expenses were paid if, at the end of that tax year, the taxpayer reasonably expectsRead more about IRS Confirms Expenses Paid with PPP Loans Not Deductible in 2020[…]

A common misconception in tax filing is that those who use the Standard Deduction instead of itemizing deductions have few additional benefits available to reduce their tax bill. This is often not the case. Should you take the standard deduction or itemize? Every taxpayer can take the Standard Deduction to reduce their income. However, ifRead more about Tax Savings for Non-Itemizers[…]

As we approach the end of the year, there’s still time to reduce the taxes you owe in 2020. Here are six ideas that can save money for many taxpayers. 1. Leverage pre-tax savings Be sure to take advantage of opportunities to set aside income on a pre-tax basis. Some examples of these opportunities include:Read more about Six Ideas to Lower Your Taxes This Year[…]

The deadline to register for your stimulus check (or more properly, your “Economic Impact Payment”) using the Non-Filers tool has extended to November 21, 2020. If you or a family member typically don’t have to file a tax return and haven’t received an Economic Impact Payment, you should register as quickly as possible using theRead more about Stimulus Check Registration Deadline Extended[…]

Closing a business is never an easy decision to make. Nonetheless, it’s sometimes necessary and not all that uncommon. If you find yourself in this situation, there are number of steps you should take to shut down your business in an orderly manner and ensure that the IRS knows that your business should no longerRead more about What to Do When Closing a Business[…]

With unemployment at historicly high levels, a lot of people find themselves changing jobs. If you are one of them, be sure to think about any 401(k) that you might be leaving behind at your old employer. The money in your 401(k) is your money, not your employer, and you are entitled to it, evenRead more about Managing Your 401(k) When Changing Jobs[…]

Amid this global pandemic, a lot of people find themselves working from home, rather than traveling to an office. Because of this, there is more interest than usual in the home office deduction. Here’s what you need to know. The home office deduction is available to qualifying self-employed taxpayers, independent contractors and those working inRead more about What to Know About the Home Office Deduction[…]

A payroll tax holiday effective September 1 was recently signed via a presidential executive order. Payroll tax holidays typically provide forgiveness of Social Security and Medicare taxes that are normally withheld from your paycheck. This year’s tax holiday, however, is not necessarily a forgiveness of Social Security and Medicare taxes, because the order is notRead more about Be Cautious of Temporary Payroll Tax Holiday[…]