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Thursday, 4 June

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Business meal deductions: The current rules amid proposed changes

Cynthia Petschke

Posted By: Cynthia Petschke

Posted June 1, 2020 / No comments

Restaurants and entertainment venues have been hard hit by the novel coronavirus (COVID-19) pandemic. One of the tax breaks that President Trump has proposed to help them is an increase in the amount that can be deducted for business meals and entertainment. It’s unclear whether Congress would go along with enhanced business meal and entertainment

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Estate planning when time is short

Keith Orr

Posted By: Keith Orr

Posted May 28, 2020 / No comments

The novel coronavirus (COVID-19) pandemic has caused some people to contemplate their own mortality or that of a family member. For those whose life expectancies are short — because of COVID-19 or for other reasons — estate planning can be difficult. But while money matters may be the last thing you want to think about

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Carryover amount for Health FSAs has been increased

Robert Tighe

Posted By: Robert Tighe

Posted May 27, 2020 / No comments

The IRS recently increased the carryover limit for Health Flexible Spending Arrangements (FSAs) to an amount indexed for inflation. The agency also clarified the ability of a health plan to reimburse individual insurance policy premium expenses incurred before the beginning of the plan year for coverage provided during the plan year. Boosted maximum Under IRS

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Overcoming the challenges of remote auditing during the COVID-19 crisis

Stephen Leazzo

Posted By: Stephen Leazzo

Posted May 27, 2020 / No comments

Many people are currently working from home to help prevent the spread of the novel coronavirus (COVID-19). Your external auditors are no exception. Fortunately, in recent years, most audit firms have been investing in technology and training to facilitate remote audit procedures. These efforts have helped lower audit costs, enhance flexibility and minimize disruptions to

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IRS releases 2021 amounts for Health Savings Accounts

Cynthia Petschke

Posted By: Cynthia Petschke

Posted May 26, 2020 / No comments

The IRS recently released the 2021 inflation-adjusted amounts for Health Savings Accounts (HSAs). HSA basics An HSA is a trust created or organized exclusively for the purpose of paying the “qualified medical expenses” of an “account beneficiary.” An HSA can only be established for the benefit of an “eligible individual” who is covered under a

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Student loan interest: Can you deduct it on your tax return?

Timothy King

Posted By: Timothy King

Posted May 26, 2020 / No comments

The economic impact of the novel coronavirus (COVID-19) is unprecedented and many taxpayers with student loans have been hard hit. The Coronavirus Aid, Relief and Economic Security (CARES) Act contains some assistance to borrowers with federal student loans. Notably, federal loans were automatically placed in an administrative forbearance, which allows borrowers to temporarily stop making

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Looking for a trust that can also act as a financial backup plan? Consider a SLAT

Cynthia Petschke

Posted By: Cynthia Petschke

Posted May 22, 2020 / No comments

Some of the most effective estate planning strategies involve setting up irrevocable trusts. For a trust to be deemed irrevocable, you, the grantor, lose all incidents of ownership of the trust’s assets. In other words, you’re effectively removing those assets from your taxable estate. But what if you’re uncomfortable placing your assets beyond your control?

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Did you get an Economic Impact Payment that was less than you expected?

Timothy King

Posted By: Timothy King

Posted May 20, 2020 / No comments

Nearly everyone has heard about the Economic Impact Payments (EIPs) that the federal government is sending to help mitigate the effects of the coronavirus (COVID-19) pandemic. The IRS reports that in the first four weeks of the program, 130 million individuals received payments worth more than $200 billion. However, some people are still waiting for

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The IRS clarifies the deductibility of PPP-funded expenses

Stephen Leazzo

Posted By: Stephen Leazzo

Posted May 14, 2020 / No comments

The IRS has issued new guidance addressing a question that has lingered since the launch of the Paycheck Protection Program (PPP) — whether expenses paid for with forgiven, tax-free PPP loan proceeds are deductible business expenses under Section 162 of the Internal Revenue Code (IRC). The guidance in IRS Notice 2020-32 doesn’t provide the answer

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SBA Guidance on Good-Faith Certification (PPPL)

Robert Tighe

Posted By: Robert Tighe

Posted May 13, 2020 / No comments

Question: How will SBA review borrowers’ required good-faith certification concerning the necessity of their loan request?   Answer: When submitting a PPP application, all borrowers must certify in good faith that “[c]urrent economic uncertainty makes this loan request necessary to support the ongoing operations of the Applicant.” SBA, in consultation with the Department of the Treasury,

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