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Tuesday, 19 October

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Debate continues in Congress over proposed tax changes

Cynthia Petschke

Posted By: Cynthia Petschke

Posted October 19, 2021 / No comments

Negotiations continue in Washington, D.C., over the future of President Biden’s agenda. Tax law changes may be ahead under two proposed laws, the Build Back Better Act (BBBA) and the Bipartisan Infrastructure Bill (BIB), also known as the Infrastructure Investment and Jobs Act. The final provisions remain to be seen, but the BBBA and, to

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Disasters and your taxes: What you need to know

Timothy King

Posted By: Timothy King

Posted September 17, 2021 / No comments

Homeowners and businesses across the country have experienced weather-related disasters in recent months. From hurricanes, tornadoes and other severe storms to the wildfires again raging in the West, natural disasters have led to significant losses for a wide swath of taxpayers. If you’re among them, you may qualify for a federal income tax deduction, as

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IRS issues ERC guidance as Congress mulls early termination

Robert Tighe

Posted By: Robert Tighe

Posted August 10, 2021 / No comments

The IRS has published new guidance on the Employee Retention Credit (ERC). The credit was created in March 2020 to encourage employers to keep their workforces intact during the COVID-19 pandemic. Notice 2021-49 addresses various issues, particularly those related to the extension of the credit through 2021 by the American Rescue Plan Act (ARPA). The

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SBA streamlines forgiveness for smaller PPP loans

Robert Tighe

Posted By: Robert Tighe

Posted August 9, 2021 / No comments

The Small Business Administration (SBA) has released new guidance intended to expedite the forgiveness process for certain borrowers under the Paycheck Protection Program (PPP). The simplified process generally is available for loans of $150,000 or less, which the SBA reports account for 93% of outstanding PPP loans. The guidance comes at a time when many

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Winning the cat-and-mouse game of job interview questions

Keith Orr

Posted By: Keith Orr

Posted July 23, 2021 / No comments

In many industries, the job interview process has become a game of cat and mouse. Books and websites are filled with tips for applicants on how to best answer common questions. Type the phrase “answers to job interview questions” into a search engine and you’ll instantly receive millions of results. That means job candidates (the

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Getting a new business off the ground: How start-up expenses are handled on your tax return

Cynthia Petschke

Posted By: Cynthia Petschke

Posted July 22, 2021 / No comments

Despite the COVID-19 pandemic, government officials are seeing a large increase in the number of new businesses being launched. From June 2020 through June 2021, the U.S. Census Bureau reports that business applications are up 18.6%. The Bureau measures this by the number of businesses applying for an Employer Identification Number. Entrepreneurs often don’t know

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PPP forgiveness and repayment: What businesses need to know now

Timothy King

Posted By: Timothy King

Posted July 21, 2021 / No comments

A critical deadline is approaching for many of the businesses that have received loans under the Paycheck Protection Program (PPP), which was created in March 2020 by the CARES Act. If these borrowers don’t take action before the deadline expires, their loans will become standard loans, and the borrowers could be responsible for repaying the

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Here come the child tax credit payments: What you need to know

Robert Tighe

Posted By: Robert Tighe

Posted July 1, 2021 / No comments

The first advance payments under the temporarily expanded child tax credit (CTC) will begin to arrive for nearly 39 million households in mid-July 2021 — unless, that is, they opt out. Most eligible families won’t need to do anything to receive the payments, but you need to understand the implications and why advance payments might

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The Biden administration proposes far-reaching tax overhaul

Keith Orr

Posted By: Keith Orr

Posted May 5, 2021 / No comments

President Biden recently announced his $1.8 trillion American Families Plan (AFP), the third step in his Build Back Better policy initiative. The announcement followed the previous releases of the proposed $2.3 trillion American Jobs Plan and the Made in America Tax Plan. These plans propose major investments in various domestic initiatives, such as expanded tax credits for

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President Biden details his tax proposals for individuals

Timothy King

Posted By: Timothy King

Posted April 30, 2021 / No comments

President Biden’s proposals for individual taxpayers were outlined in an April 28 address to Congress and in an 18-page fact sheet released by the White House. The “American Families Plan” contains tax breaks for low- and middle-income taxpayers and tax increases on those “making over $400,000 per year.” Here’s a summary of some of the

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