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Tuesday, 5 July

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The tax rules for deducting the computer software costs of your business

Stephen Leazzo

Posted By: Stephen Leazzo

Posted October 3, 2020 / No comments

Do you buy or lease computer software to use in your business? Do you develop computer software for use in your business, or for sale or lease to others? Then you should be aware of the complex rules that apply to determine the tax treatment of the expenses of buying, leasing or developing computer software.

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Extended benefit claims and appeals periods during COVID-19

Keith Orr

Posted By: Keith Orr

Posted October 2, 2020 / No comments

In response to the COVID-19 pandemic, federal agencies have extended certain claims and appeals periods for employee pension benefits plans subject to the Employee Retirement Income Security Act (ERISA). The relief also applies to qualifying group health plans, as well as eligible disability plans and other employee welfare benefit plans. The extension permits the “outbreak

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Gifts in kind: New reporting requirements for nonprofits

Cynthia Petschke

Posted By: Cynthia Petschke

Posted October 2, 2020 / No comments

On September 17, the Financial Accounting Standards Board (FASB) issued an accounting rule that will provide more detailed information about noncash contributions charities and other not-for-profit organizations receive known as “gifts in kind.” Here are the details. Need for change Gifts in kind can play an important role in ensuring a charity functions effectively. They may

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Compare and contrast: How do the Republican and Democratic tax plans differ?

Robert Tighe

Posted By: Robert Tighe

Posted October 1, 2020 / No comments

With the presidential election only weeks away, many people are beginning to pay closer attention to each candidate’s positions on such issues as the COVID-19 pandemic, health care, the environment and taxes. Among their many differences, President Donald Trump and former Vice President Joe Biden have widely divergent tax proposals. Their stances could have a

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Tax implications of working from home and collecting unemployment

Timothy King

Posted By: Timothy King

Posted September 15, 2020 / No comments

COVID-19 has changed our lives in many ways, and some of the changes have tax implications. Here is basic information about two common situations. 1. Working from home. Many employees have been told not to come into their workplaces due to the pandemic. If you’re an employee who “telecommutes” — that is, you work at

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2020 Q4 tax calendar: Key deadlines for businesses and other employers

Cynthia Petschke

Posted By: Cynthia Petschke

Posted September 14, 2020 / No comments

Here are some of the key tax-related deadlines affecting businesses and other employers during the fourth quarter of 2020. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. Contact us to ensure you’re meeting all applicable deadlines and to learn more about the filing requirements. Thursday,

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The IRS issues guidance on the executive action deferring payroll taxes

Timothy King

Posted By: Timothy King

Posted September 1, 2020 / No comments

On August 28, the IRS issued guidance that provides some explanation of how employers can defer withholding and remitting an employee’s share of Social Security tax when wages are below a certain amount. The guidance in Notice 2020-65 was issued to implement President Trump’s executive action signed in early August. The guidance is brief, and

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Levels of assurance: Choosing the right option for your business today

Stephen Leazzo

Posted By: Stephen Leazzo

Posted August 28, 2020 / No comments

The COVID-19 crisis is causing private companies to re-evaluate the type of financial statements they should generate for 2020. Some are considering downgrading to a lower level of assurance to reduce financial reporting costs — but a downgrade may compromise financial reporting quality and reliability. Others recognize the additional risks that work-from-home and COVID-19-related financial

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Oh, no, your original will is missing!

Keith Orr

Posted By: Keith Orr

Posted August 28, 2020 / No comments

In a world that’s increasingly paperless, you’re likely becoming accustomed to conducting a variety of transactions digitally. But when it comes to your last will and testament, only an original, signed document will do. The original vs. a photocopy Many people mistakenly believe that a photocopy of a signed will is sufficient. In fact, most

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CARES Act made changes to excess business losses

Cynthia Petschke

Posted By: Cynthia Petschke

Posted August 25, 2020 / No comments

The Coronavirus Aid, Relief and Economic Security (CARES) Act made changes to excess business losses. This includes some changes that are retroactive and there may be opportunities for some businesses to file amended tax returns. If you hold an interest in a business, or may do so in the future, here is more information about

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