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The COVID-19 relief law: What’s in it for you?

Timothy King

Posted By: Timothy King

Posted January 5, 2021 / No comments

The new COVID-19 relief law that was signed on December 27, 2020, contains a multitude of provisions that may affect you. Here are some of the highlights of the Consolidated Appropriations Act, which also contains two other laws: the COVID-related Tax Relief Act (COVIDTRA) and the Taxpayer Certainty and Disaster Tax Relief Act (TCDTR). Direct

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Congress passes COVID-19 aid package containing billions in funding and tax breaks

Robert Tighe

Posted By: Robert Tighe

Posted December 23, 2020 / No comments

After months of negotiations in Washington, an agreement has been struck on a new aid package to address the ongoing fallout from the COVID-19 pandemic. The legislation has been passed by both the U.S. House of Representatives and the U.S. Senate, and President Trump is expected to sign it soon. Included in the nearly 5,600-page

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Consider reevaluating your tax plans based on the outcome of the presidential election

Timothy King

Posted By: Timothy King

Posted November 18, 2020 / No comments

Now that Joe Biden has been projected as the winner of the presidential election by major news outlets,* you may wonder if your federal taxes will be affected. President-elect Biden campaigned on a broad agenda, including a pledge to roll back many of President Trump’s tax policies. In response to the Tax Cuts and Jobs

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Health Savings Accounts for your small business

Robert Tighe

Posted By: Robert Tighe

Posted November 16, 2020 / No comments

Small business owners are well aware of the increasing cost of employee health care benefits. As a result, your business may be interested in providing some of these benefits through an employer-sponsored Health Savings Account (HSA). Or perhaps you already have an HSA. It’s a good time to review how these accounts work since the

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Year-End Tax Strategies

Tighe, Kress & Orr.

Posted By: Tighe, Kress & Orr.

Posted November 12, 2020 / No comments

Now, as year-end approaches, is a good time to think about planning moves that may help lower your tax bill for this year and possibly next. Year-end planning for 2020 takes place during the COVID-19 pandemic, which in addition to its devastating health and mortality impact has widely affected personal and business finances. New tax

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What do the 2021 cost-of-living adjustment numbers mean for you?

Keith Orr

Posted By: Keith Orr

Posted November 2, 2020 / No comments

The IRS has announced its 2021 cost-of-living adjustments to tax amounts that might affect you. Many increased to account for inflation, but some remained at 2020 levels. As you implement 2020 year-end tax planning strategies, be sure to take these 2021 adjustments into account in your planning. Also, keep in mind that, under the Tax

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Year-end tax planning strategies must take business turbulence into account

Cynthia Petschke

Posted By: Cynthia Petschke

Posted October 28, 2020 / No comments

Election years often lead to uncertainty for businesses, but 2020 surely takes the cake when it comes to unpredictability. Amid the chaos of the COVID-19 pandemic, the resulting economic downturn and civil unrest, businesses are on their yearly search for ways to minimize their tax bills — and realizing that some of the typical approaches

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Unusual year steers year-end tax strategies

Timothy King

Posted By: Timothy King

Posted October 22, 2020 / No comments

Like so many things this year, the recommended practices for your annual end-of-the-year tax planning reflect the COVID-19 pandemic and its far-flung effects. The economic impact, as well as federal relief packages like the CARES Act, may render some tried-and-true strategies for reducing your income tax liability less advisable for 2020. Adding to the uncertainty

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Understanding the passive activity loss rules

Keith Orr

Posted By: Keith Orr

Posted October 12, 2020 / No comments

Are you wondering if the passive activity loss rules affect business ventures you’re engaged in — or might engage in? If the ventures are passive activities, the passive activity loss rules prevent you from deducting expenses that are generated by them in excess of their income. You can’t deduct the excess expenses (losses) against earned

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Can employers provide disaster relief for COVID-19?

Robert Tighe

Posted By: Robert Tighe

Posted October 9, 2020 / No comments

Many employees have suffered financial hardships because of the COVID-19 pandemic. In response, some employers may consider offering financial assistance as a fringe benefit. A common question that arises regarding such an idea is: Does the Internal Revenue Code allow disaster relief payments to be made on a tax-advantaged basis specifically in relation to COVID-19?

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