LanguageEnglish
+

Tuesday, 5 July

Search Engine

Haven’t filed your 2019 business tax return yet? There may be ways to chip away at your bill

Cynthia Petschke

Posted By: Cynthia Petschke

Posted June 29, 2020 / No comments

The extended federal income tax deadline is coming up fast. As you know, the IRS postponed until July 15 the payment and filing deadlines that otherwise would have fallen on or after April 1, 2020, and before July 15. Retroactive COVID-19 business relief The Coronavirus Aid, Relief and Economic Security (CARES) Act, which passed earlier

Read More

Launching a business? How to treat start-up expenses on your tax return

Cynthia Petschke

Posted By: Cynthia Petschke

Posted June 22, 2020 / No comments

While the COVID-19 crisis has devastated many existing businesses, the pandemic has also created opportunities for entrepreneurs to launch new businesses. For example, some businesses are being launched online to provide products and services to people staying at home. Entrepreneurs often don’t know that many expenses incurred by start-ups can’t be currently deducted. You should

Read More

COVID-19-related deadline relief affects HSAs and retirement plans

Stephen Leazzo

Posted By: Stephen Leazzo

Posted June 12, 2020 / No comments

The IRS recently issued another notice extending tax deadlines because of the COVID-19 pandemic. Notice 2020-35 supplements IRS Notice 2020-23 and earlier guidance by extending the deadlines for certain additional time-sensitive actions relating to employment taxes; exempt organizations; employee benefit plans, including 401(k)s; Health Savings Accounts (HSAs); IRAs; and other specified accounts. With some exceptions, the extensions

Read More

Concealing a trust could run afoul of state law

Keith Orr

Posted By: Keith Orr

Posted June 11, 2020 / No comments

You may have good intentions in keeping a trust a secret from its beneficiaries. Perhaps you have concerns that, if your children or other beneficiaries know about the trust, they might set aside educational or career pursuits. Be aware, however, that the law in many states forbids this practice by requiring a trust’s trustee to

Read More

Rioting damage at your business? You may be able to claim casualty loss deductions

Cynthia Petschke

Posted By: Cynthia Petschke

Posted June 9, 2020 / No comments

The recent riots around the country have resulted in many storefronts, office buildings and business properties being destroyed. In the case of stores or other businesses with inventory, some of these businesses lost products after looters ransacked their property. Windows were smashed, property was vandalized, and some buildings were burned to the ground. This damage

Read More

PPP borrowers get concessions, additional guidance on forgiveness

Robert Tighe

Posted By: Robert Tighe

Posted June 9, 2020 / No comments

The U.S. Senate has passed the bipartisan Paycheck Protection Program Flexibility Act of 2020, which loosens several of the Paycheck Protection Program’s (PPP’s) more onerous restrictions regarding loan forgiveness. President Trump has signed the bill into law. The new law follows the May 22, 2020, release of an interim final rule from the U.S. Department

Read More

Seniors: Can you deduct Medicare premiums?

Timothy King

Posted By: Timothy King

Posted June 9, 2020 / No comments

If you’re age 65 and older, and you have basic Medicare insurance, you may need to pay additional premiums to get the level of coverage you want. The premiums can be costly, especially if you’re married and both you and your spouse are paying them. But there may be a silver lining: You may qualify

Read More

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

Read More

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

Read More

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

Read More