Potential tax law changes hang over year-end tax planning for individuals
Posted November 10, 2021 / No comments
As if another year of the COVID-19 pandemic wasn’t enough to produce an unusual landscape for year-end tax planning, Congress continues to negotiate the budget reconciliation bill. The proposed Build Back Better Act (BBBA) is certain to include some significant tax provisions, but much uncertainty remains about their impact. While we wait to see which
Read MoreDebate continues in Congress over proposed tax changes
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
Read MoreDisasters and your taxes: What you need to know
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
Read MoreIRS issues ERC guidance as Congress mulls early termination
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
Read MoreSBA streamlines forgiveness for smaller PPP loans
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
Read MoreWinning the cat-and-mouse game of job interview questions
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
Read MoreGetting a new business off the ground: How start-up expenses are handled on your tax return
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
Read MorePPP forgiveness and repayment: What businesses need to know now
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
Read MoreHere come the child tax credit payments: What you need to know
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
Read MoreThe Biden administration proposes far-reaching tax overhaul
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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