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2020 – 06/24
Generally, taxpayers who take distributions from tax-favored retirement accounts before age 59½ must pay a 10% tax penalty. They must […]
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2020 – 06/23 – What qualifies as a “coronavirus-related distribution” from a retirement plan?
The CARES Act allows qualified people to take “coronavirus-related distributions” from retirement plans without paying tax. So how do you […]
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2020 – 06/19
The Small Business Administration (SBA) continues to help businesses recover from the effects of the COVID-19 crisis. Taxpayers can apply […]
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2020 – 06/16
Valuable tax credits are available to employers to help mitigate the effects of the COVID-19 pandemic. But amid the chaos […]
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2020 – 06/04
On June 4, the U.S. Senate passed the Paycheck Protection Program (PPP) Flexibility Act of 2020. The president is expected […]
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2020 – 06/02
The IRS has issued FAQs for C corporations that are interested in carrying back net operating losses (NOLs) to years […]
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2020 – 06/01
The IRS has postponed deadlines for time-sensitive actions with respect to certain employment taxes, employee benefit plans, exempt organizations, IRAs, […]
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2020 – 05/29
In new guidance, the IRS has provided more coronavirus (COVID-19) deadline relief for employment taxes, employee benefit plan and other […]
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2020 – 05/27
Interim final rules on calculating loan forgiveness amounts under the Paycheck Protection Program (PPP) have been issued by the Small […]
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2020 – 05/26 – IRS releases 2021 amounts for Health Savings Accounts
The IRS recently released the 2021 inflation-adjusted amounts for Health Savings Accounts (HSAs). For calendar year 2021, the annual contribution […]
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2020 – 05/26 – Student loan interest: Can you deduct it on your tax return?
Many taxpayers with student loans have been hard hit by the economic impact of COVID-19. The CARES Act contains some […]
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2020 – 05/21
If you’ve recently moved, you should inform the IRS of your new mailing address. On its website, the IRS has […]
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2020 – 05/20
Many Americans are still waiting for Economic Impact Payments (EIPs) from the IRS, which are meant to ease the financial […]
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2020 – 05/18 – Fortunate enough to get a PPP loan? Forgiven expenses aren’t deductible
The IRS has issued guidance clarifying that certain deductions aren’t allowed if a business has received a Paycheck Protection Program […]
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2020 – 05/18
The U.S. House has passed the Health and Economic Recovery Omnibus Emergency Solutions (HEROES) Act. The bill would provide more […]
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Business Tax