Business Tax Preparation for 2021

Several significant tax law changes took effect in 2021 that may affect your business’s federal tax filings. As the year draws to a close, we should review these changes, as well as your business’s projected taxable income or loss to see what actions might be appropriate before year end to reduce taxes. It’s also important […]

Individual Tax Return Preparation for 2021

Due to the enactment of legislation to offset the economic burden wrought by COVID-19, there is a lot to consider when reviewing year-end tax planning options. Pandemic-related tax breaks include an expanded dependent care assistance, payroll tax credits for self-employed individuals, substantial increases in the child tax credit and the earned income tax credit, $1,400 […]

White House Releases Tax Proposals as Part of Fiscal Year 2022 Budget Plan

In late May, the Biden Administration released its proposed budget for fiscal year 2022. Proposals in the budget, which are described in the General Explanations of the Administration’s Fiscal Year 2022 Revenue Proposals (also known as the “Greenbook”), include (1) increasing taxes on high-income taxpayers and corporations; (2) ending the carried interest tax break; (3) repealing the […]

Updates to PPP Loans

At the end of 2020, Congress passed, and President Trump signed, a new law that provides for additional relief related to the coronavirus (COVID-19) pandemic. This law, the Consolidated Appropriations Act, 2021 (CAA, 2021), includes a second draw of Paycheck Protection Program (PPP) loans (PPP Second Draw Loans). It also allows businesses to deduct ordinary […]

Business Income Tax Planning Subjects for 2020

Depreciation Deductions Among the many changes made by the CARES Act, the one which may have the most impact is the correction of a technical error made in the Tax Cuts and Jobs Act of 2017 (TCJA). That error resulted in the 15-year recovery period that applied to qualified leasehold improvements, qualified restaurant property, and qualified […]

Individual Income Tax Planning Subjects for 2020

Effect of CARES Act Rebate on Your 2020 Tax Return Under the CARES Act, individuals with income under a certain level are entitled to a recovery rebate tax credit. These are direct payments (sometimes referred to as “stimulus checks”) to individuals by the government. Most, but not all, of these stimulus checks have already been sent out to […]

IRS Guidance on deferring withholding and payment of payroll taxes

The Department of Treasury and Internal Revenue Service issued guidance (August 28, 2020) implementing the Presidential Memorandum issued on August 8, 2020, allowing employers to defer withholding and payment of the employee’s portion of the Social Security tax if the employee’s wages are below a certain amount. IRS Notice 2020-65 makes relief available for employers and generally […]

Paycheck Protection Program Flexibility Act

As you may know, the initial rollout of the program was rocky and some provisions of the program were criticized by businesses as not doing enough to help. In an effort to address these issues and increase the program’s impact, Congress has passed, and the President has signed into law, the Paycheck Protection Program Flexibility […]