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Big Changes to the Child Credit for 2021

The American Rescue Plan Act (ARPA) significantly liberalizes the rules for the federal child tax credit, which means more money in the pockets of eligible parents this year. However, the liberalizations are only for the 2021 tax year. Here’s the story…. Read more »

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Federal Tax News

What’s a “restaurant” for tax deduction purposes? A recent tax law provides a 100% business deduction (up from 50%) for food and beverage expenses in 2021 and 2022 as long as they’re “provided by a restaurant.” The IRS has now defined… Read more »

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Construction Contractors: Fraud Prevention Starts With You

From equipment theft to padded time to cyberattacks, contractors are vulnerable to a variety of fraud schemes. According to the Association of Certified Fraud Examiners, the median loss due to internal fraud is $200,000 for construction companies — significantly higher than… Read more »

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Federal Tax News

The IRS extends the Tax Day deadline. Individual taxpayers get extra time to file their 2020 tax returns and pay their taxes because of the pandemic. The IRS announced that the federal income tax filing and payment due date has been… Read more »

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Self-Employed May Be Eligible for COVID-Related Tax Breaks for 2020

If you’re self-employed as a sole proprietor, partner or limited liability company (LLC) member, COVID-relief legislation passed in 2020 included tax breaks that may affect your 2020 personal federal income tax return. In some cases, the tax savings may be significant…. Read more »

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COVID-19 Relief: Overview of the New American Rescue Plan Act

The American Rescue Plan Act (ARPA) was signed into law on March 11, 2021. The new law will provide roughly $1.9 trillion in much-needed financial relief to individuals, businesses, not-for-profit organizations, and state and local governments during the pandemic. Here are… Read more »

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Federal Tax News

It’s full speed ahead for tax season now that the IRS is accepting returns. Here are some quick tips to help speed the process and avoid common errors that could delay a refund, if you’re due one. Bring all required Social… Read more »

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Bad Debts: What Losses Can You Deduct and When?

Attempts to claim write-offs for bad debt losses have fueled controversies with the IRS for many years. Unfortunately, bad debt losses are increasingly common during the COVID-19 pandemic. Here’s an overview of the federal income tax treatment of these losses. The… Read more »

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Federal Tax News

PPP loans are expanded and extended. Under the new Consolidated Appropriations Act, eligible small businesses can take out first or “second draw” Paycheck Protection Program (PPP) loans. This provision targets smaller and harder-hit businesses with 300 or fewer employees that have… Read more »

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