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Mind the Wash Sale Rule When Harvesting Tax Losses

While stock values have mostly gone up so far this year, bull markets don’t last forever. And the price of a particular stock can fluctuate up or down, independent from the market’s overall trend line. When you make what turns out… Read more »

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Part of the ‘New Normal’ May Be More Fraud

According to “The Next Normal: Preparing for a Post-Pandemic Fraud Landscape,” released by the Association of Certified Fraud Examiners (ACFE) in September 2020, half of U.S. companies uncovered more fraud after the COVID-19 pandemic began than they experienced before. So if… Read more »

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Federal Tax News

Parents of College Age Children May Qualify for a Tax Credit For purposes of the Child Tax Credit for the 2021 tax year, a qualifying child is one who doesn’t turn 18 before January 1, 2022, and who satisfies certain… Read more »

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Federal Tax News

The Per Diem Rates for 2021-2022 Are Announced The IRS has announced the special per diem rates, which are effective Oct. 1, 2021. Taxpayers may use these per diem rates to substantiate the amount of expenses for lodging, meals and… Read more »

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Considering Long-Term Care Insurance? Here’s What You Should Know

For some people, it’s easier to think about one’s eventual demise than to consider the possibility of needing the kind of personal assistance that long-term care (LTC) aides and facilities provide. Even so, ignoring the possibility of needing that care… Read more »

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Employers: Don’t Overlook the Power of Group-Term Life Insurance

In today’s tight labor market, your organization may be searching for new and innovative ways to attract and retain employees. But one of the best benefits is hiding in plain sight: Group-term life insurance. It has been offered by employers to… Read more »

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Federal Tax News

The deadline for the third 2021 estimated tax payment is coming up on September 15. Changes in the economy brought by COVID-19 include a new crop of self-employed persons, such as gig-economy workers. Like most people with income that isn’t subject… Read more »

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Following Up on Coronavirus-Related Distributions from IRAs

If you were adversely affected by the COVID-19 pandemic, you may have taken a tax-favored coronavirus-related distribution (CVD) from a traditional IRA last year. This privilege was allowed under the CARES Act, which was signed into law on March 27, 2020…. Read more »

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Deadline Coming: Follow Up on Your PPP Loans

Payroll Protection Plan (PPP) loans were a lifeline for many small business owners during the worst of the pandemic-driven economic slowdown. In total, the Small Business Administration (SBA) approved nearly 12 million PPP loans, averaging $67,000. The PPP program stopped accepting… Read more »

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Federal Tax News

Advance child tax credit (CTC) payment recipients can still opt out even if they start receiving payments. The IRS began sending out payments or depositing them in bank accounts on July 15. The IRS announced that families can use its Child… Read more »

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