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 »
Read Full Newsletter »Family Leave Tax Credits, Protect Financial Health, Self-employment income, Work Opportunity Tax Credit, WOTC
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 »
Read Full Newsletter »CVD Retirement Plan, Eligible Distribution as CVD, Handling Recontributions, Inherited Accounts, Interim Tax Consequences, Recontribute CVD
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 »
Read Full Newsletter »Forgiveness Application Deadline, How to maximize your PPP loan forgiveness for payroll expenses, PPP Audit Exposure, PPP Loans
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 »
Read Full Newsletter »The COVID-19 pandemic has changed the dynamics of many households. In most cases, schools stopped or limited in-person instruction, causing many children to engage in at-home learning. Some families moved disabled adult children or seniors from long-term care centers to their… Read more »
Read Full Newsletter »Tax-favored Section 529 college savings plans — also known as qualified tuition programs — have been around long enough that many people are now withdrawing money to pay for school. Qualified withdrawals are always federal-income-tax-free and usually state-income-tax-free, too. However, the… Read more »
Read Full Newsletter »If your business was forced to close due to the pandemic, you may be itching to get back in the game. Or maybe you’re looking to fulfill a lifelong dream of running a business for the first time. In any event,… Read more »
Read Full Newsletter »You’ve worked a lifetime to build your wealth and understandably want to pass much of it on to your loved ones. Estate plans are designed to help you do that in the most tax-efficient way possible. But first, to ensure you… Read more »
Read Full Newsletter »Company president is assessed a penalty. If an employer withholds taxes from employees but doesn’t pay them over to the IRS, the employer may face a harsh penalty. The Trust Fund Recovery Penalty (TFRP) equals 100% of the unpaid tax and can be… Read more »
Read Full Newsletter »Do you own a vacation home that’s classified as a rental property for tax purposes? Rental property owners may be tempted to use their rental properties for their personal “staycations” or as remote office locations during the COVID-19 pandemic. But this… Read more »
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