July 15th Deadline Is Fast Approaching, and it Isn’t Just for the 2019 Individual Tax Return
Due to COVID-19, the IRS extended the tax filing deadline to July 15th—but that tax deadline applies to other items!
A Novel Way to Make COVID-19 Relief Donations
You may be able to convert unused paid vacation time, sick leave and personal leave for cash payments that your employer can donate to COVID-19 relief charitable organizations.
CARES Act Update: IRS Extends Deadline for Required Minimum Distribution Repayment
The IRS issued Notice 2020-51 that clears up any misconceptions about your 2020 RMDs. If you took any RMD withdrawals prior to the suspension of RMDs, you can redeposit your withdrawal to your retirement account by Aug. 31, 2020.
Does Your Business Qualify for the Research Tax Credit?
The purpose of this credit is to reward businesses that pursue innovation by continually increasing investment in research activities.
Congress Liberalizes PPP Loan Forgiveness
Congress passed the Paycheck Protection Program Flexibility Act (PPPFA) of 2020, which makes substantial changes to PPP Loans.
Unraveling the Economic Impact Payment Confusion
Was your economic impact payment more or less than you expected? We explain why and what happens if you received more than you should have.
Stimulus Payments Being Mistaken as Junk Mail
Around 4 million individuals were sent stimulus payments on a Visa debit card, which some threw away thinking it was junk mail.
Tax Effects of a Business Making a Charitable Contribution
In this current time of need, many charitable organizations are seeking contributions to help the greater good. We explain why that contribution should come from your bank account and not your business.
Paycheck Protection Program Flexibility Act Becomes Law
Let the changes begin! As we have mentioned in previous articles, there would be guidance on the CARES Act related to the forgiveness of Paycheck Protection Program (PPP) loans. Buckle up, as the changes are now here. The Paycheck Protection Flexibility Act was introduced by the House on May 26 and was approved by the…
Drug and Alcohol Addiction Treatments May Be Tax Deductible
Generally, drug and alcohol addiction treatment expenses are tax deductible as itemized deduction medical expenses.