Apr 8, 2021 | Business Planning, Personal Financial Planning, Tax News
Are there business deductions you can take advantage of? Yes, but first you have to make sure your expenses are truly business-related. The lines can blur, especially with a small business, because you generally cannot deduct personal, living or family expenses....
Apr 1, 2021 | Business Planning, Closely Held Business, Coronavirus Updates, Coronavirus Updates, Employee Benefit Plans, Government Contracting, Medical Practices, Not-for-Profit, Personal Financial Planning, Private Equity-SBICs and Venture Capital, Real Estate, Tax News
Legislation signed in March allows taxpayers who earned less than $150,000 in modified adjusted gross income to exclude unemployment compensation up to $20,400 if married filing jointly and $10,200 for all other eligible taxpayers. The legislation excludes only 2020...
Mar 31, 2021 | Business Planning, Closely Held Business, Coronavirus Updates, Coronavirus Updates, Employee Benefit Plans, Government Contracting, Hospitality, Medical Practices, Not-for-Profit, Personal Financial Planning, Private Equity-SBICs and Venture Capital, Real Estate, Tax News
The IRS has announced that individuals have until May 17, 2021, to meet certain deadlines that would normally fall on April 15. This follows a previous announcement from the IRS on March 17, that the federal income tax filing due date for individuals for the 2020 tax...
Mar 22, 2021 | Personal Financial Planning, Tax News
The IRS has delayed individual tax filing for 2021 until May 17. Read more here. Although that doesn’t affect individual states, many are choosing to offer the same relief the IRS has. Is your state included? Unfortunately, there is no one official place...
Mar 16, 2021 | Business Planning, Closely Held Business, Coronavirus Updates, Coronavirus Updates, Employee Benefit Plans, Government Contracting, Hospitality, Medical Practices, Not-for-Profit, Personal Financial Planning, Private Equity-SBICs and Venture Capital, Real Estate, Tax News
The latest relief bill—the American Rescue Plan Act—is the size of a long novel, so it will take some time to get the full scope. The IRS has started to issue guidance, which provides help in understanding key provisions, but does not contradict what has been widely...
Mar 16, 2021 | Business Planning, Personal Financial Planning, Tax News
IRS Notice 2020-65 allowed employers to defer withholding and payment of the employee’s Social Security taxes. This deferral applied to those with less than $4,000 in wages every two weeks, or an equivalent amount for other pay periods. It was optional for most...
