NEW Guidance on Paycheck Protection Program (PPP) Deductibility Expense

On Wednesday, November 18, 2020, the U.S. Treasury Department and IRS issued, in a press release, additional guidance that clarifies the deductibility of expenses where a business received a Paycheck Protection Program (PPP) loan.     Per the newly issued revenue...

It’s Form W-2 Time: How to Handle Box 1

Box 1 of Form W-2 shows the employee’s total compensation that is subject to taxation for the year. Per an article published by Forbes, “This tends to be the number most taxpayers care about the most.” Consequently, there’s no room for error....

By the Numbers: The Key Adjustments for 2021

What will 2021 bring us? After a year of turmoil and surprises, no one has a clear crystal ball. But there are some certainties, and one is that the federal government is changing a variety of number affecting the finances of businesses and individuals. First, any...

Expats and Their Tax Situation

As the IRS explains, if you are a U.S. citizen or resident alien, the rules for filing income, estate, and gift tax returns and paying estimated taxes are generally the same whether you are in the United States or abroad. Your worldwide income is subject to U.S....
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