Coronavirus Economic Relief Is on Its Way
The U.S. Senate unanimously passed an economic stimulus package by a vote of 96-0. Below is a brief summary of the bill, which the House of Representatives is expected to also pass. The bill offers about $2 trillion in economic relief for businesses and individuals in the following ways. For businesses, the bill: Provides loans […]
New IRS Tech Sniffs Out More Tax Criminals Than Ever Before
Think dealing in cryptocurrency or on the dark web will help you hide from the IRS? Assume the IRS is still relying on its old manual processes to flag returns? Think again. The IRS is getting technically savvier while, at the same time, increasing its already high conviction rate for those found guilty of tax […]
Tax-Free Education: A Study Guide
Going back to school? Want to help with a family member’s education expenses? Each one of these non-traditional learning routes can come with tax benefits. For your career: Ready to hit the books again? It’s a great way to upskill or refresh your expertise. There are several ways to fund these pursuits: You may be […]
Special Tax Considerations for Partnerships
The IRS is stepping up scrutiny of partnerships and is requesting more information concerning partnership arrangements going forward. For the most part, capital basis reporting requirements encompass the most significant changes, with the bulk of those being enforced beginning in the 2020 tax year. These changes affect how gains and losses for individual partners are […]
Are You Deducting It?
Running your own business? Small business deductions can really add up for entrepreneurs. And while many business owners are on top of deductions like meals and entertainment, mileage, and payroll taxes, dozens of other deductions can be overlooked. Don’t forget to log the following expenses for consideration when tax time rolls around… Click To View
Savvy Finance: Are You Deducting It?
Running your own business? Small business deductions can really add up for entrepreneurs. And while many business owners are on top of deductions like meals and entertainment, mileage, and payroll taxes, dozens of other deductions can be overlooked. Don’t forget to log the following expenses for consideration when tax time rolls around… Click To View
Charity Quid Pro Quos: What You Need To Know
Congress isn’t the only governing body that questions quid pro quos. The IRS considers it a big deal as well, particularly as it relates to charity quid pro quos. A quid pro quo translates from Latin as “something for something.” Anytime you receive a perceived benefit for a donation to charity, the IRS can question […]
Feds Finalize Opportunity Zone Guidance
The IRS and U.S. Treasury have finalized regulations for those interested in investing in qualified opportunity zones (QOZs). QOZs were introduced as part of the 2017 tax reform as a way for taxpayers to temporarily defer income gains by investing corresponding amounts into certain development projects. The new guidelines, along with local incentives, have made […]
New Overtime Pay Rules Are In Place
About 1.3 million American workers are newly eligible for overtime pay. Are your employees among them? The U.S. Department of Labor (DOL) updated the earnings threshold necessary to exempt executive, administrative and professional employees from the Fair Labor Standards Act’s (FLSA) minimum wage and overtime pay requirements. The rule, which went into effect January 1, […]
How Sales Taxes Affect Your Bids: Loans Between Loved Ones
Loaning money to family and friends is tricky business for many reasons. Taxes are among them. Funds received as proceeds of a loan aren’t taxable if the borrower is expected to pay it back. However, the moment some or all of the debt is forgiven (doesn’t need to be paid back), the IRS will want […]