Business Tax
The CARES Act – Tax Relief for individual and Businesses
Tax Relief Provided by the CARES Act In addition to IRS actions and earlier-enacted federal tax law, the Coronavirus Aid, Relief, and Economic Security (CARES) Act, Congress’s gigantic economic stimulus package that the President signed into law on March 27, 2020, contains numerous tax-related provisions. Tax Relief for Individuals Provided by the CARES Act Recovery…
Read MoreThe CARES Act: Retirement Provisions
The COVID-19 pandemic is affecting all aspects of finances, including retirement savings. The CARES Act contains provisions affecting these plans that will remain in effect for 2020. They include the following: The act specifically aligned the due date for contributions to IRAs and retirement plans with the extended due date for individual tax returns. Accordingly,…
Read MoreThe CARES Act: Getting a Small Business Loan
The CARES Act—a collection of pandemic-related provisions—has good news for small businesses struggling to stay afloat during the COVID-19 pandemic. The act provides relief to US-based businesses with (1) 500 or fewer employees that are unable to pay their bills because of the coronavirus pandemic or (2) the standard number of employees established by the…
Read MoreStrategic Tax Planning and Itemizing
The Tax Cuts and Jobs Act of 2017 (TCJA) made major changes that affect how individual taxpayers can claim deductions. For individual taxpayers, the biggest changes were (1) the increase in the standard deduction, which significantly raised the threshold for claiming itemized deductions; (2) the elimination of some itemized deductions (e.g., moving expenses) and the…
Read MoreIt’s Never Too Early for Tax Planning
Benjamin Franklin once said “to fail to plan is to plan to fail.” This adage certainly applies to tax planning. Although the Tax Cuts and Jobs Act of 2017 (TCJA) eliminated many deductions outright, there are exceptions. Certain deductions still exist but are being phased out, whereas others will expire after a set time. This…
Read MoreTaxpayers should be on the lookout for new versions of these two scams
With scam artists hard at work all year, taxpayers should be on the lookout for a surge of evolving phishing emails and telephone scams. Taxpayers should watch for new versions of two tax-related scams. One involves Social Security numbers related to tax issues. The other threatens taxpayers with a tax bill from a fictional government…
Read MoreThe 5 Biggest Surprises for Businesses Arising from the New Tax Law
1) Owners of pass-through entities may get a significant deduction from the new 199A deduction, but it is a complex and time-consuming calculation. This new provision gives eligible businesses up to a 20 percent tax deduction on certain qualified business income. However, the new 199A deduction requires additional reporting for every pass-through entity. Because the deduction…
Read MoreFDII: Tax Reform’s Overlooked Benefit of U.S. Exporters
In an effort to boost the production of U.S. goods, the 2017 Tax Act introduced a Foreign Derived Intangible Income (FDII) deduction for tax years 2018 and beyond. But despite the deduction representing a significant reduction in tax rates, the benefit remains under-utilized. If your corporation exports goods or sells services outside of the U.S.,…
Read More4 Ways to Get (and Keep) Your Business Data in Order
With so much data flying around these days, it’s easy for a company of any size to get overwhelmed. If something important falls through the cracks, say a contract renewal or outstanding bill, your financial standing and reputation could suffer. Here are four ways to get — and keep — your business data in order:…
Read More