R&D Tax Credits May be Part of the Next Tax Relief Bill

As the economic impact of COVID-19 lingers and an impending second wave is on everyone’s mind, Congress is already thinking of new legislation to stimulate the economy. One of the ideas on the top of the list is an expansion of the Research and Development (R&D) tax credit as part of the next COVID-19 relief … Continue reading “R&D Tax Credits May be Part of the Next Tax Relief Bill”

HEROES ACT Can Combat Economic Downtown

The HEROES Act, otherwise known as the Health and Economic Recovery Omnibus Emergency Solutions Act, can greatly improve the benefits for the earned income tax credit (EITC) for eligible workers who don’t have children. This legislation would also help wage earners in the business-to-consumer and leisure sectors of the economy impacted severely by the coronavirus … Continue reading “HEROES ACT Can Combat Economic Downtown”

IRS Questions and Answers on COVID-19 IRA and 401(k) Loans & Distributions

The CARES Act stimulus package substantially relaxed the rules around certain retirement account loan and distribution requirements, but with much confusion. As a result, the IRS recently put out a FAQ document to address the COVID-19 rule relaxation around IRA and 401(k) loans and distributions. This important information should come as welcome news for the … Continue reading “IRS Questions and Answers on COVID-19 IRA and 401(k) Loans & Distributions”

Be Right About Free Money: Potential Legal Risks of the Paycheck Protection Loan Program

One of the most important provisions of the CARES Act for small businesses is called the Paycheck Protection Program (PPP). The PPP is a $349 billion program designed to assist small businesses (fewer than 500 employees) facing financial difficulties as a result of the COVID-19 pandemic through specifically structured loans. The loan program offers funding … Continue reading “Be Right About Free Money: Potential Legal Risks of the Paycheck Protection Loan Program”

Should You File an Amended 2018 Return?

During the holiday season in December, Congress passed the Consolidated Budget Appropriations Act of 2020. Included in this Act was a tax package that renewed more than 24 tax provisions through what are known as extenders. An extender makes a tax provision effective retroactively. Some of the extender provisions are rather esoteric, so we’ll only … Continue reading “Should You File an Amended 2018 Return?”

Taxes and Tariffs: The U.S. Response to France’s Digital Tax

How it All Started Back in July of 2019, France passed what was dubbed a “digital tax” targeting the largest tech companies. Impacting approximately 30 big companies such as Amazon, Google, Facebook and Apple, the tax applies to revenues earned from digital services of companies that earn more than $830 million in total and at … Continue reading “Taxes and Tariffs: The U.S. Response to France’s Digital Tax”

When Should You Switch Your Side Hustle to a Business Entity Structure?

Starting a side hustle today is easier than ever. Between the numerous websites that act as marketplaces and project jobs that can be found on the internet, almost anyone can turn a skill or hobby they have into something they can make money off. Many people who do this are just looking to make a … Continue reading “When Should You Switch Your Side Hustle to a Business Entity Structure?”

2020 Tax Brackets, Deductions, Plus More

Beginning on Jan. 1, 2020, the Internal Revenue Service (IRS) has new annual inflation adjustments for tax rates, brackets, deductions and retirement contribution limits. Note, the amounts below do not impact the tax filing you make in 2020 for the tax year 2019. These amounts apply to your 2020 taxes that you will file in 2021. … Continue reading “2020 Tax Brackets, Deductions, Plus More”

How to Defer, Avoid Paying Capital Gains Tax on Stock Sales

The markets are hitting all-time highs, so if you are thinking of selling stocks now or in the near future, there is a good chance that you will have capital gains on the sale. If you’ve held the stocks for more than a year, then they will qualify for the more favorable long-term capital gains … Continue reading “How to Defer, Avoid Paying Capital Gains Tax on Stock Sales”

 

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