The U.S. Senate and House of Representatives overwhelmingly passed a $900 billion COVID-19 relief bill Monday night that provides $600 stimulus payments to individuals, adds $300 to extended weekly unemployment benefits, and provides more than $300 billion in aid for [...]
U.S. tax law provides a valuable benefit — in the form of a nonrefundable tax credit — for businesses that engage in qualified research and development activities (see a list below). The Sec. 41 credit, which amounts [...]
Several end-of-year tax planning strategies are available to business owners that can be used to reduce their tax liability. Let's take a look: DEFERRING INCOME Businesses using the cash method of accounting can defer income into 2021 [...]
With the end of the year fast approaching, now is the time to take a closer look at tax planning strategies you can use to minimize your tax burden for 2020. GENERAL TAX PLANNING STRATEGIES General tax [...]
Starting your own business can be an exciting prospect, but there is more to it than simply writing a business plan. Also, if you expect to have employees, there are a variety of federal and state forms [...]
The term “passive foreign investment company” (PFIC) suggests a sophisticated, highly specialized investment that the majority of U.S. persons probably would not own. In reality, many U.S. persons--whether living in the United States or abroad--may unwittingly become [...]
On August 8, 2020, the President issued a Memorandum allowing employers to defer withholding and payment of an employee's portion of the Social Security tax (i.e., the 6.2% FICA portion of the federal payroll tax on employees). [...]
If you discover a mistake on your tax return after you've already filed, don't panic. In most cases, all you have to do is file an amended tax return. Here's what you need to know: Taxpayers should [...]
If your business has obtained a PPP loan, you will presumably soon be applying to have some or all of that loan forgiven pursuant to the SBA's PPP guidelines. That raises the interesting question of what the [...]
Generally, taxpayers must begin taking a required minimum distribution (RMD) from a defined-contribution retirement plan, including a 401(k) or 403(b) plan, or an IRA when they reach age 72 (70 1/2 if they reached 70 ½ before [...]
