Posts Tagged ‘taxes’
How Work From Home Might Affect This Year’s Tax Returns
Back in March of 2020, our world suddenly shifted, and so did our place of work. Most of us found ourselves creating spur-of-the-moment home offices, navigating how to perform our jobs virtually while possibly also homeschooling our children, and putting systems into place to run a business from a remote setting. Now, as we head…
Read MoreTrade Associations, COVID-19 and the CARES Act
We know there isn’t any industry unaffected by COVID-19. That said, there’s been little discussion of the impact of the pandemic on trade associations. Trade associations are known for their role in providing information, support, advocacy, and training to industry members and to the professionals employed in those industries. They provide important information and resources,…
Read More2020 Year-end Charitable Giving Tax Incentives for Corporations
Once again, the grocery store bell ringers are out with red buckets seeking spare change in this giving time of the year. Yet a pall rests over the season due to pandemic-related economic reversals felt by even the jolliest of citizens. It is rumored that Rudolph, Prancer, and Vixen were furloughed, and Santa will lighten…
Read More2020 Year-end Charitable Giving Tax Incentives for Individuals
Given that the 2019 tax reform act reduced the domestic corporate tax rate to 21%, far less than the top individual marginal tax rate of 37%, charitable giving opportunities at the individual level may provide potentially more tax savings for individual taxpayers than for corporate taxpayers. Noteworthy individual tax-saving opportunities for year-end charitable giving include:…
Read MoreTax Implications of the Cares Act
December 29, 2020 Jim Niblock, CPA Department’s Senior Manager of Tax Services and Jennifer Eubanks present Tax Implications of the Cares Act Register Now
Read More4 Tax Provisions CARES Put Into Place You Should Pay Attention To
Businesses are facing challenges not seen previously due to COVID-19. Many industries have been significantly impacted, some have been decimated, and most have been impacted to some extent by the COVID-19 outbreak. To help businesses survive this turbulent time, the federal government put the CARES Act (Coronavirus Aid, Relief, and Economic Security Act) into effect.…
Read MoreGMU – Corporate Tax Implications of COVID-19
Presentation – GMU 2pm on Ma 28, 2020 Christine Landoll moderating a discussion with Jennifer Eubanks, Stephen Lawson, and Lina Ivanova on the effects of #covid19 on #corporatetaxes.
Read MoreSBA Issues New Interim Rule – Temporary Changes Impacting Self-Employed and Partnership Access to PPP Loans
We’ve received many questions from individuals with self-employment income filing on Form 1040 with a Schedule C. The repeated question is whether these individuals are eligible for a PPP loan, and if so, how to determine the maximum loan amount. The new interim rule answers this question. If you have no employees, the following methodology…
Read MoreIRS Extends More Tax Deadlines
The IRS announced today that all taxpayers having a filing or payment deadline falling on or after April 1, 2020, and before July 15, 2020 will receive an extension to July 15, 2020. This includes payments for estimated taxes, normally due 6/15/2020. This means that any individual or corporation that has a quarterly estimated tax…
Read MoreDeductions Denied for Failure to Substantiate – Penalties Imposed
The Tax Court requires taxpayers to substantiate business expenses or face stiff penalties. As we enter another tax season, the deductibility of expenses will be in the forefront of business owner’s minds. The Tax Court took a strong position on the matter in this 2006 court case, placing the burden of substantiation on taxpayers to…
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