Monthly Bulletins

If you want your vacation home to qualify as a rental property for federal income tax purposes, you'll need to limit your personal use. But, as the COVID-19 pandemic lingers on, you may want to increase the time spent at your home-away-from-home, rather than rent it out to others. Here's a summary of the federal income tax rules for vacation homes that are classified as rental properties to help you decide what's right for your situation.

The IRS wants to know about any virtual currency transactions. However, many taxpayers are surprised to learn that Bitcoin and other forms of virtual currency are considered "property" for tax purposes, requiring you to report taxable gain, income, or loss on every exchange of virtual currency for goods, services, U.S. dollars, or a different virtual currency. Here are the details.

Are you thinking about buying a plug-in electric car or truck? Fortunately, a tax credit is available for qualified vehicles. The base amount of the credit is $2,500 per vehicle. The vehicle must be new and have battery capacity of […]

What could President Biden’s tax proposals mean for you? Here’s a brief rundown of the “American Families Plan.”

What's a "restaurant" for tax deduction purposes? A recent tax law provides a 100% business deduction (up from 50%) for food and beverage expenses in 2021 and 2022 as long as they're "provided by a restaurant." The IRS has now […]

Every contractor should have protocols in place to prevent fraud perpetrated by workers and external parties. As this article explains, these include segregation of accounting duties, annual audits and robust cybersecurity plans. Construction businesses also must periodically review supplier lists to help protect against vendor fraud.

There's good news for certain parents: For 2021 only, under provisions included in the new American Rescue Plan Act, you may be eligible for a significantly larger tax credit for qualifying children. Though the rules have been significantly liberalized, they're complicated. Here are the basics to help determine whether your family qualifies for this potentially valuable, but temporary, tax change.

Eligible businesses affected by the COVID-19 pandemic now have until May 31 to apply for a PPP loan. Here’s the latest on the popular loan program.

The IRS extends the Tax Day deadline. Individual taxpayers get extra time to file their 2020 tax returns and pay their taxes because of the pandemic. The IRS announced that the federal income tax filing and payment due date has […]

If you're self-employed, there are two tax-saving opportunities to consider before filing your 2020 federal income tax return. First, you may be able to defer part of the Social Security tax component of your self-employment tax liability. Second, you may be entitled to receive tax credits for COVID-related sick leave and family leave. Here are the details, as well as the lowdown on a new 1099 form for nonemployee compensation.

President Biden recently signed legislation to infuse the U.S. economy with another $1.9 trillion in financial relief during the COVID-19 pandemic. This is welcome news for people and businesses that have suffered major losses over the last year. Here are some highlights of the tax and financial relief provisions of the American Rescue Plan Act.

Is your business taking full advantage of the Employee Retention Credit?