Monthly Bulletins

The Biden Administration has announced five specific reforms to the Paycheck Protection Program that are intended to benefit small businesses.

Many individuals and businesses have suffered bad debt losses during the COVID-19 pandemic. But the IRS may be skeptical of deductions claimed for these losses. Here's some guidance to help individuals and business owners navigate the maze of federal income tax rules for the treatment of bad debt losses.

In January, the IRS Identity Protection PIN Opt-In Program will be expanded to all taxpayers who can properly verify their identity. An Identity Protection PIN is a six-digit number assigned to eligible taxpayers to help prevent their Social Security number […]

PPP loans are expanded and extended. Under the new Consolidated Appropriations Act, eligible small businesses can take out first or "second draw" Paycheck Protection Program (PPP) loans. This provision targets smaller and harder-hit businesses with 300 or fewer employees that […]

President Trump signed the Consolidated Appropriations Act (CAA) into law on December 27, 2020. The legislation adds a few new tax breaks for businesses. For example, it allows taxpayers to deduct 100% of the cost of business-related food and beverage expenses incurred at restaurants in 2021 and 2022. The new law also extends a bevy of other business breaks that were set to expire at the end of 2020.

The massive COVID-19 relief bill signed by President Trump on December 27, 2020, contains a variety of tax breaks and authorizes direct payments to eligible individuals. The new law, called the Consolidated Appropriations Act, contains beneficial changes for individuals. This article explains some of the highlights.

After months of negotiations in Washington, an agreement has been struck on a new aid package to address the ongoing fallout from the COVID-19 pandemic. The legislation has been passed by both the U.S. House of Representatives and the U.S. […]

The CARES Act granted several valuable federal tax breaks for individuals and businesses. But most will expire at the end of 2020 or at the end of tax years that begin in 2020. Here's a roundup of tax breaks scheduled […]

Most people aren't currently exposed to the federal estate tax, thanks to the generous unified federal estate and gift tax exemptions. However, there are still good reasons to review your estate plan and possibly update it to reflect the current […]

Do you have a Flexible Spending Account (FSA) with your employer? Make sure to take full advantage of it this year and in the new year. For 2021, the contribution limit remains at $2,750 (unchanged from 2020). If an employer […]

Small business owners still have time to make tax planning moves to lower their 2020 federal income tax bills — and possibly lay the groundwork to save taxes in future years. Here are 10 ideas for small businesses to consider. […]

  It's time to implement strategies to help reduce your 2020 federal income tax bill and position yourself for future tax savings. Here are some ideas to consider before year-end. Gaming the Standard Deduction The Tax Cuts and Jobs Act (TCJA) […]