Monthly Bulletins

Last year, many people decided to take tax-favored coronavirus-related distributions from traditional IRAs under the CARES Act. This was a great way to obtain needed cash if you were adversely affected by the pandemic. But the tax reporting for these distributions and any subsequent recontributions can be confusing. Here's an overview of the rules and strategies to help you get the best federal income tax results

Have you taken advantage of the federal Payroll Protection Plan (PPP) loan program? If so, you may be counting on all or part of that loan to be forgiven like a federal grant. An important deadline is looming that you'll need to meet for your loan to be forgiven. If you miss that deadline, you'll need to repay your loan in full, plus interest, by the maturity date. Here are the details on how to apply for forgiveness and survive an audit of your PPP loan.

Fresh IRS guidance is available for employers claiming the Employee Retention Credit in the third and fourth quarters of 2021.

It's Back to School Tax-Free Weekend!

The SBA has eased the process of forgiving a PPP loan. Here’s how.

Advance child tax credit (CTC) payment recipients can still opt out even if they start receiving payments. The IRS began sending out payments or depositing them in bank accounts on July 15. The IRS announced that families can use its […]

  The COVID-19 pandemic has changed the dynamics of many households. In most cases, schools stopped or limited in-person instruction, causing many children to engage in at-home learning. Some families moved disabled adult children or seniors from long-term care centers […]

Tax-favored Section 529 college savings plans — also known as qualified tuition programs — have been around long enough that many people are now withdrawing money to pay for school. Qualified withdrawals are always federal-income-tax-free and usually state-income-tax-free, too. However, […]

If you received a PPP loan, important forgiveness deadlines are approaching. Are you ready?

Company president is assessed a penalty. If an employer withholds taxes from employees but doesn't pay them over to the IRS, the employer may face a harsh penalty. The Trust Fund Recovery Penalty (TFRP) equals 100% of the unpaid tax […]

You've worked a lifetime to build your wealth and understandably want to pass much of it to loved ones. Your estate plan, therefore, needs to protect and preserve your assets. This article explores several asset protection strategies, including trusts, liability-limiting business entities and using the gift and estate tax exemption.

Did you recently launch a small business venture? Being self-employed brings new — and potentially sizeable — tax-saving opportunities that aren't available to traditional W-2 employees. Here are seven common deductions to consider as you plan for the 2021 tax year. But don't wait until the last minute: Frequently, it requires forethought to implement strategies and collect the appropriate supporting documentation.