Monthly Bulletins

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?

Due to the pandemic and an unprecedented backlog of tax returns waiting to be processed, the IRS has postponed the federal tax filing deadline to May 17, 2021.

Because the American Rescue Plan Act is such an expansive piece of legislation, it’s likely you, your family or your business can benefit from it.

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

It's full speed ahead for tax season now that the IRS is accepting returns. Here are some quick tips to help speed the process and avoid common errors that could delay a refund, if you're due one. Bring all required […]

Every year, the dollar amounts allowed for various federal tax benefits are subject to change based on inflation adjustments and legislation. Here are some important tax figures for 2021, compared with 2020, including the estate tax exemption, Social Security wage base, qualified retirement plan and IRA contribution limits, driving deductions, allowable business write-off amounts and more

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.