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Tax implications of working from home and collecting unemployment

COVID-19 has changed our lives in many ways, and some of the changes have tax implications. Here is basic information about two common situations. 1. Working from home. Many employees have been told not to come into their workplaces due to the pandemic. If you are an employee who “telecommutes” — that is, you work […]

Homebuyers: Can you deduct seller-paid points?

Despite the COVID-19 pandemic, the National Association of Realtors (NAR) reports that existing home sales and prices are up nationwide, compared with last year. One of the reasons is the pandemic: “With the sizable shift in remote work, current homeowners are looking for larger homes…” according to NAR’s Chief Economist Lawrence Yun. If you are […]

Back-to-school tax breaks on the books

Despite the COVID-19 pandemic, students have gone back to school for the fall, either remotely, in-person, or under a hybrid schedule. In any event, parents may be eligible for certain tax breaks to help defray the cost of education. Here is a summary of some of the tax breaks available for education. 1. Higher education […]

Will You Have to Pay Tax on Your Social Security Benefits?

If you are getting close to retirement, you may wonder: are my Social Security benefits going to be taxed? If so, how much will I have to pay? This depends on your other income. If you are taxed, between 50% and 85% of your benefits could be taxed. This does not mean you pay 85% […]

How fraud perpetrators are stealing unemployment benefits

When Congress authorized an additional $600 in monthly unemployment benefits as part of the CARES Act, out-of-work Americans were not the only ones it helped. Criminals have descended like locusts on state unemployment insurance agencies, using stolen identities to fraudulently claim both standard benefits and the additional funds administered by the Pandemic Unemployment Assistance (PUA) […]

After you file your tax return: 3 issues to consider

As you may know, the tax filing deadline for 2019 tax returns was extended until next Wednesday, July 15, due to the COVID-19 pandemic. If you have already filed your 2019 tax return with the IRS successfully, there may still be some issues to bear in mind. Here are three considerations. Some tax records can […]

SBA reopens EIDL program to small businesses and nonprofits

On June 15th, the Small Business Administration (SBA) announced that it has reopened the Economic Injury Disaster Loan (EIDL) and EIDL Advance program to eligible applicants still struggling with the economic impact of the COVID-19 pandemic. The EIDL program offers long-term, low-interest loans to small businesses and nonprofits. If your company has not been able […]

New PPP Loan Forgiveness Applications Released

The U.S. Small Business Administration (SBA) along with the U.S. Treasury, released a revised loan forgiveness application for the Paycheck Protection Program (PPP) this past Wednesday. The SBA also unveiled a new EZ application for forgiveness of PPP loans. These applications reflect changes made by the Paycheck Protection Flexibility Act of 2020 (Flexibility Act), which […]

Changes to PPP Rules and Guidance

The U.S. Treasury, along with the Small Business Administration (SBA), announced several updates to the Paycheck Protection Program (PPP) rules and guidance through the Paycheck Protection Program Flexibility Act (PPPFA) of 2020. According to Treasury Secretary Steven Mnuchin and SBA Administrator Jovita Carranza, the PPPFA will help businesses by providing more time and flexibility to […]

Do you have tax questions related to COVID-19? Here are some answers

The coronavirus (COVID-19) pandemic has affected many Americans’ finances. Here are some answers to questions you may have right now. My employer closed the office and I’m working from home. Can I deduct any of the related expenses? Unfortunately, no. If you are an employee who telecommutes, there are strict rules that govern whether you […]