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Tax filing deadline is coming up: What to do if you need more time

  “Tax day” is just around the corner. This year, the deadline for filing 2020 individual tax returns is Monday, May 17, 2021. The IRS postponed the usual April 15 due date due to the COVID-19 pandemic. If you still aren’t ready to file your return, you should request a tax-filing extension. Anyone can request […]

Unemployed last year? Buying health insurance this year? You may benefit from favorable new changes

    In recent months, there have been a number of tax changes that may affect your individual tax bill. Many of these changes were enacted to help mitigate the financial damage caused by COVID-19. Here are two changes that may result in tax savings for you on your 2020 or 2021 tax returns. The […]

$1.9 Trillion American Rescue Plan Act Signed into Law

  On Thursday afternoon, President Biden signed the American Rescue Plan Act of 2021, making it into law. The Act includes extensions of enhanced unemployment relief, increased funding for COVID-19 testing and vaccination programs, aid to state and local governments, and assistance to schools to help get students back into classrooms. Several tax provisions are […]

PPP adjusted to prioritize very small businesses

When the Small Business Administration (SBA) launched the Paycheck Protection Program (PPP) last year, the program’s stated objective was “to provide a direct incentive for small businesses to keep their workers on the payroll.” However, according to federal officials, the recently issued second round of funding has distributed only a small percentage of the $15 billion […]

Didn’t contribute to an IRA last year? There still may be time

If you are getting ready to file your 2020 tax return, and your tax bill is higher than you would like, there might still be an opportunity to lower it. If you qualify, you can make a deductible contribution to a traditional IRA right up until the April 15, 2021 filing date and benefit from […]

Did you make donations in 2020? There’s still time to get substantiation

If you are like many Americans, letters from your favorite charities may be appearing in your mailbox acknowledging your 2020 donations. However, what happens if you have not received such a letter — can you still claim a deduction for the gift on your 2020 income tax return? It depends. What is required? To support […]

Educate yourself about the revised tax benefits for higher education

Attending college is one of the biggest investments that parents and students ever make. If you or your child (or grandchild) attends (or plans to attend) an institution of higher learning, you may be eligible for tax breaks to help foot the bill. The Consolidated Appropriations Act, which was enacted recently, made some changes to […]

Economic Aid Act Rebooted (PPP Loan 2)

The U.S. Small Business Administration (SBA) and Treasury issued guidance late Wednesday night for the reconstituted Paycheck Protection Program (PPP). The guidance came in the form of two interim final rules (IFRs): The IFR “Business Loan Program Temporary Changes; Paycheck Protection Program as Amended”, which consolidates the rules for PPP forgivable loans for first-time borrowers and […]

How COVID-19 could impact year-end inventory counts

Many businesses are closed or are limiting third-party access as COVID-19 surges across the United States. These restrictions could still be in place at year-end — a time when external auditors traditionally observe physical inventory counts for calendar-year entities. Here is how you can identify and overcome the challenges associated with inventory counts during the […]

Treasury and IRS Issue Guidance Clarifying the Deductibility of Expenses Where a Business Received a PPP Loan

In guidance issued last week, the IRS has clarified the tax treatment of expenses where a Paycheck Protection Program (PPP) loan has not been forgiven by the end of the year the loan was received. Since businesses are not taxed on the proceeds of a forgiven PPP loan, the expenses are not deductible. This results […]

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