Posted on March 16, 2021
by
Karen Lake
Due to the recent winter storms that crippled much of Texas, the IRS has postponed several federal tax filing and payment deadlines for residents and businesses in the state. Texans now have until June 15 to file their 2020 personal income tax returns and pay the related tax liabilities, rather than the usual April 15 […]
The latest round of stimulus approved by Congress in response to the ongoing pandemic further enhances the employee retention tax credit (ERC) and the benefits it provides to eligible taxpayers that keep employees on payroll despite COVID-related suspensions of operations or declines in gross revenue. With the enactment of the $1.9 trillion American Rescue Plan […]
Posted on February 25, 2021
Rarely do taxpayers have an opportunity to reduce their taxable income and related tax liabilities in a given year after the clock strikes midnight on December 31. This is not the case for certain trusts, which the IRS grants an additional 65 days after year-end to distribute income to beneficiaries and treat it as if […]
Posted on February 22, 2021
by
John Ebenger
With all the economic hardships caused by the COVID-19 crisis, businesses must take the time to carefully review their financial losses to uncover potential opportunities for which they may use those deductions to maximize tax efficiency in 2020 and the years ahead. For example, much ink has been spilled over the Coronavirus Aid, Relief and […]
Posted on February 17, 2021
With the continuous rise of tax-related identify theft, the IRS has expanded its Identity Protection PIN (IP PIN) Program, offering all U.S. taxpayers the ability to request an added level of security for verifying their identifies when filing taxes or dealing with the IRS. The IRS introduced the IP PIN program nearly 10 years ago […]
Posted on February 15, 2021
by
Lewis Kevelson
Under U.S. tax law, foreign corporations and foreign persons deemed nonresident aliens (NRA) for tax purposes must pay U.S. taxes only on income they earn from U.S. sources. Therefore, an NRA that owns an interest in U.S. real estate will have a U.S. income tax liability only when he or she “disposes” of the property […]
Posted on February 11, 2021
by
Rick Bazzani
Millions of college-age students are taking a gap year or living at home during the Fall 2020/Spring 2021 semesters while many classes have moved online as a result of the COVID-19 pandemic. It is important for families to understand how these decisions may affect the funds they have saved in 529 plans. A 529 college […]
Posted on February 03, 2021
by
Joanie Stein
There is good and bad news for retirement savers in 2021. While the IRS’s annual inflation adjustments will allow more individuals to qualify to contribute to traditional IRAs and Roth IRAs, the maximum amount that can be contributed to employer-sponsored 401(k) and 403(b) plans remains unchanged from last year. If you are already retired or […]
Posted on January 19, 2021
by
Joanie Stein
A college education is a significant expense. To help reduce the financial burden of paying for higher education, college students and their families may qualify for certain tax credits and other tax-advantaged savings programs offered through public and private sources. The American Opportunity Tax Credit The American Opportunity Tax Credit (AOTC) provides a maximum annual […]
Posted on January 14, 2021
by
Andrew Leonard
The Small Business Administration (SBA) and U.S. Treasury Department recently announced the opening dates for the second round of the Paycheck Protection Program (PPP2) and released the application forms small businesses, nonprofits and other qualifying entities should use when applying for first-time and second-draw loans under the revived program. Lenders with $1 billion or less […]
