Congress Passes Year End Funding and Pandemic Aid Package
The bill includes tax deductibility of PPP expenses and new round of PPP loans
Award Year-End Bonuses the Right Way
This has been a rough year for many businesses in a broad range of industries — perhaps including your company. As the New Year beckons, you might want to reward employees who rose to 2020’s considerable challenges and outperformed. One approach is to reward loyal workers with year-end bonuses. Bonuses remind employees that you value…
Beware: Several CARES Act Tax Provisions Will Soon Expire
The CARES Act granted several valuable federal tax breaks for individuals and businesses. But most will expire at the end of 2020 or at the end of tax years that begin in 2020. Here’s a roundup of tax breaks scheduled to go off the books soon, unless Congress extends them. For Individual Taxpayers Charitable donations. The Tax…
Creating a Tax-Advantaged ABLE Account for a Loved One with a Disability
The Achieving a Better Life Experience (ABLE) Act of 2014 allows states to set up ABLE account programs, which are similar to state-run Section 529 college savings programs. That is, you can establish a tax-favored ABLE account to cover qualified disability expenses of a family member or loved one who’s named as the designated account beneficiary….
GRF CPAs & Advisors Makes List of Best Firms for Young Accountants
Following GRF CPAs & Advisor’s (GRF) recognition earlier this year as one of Accounting Today’s 2020 Best Accounting Firms to Work for in the Midsized Firms category, the firm has been honored once again. In their new report, Accounting Today singles out the members of the Best Accounting Firms to Work For that are most…
Tax Implications When Lenders Cancel Debts in the COVID-19 Era
In the COVID-19-ravaged economy, debts can pile up beyond a borrower’s ability to repay. Lenders sometimes may be willing to forgive (or cancel) debts that are owed by certain borrowers. While debt forgiveness can help struggling borrowers survive financially, it can sometimes trigger negative tax consequences. Here’s what borrowers need to know about the tax implications…
Taxes on Roth IRA Withdrawals Today
If you’re experiencing financial distress during the COVID-19 crisis, you might be thinking about tapping into your Roth IRA to improve your cash situation. But before withdrawing money from a Roth account, it’s important to understand the federal income tax consequences, especially if you’re under 59½. Common Misconception You may think that all withdrawals from…
What Are the Most Common Form 990 Mistakes Nonprofits Make?
Each year, your nonprofit organization must carefully determine the proper Form 990 return to file because penalties can be assessed for failing to file the right version. If a form is materially incomplete or the wrong return is filed, the IRS will return Form 990 series forms filed on paper — and reject electronically filed…
A Good Time for Making Tax-Smart Family Loans
During the COVID-19 crisis, you may want to loan money to a family member in need of financial assistance. However, before writing out a check, you should review the federal tax rules to ensure that you’re making a tax-smart loan. The good news is that now is generally an advantageous time to lend money to…
Tax-Favored QSBC for the COVID-19 Era and Beyond
The COVID-19 crisis has taken a toll on many small businesses. But some winners are expected to emerge from the wreckage. Unprecedented steps will be taken to guard against health risks from COVID-19 and whatever might come along next. The new normal will create new opportunities. Small businesses that can respond to those opportunities will…