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May 12, 2021Working in the gig economy results in tax obligations
Before the COVID-19 pandemic hit, the number of people engaged in the “gig” or sharing economy had been growing, according to several reports. And reductions in working hours during the pandemic have caused even more people to turn to gig work to make up lost…
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May 05, 2021Providing education assistance to employees? Follow these rules
Many businesses provide education fringe benefits so their employees can improve their skills and gain additional knowledge. An employee can receive, on a tax-free basis, up to $5,250 each year from his or her employer for educational assistance under a “qualified educational assistance program.” For…
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Apr 27, 2021Why it’s important to meet the tax return filing and payment deadlines
The May 17 deadline for filing your 2020 individual tax return is coming up soon. It’s important to file and pay your tax return on time to avoid penalties imposed by the IRS. Here are the basic rules. Failure to pay Separate penalties apply for…
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Apr 21, 2021Unemployed last year? Buying health insurance this year? You may benefit from favorable new changes
There have been many tax changes which were enacted to help mitigate the financial damage caused by COVID-19.
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Apr 13, 2021Home sales: How to determine your “basis”
The housing market in many parts of the country is strong this spring. If you’re buying or selling a home, you should know how to determine your “basis.”
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Apr 06, 2021Who qualifies for “head of household” tax filing status?
Who qualifies to file a return as a head of household, which is more favorable than single?
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Apr 01, 2021
PPP Application Deadline Extended in New Law
On March 30, 2021, President Biden signed legislation to extend the application period of the popular Paycheck Protection Program (PPP) through May 31, 2021. This followed a bipartisan 92-7 vote in the U.S. Senate to pass the Paycheck Protection Program Extension Act of 2021. PPP…
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Apr 01, 2021
FFCRA Expansion Under the American Rescue Plan Act
FFCRA (Families First Coronavirus Response Act) first went into effect April 1, 2020 and was set to expire December 31, 2020. In December, FFCRA was extended on a voluntary basis allowing employers to continue to offer FFCRA leave through March 31, 2021. On March 11,…
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Mar 30, 2021Need a new business vehicle? Consider a heavy SUV
Are you considering buying or replacing a vehicle that you’ll use in your business? If you choose a heavy sport utility vehicle (SUV), you may be able to benefit from lucrative tax rules for those vehicles. Bonus depreciation Under current law, 100% first-year bonus depreciation…
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Mar 30, 2021New law tax break may make child care less expensive
The new American Rescue Plan Act (ARPA) provides eligible families with an enhanced child and dependent care credit for 2021. This is the credit available for expenses a taxpayer pays for the care of qualifying children under the age of 13 so that the taxpayer…