COVID-19 Tax Relief Impact on Your Financial Statement
CARES Act contains several tax-related provisions for businesses impacting financial statement reporting, changes aim to help improve operating cash flow.
“Qualified improvement property” aided by CARES Act
Coronavirus law contains tax rules changes for improvements to interior parts of nonresidential buildings known as qualified improvement property (QIP).
Employment Tax Deposit Relief Due to COVID-19
The IRS has reissued guidance providing relief from failure to make employment tax deposits for employers that are entitled to the refundable tax credits provided under two laws passed in response to the Coronavirus (COVID-19) pandemic.
The IRS Issues Answers to Frequently Asked Questions About the CARES Act Employee Retention Tax Credit
The recently enacted Coronavirus Aid, Relief, and Economic Security (CARES) Act provides a refundable payroll tax credit for 50% of wages paid by eligible employers to certain employees during the COVID-19 pandemic. The employee retention credit is available to employers, including nonprofit organizations, with operations that have been fully or partially suspended as a [...]
Your “brand” has commercial value and is taxable
Federal Tax News Your Brand Generally, income generated by a self-employed taxpayer's trade or business is subject to self-employment tax. One successful author received royalty income from publishing contracts for her writing, her name and her likeness. She claimed that amounts received for her name and likeness (her "brand") were investment income, and [...]
Many Taxpayers Will Pay No Tax on Long-Term Gains and Dividends
Do you have long-term capital gains or qualified dividends? If so, there's good news: After the Tax Cuts and Jobs Act (TCJA), you might still qualify for the 0% federal income tax rate on these types of income. The rate is only available for those with relatively low income. But, if your income is too high [...]
Tax Reform 2.0 – Here’s what you need to know
On September 13, the House Ways and Means Committee passed three separate bills that will be the cornerstone of what is being referred to as Tax Reform 2.0. The bills focus on making permanent certain provisions of the Tax Cuts and Jobs Act (TCJA) that affect individuals, families, and small businesses. They also promote family [...]
IRS issues proposed regulations on the pass-through business income deduction
The IRS recently released highly anticipated regulations addressing the deduction for up to 20% of qualified business income (QBI) from pass-through entities. The deduction was a major component of the Tax Cuts and Jobs Act, which became law late last year. It has also been referred to as the pass-through deduction, the QBI deduction or [...]
How to address digital assets in your estate plan
Digital assets, including things like online bank and brokerage accounts, digital photo galleries, and even email and social media accounts, are just as important to include in your estate plan as material assets. If you die without addressing these assets in your estate plan, your loved ones or other representatives may not be able to [...]
Tax News: Surprise Supreme Court Ruling Paves Way for Taxation of Online Sales
In a much-anticipated ruling that confounded the expectations of many court watchers, the U.S. Supreme Court has given state and local governments the green light to impose sales taxes on out-of-state online sales. The 5-4 decision in South Dakota v. Wayfair, Inc. was met by cheers from brick-and-mortar retailers, who have long believed that the [...]
