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In addition to the stimulus payments discussed earlier, the CARES Act has some other tax provisions that individuals may be able to take advantage of, if only temporarily. What follows is a brief discussion of each of the individual tax changes contained in the new law: Waiver of 10% early distribution penalty from Qualified Plans...
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A major part of the CARES Act, which was signed into law yesterday by President Trump, deals with an inflow of cash to small businesses, both directly (through new lending programs) and indirectly (through tax credits). Here are some of the main points, following the same FAQ format as my last post on stimulus payments...
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This evening, President Trump signed into law the Coronavirus Aid, Relief, and Economic Security Act (the CARES Act), ending a whirlwind two-week run of back and forth between the House and Senate. With the law comes much needed relief for many taxpayers in the form of cash payments from the government. What follows is a...
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In response to the ongoing crisis caused by coronavirus, the Department of Labor is charged with implementing new emergency sick leave requirements that apply to all employers with under 500 employees, with some exceptions (see below). The new law goes into effect on April 2. Essentially, there are two parts to the new law: Mandatory...
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I’ve been getting a lot of questions from small business owners recently about two related topics: 1. how to reimburse employees for business expenses, and 2. how to claim the home office deduction. Both of these questions can be answered by using something called an accountable plan. A recent article in the AICPA’s Journal of...
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The $1.4 trillion spending package enacted on December 20, 2019, included the Setting Every Community Up for Retirement Enhancement (SECURE) Act, which had overwhelmingly passed the House of Representatives in the spring of 2019, but then subsequently stalled in the Senate. The SECURE Act represents the most sweeping set of changes to retirement legislation in...
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A tax credit reduces the amount of income tax you may have to pay. Unlike a deduction, which reduces the amount of income subject to tax, a credit directly reduces the tax itself. Most tax credits are nonrefundable: If the credit amount exceeds the tax owed, no refund is given. Refundable credits are different: If...
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As the end of the year is fast approaching, we should consider any last-minute strategies that might help reduce your 2019 tax bill. Last year was the first year to be impacted by the Tax Cuts and Jobs Act of 2017 (TCJA). While there was no significant new legislation in 2019 affecting individual taxes, situations...
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As the year draws to a close, it’s time for us to discuss whether there are any last-minute actions we can take to reduce your business-related 2019 tax liability. The actions necessary will depend on the year-end estimate of your business taxable income. Section 179 Expensing and Bonus Depreciation Two of the biggest tax incentives...
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