Tax identity theft is a serious issue for the IRS as fraudsters continue to find new ways to steal taxpayers’ Social Security numbers and other personal information to file false tax returns....
Along with other changes, the recent $2.3 trillion Consolidated Appropriations Act (Act) made significant changes to the Employee Retention Credit (ERC) created earlier in 2020 by the CARES Act....
President-elect Joe Biden has publicized various aspects of his tax plan once he takes office in 2021. This article summarizes those proposals as they stood heading into the election and their...
The 2017 Tax Cuts Jobs Act (TCJA) essentially eliminated the business deduction for expenses related to entertainment, amusement, or recreational activities. On September 30, 2020, the IRS...
On August 8, 2020, President Trump issued a memorandum authorizing the deferral of payroll taxes for certain employees from September 1, 2020 through December 31, 2020. On August 28th, the IRS...
On Wednesday, March 18, 2020, the U.S. Senate passed H.R. 6201, Families First Coronavirus Response Act, which was signed shortly thereafter by the president. Now that the bill is signed into law,...
On Wednesday, March 18th, the IRS issued Notice 2020-17, Relief for Taxpayers Affected by Ongoing Coronavirus Disease 2019 Pandemic, which allows for an extension of the payment deadline for...
When it comes to Section 199A advantages under new tax reform, many taxpayers engaged in the real estate industry were left waiting to find out if they would qualify for the benefits. Notice...
As the end of the year approaches, it is a good time to think of planning moves that will help lower your tax bill for this year and possibly the next.
Signed into law this past December, the Tax Cuts and Jobs Act (TCJA) is the most sweeping federal tax legislation since 1986. It includes significant changes for individual taxpayers, many of...