Homebuyers: Can You Deduct Seller-Paid Points?
Despite the COVID-19 pandemic, the National Association of Realtors (NAR) reports that existing home sales and prices are up nationwide, compared with last year. One of the reasons is the pandemic: “With the sizable shift [...]
Back-To-School Tax Breaks On The Books
Despite the COVID-19 pandemic, students are going back to school this fall, either remotely, in-person or under a hybrid schedule. In any event, parents may be eligible for certain tax breaks to help defray the [...]
5 Key Points About Bonus Depreciation
You’re probably aware of the 100% bonus depreciation tax break that’s available for a wide range of qualifying property. Here are five important points to be aware of when it comes to this powerful tax-saving [...]
California Tax Updates for August 28
Post 1: The California Employment Development Dept. (EDD) has released the latest issue of its quarterly newsletter for employers. Among other things, it includes information about COVID-19 employer resources and a list of additional COVID-19 [...]
IRS Provides Tax Relief For Victims Of California Wildfires; Oct. 15 Deadline, Other Dates Extended To Dec. 15
Victims of the California wildfires that began Aug. 14 now have until Dec. 15, 2020 to file various individual and business tax returns and make tax payments, the Internal Revenue Service announced today. The IRS [...]
CARES Act Made Changes To Excess Business Losses
The Coronavirus Aid, Relief and Economic Security (CARES) Act made changes to excess business losses. This includes some changes that are retroactive and there may be opportunities for some businesses to file amended tax returns. [...]
The President’s Action To Defer Payroll Taxes: What Does It Mean For Your Business?
On August 8, President Trump signed four executive actions, including a Presidential Memorandum to defer the employee’s portion of Social Security taxes for some people. These actions were taken in an effort to offer more relief [...]
8/31 is Deadline to Repay Any Required Minimum Distributions Taken in 2020
The Internal Revenue Service announced that anyone who already took a required minimum distribution (RMD) in 2020 from certain retirement accounts now has the opportunity to roll those funds back into a retirement account following [...]
More Parents May Owe “Nanny Tax” This Year, Due To COVID-19
In the COVID-19 era, many parents are hiring nannies and babysitters because their daycare centers and summer camps have closed. This may result in federal “nanny tax” obligations. Keep in mind that the nanny tax [...]
The Possible Tax Consequences of PPP Loans
If your business was fortunate enough to get a Paycheck Protection Program (PPP) loan taken out in connection with the COVID-19 crisis, you should be aware of the potential tax implications. PPP basics The Coronavirus [...]