IRS Releases 2021 Amounts For Health Savings Accounts
The IRS recently released the 2021 inflation-adjusted amounts for Health Savings Accounts (HSAs). HSA basics An HSA is a trust created or organized exclusively for the purpose of paying the “qualified medical expenses” of an [...]
Paycheck Protection Program Loan Forgiveness Calculators
Many small businesses are struggling navigating the complexity of the Paycheck Protection Program (PPP) and loan forgiveness aspect of it. While legislation, regulations and info regarding loan forgiveness is changing and revised often, it's important [...]
California Tax Updates for May 21st
Update 1: Do you still have questions about how California helps those affected by the novel coronavirus (COVID-19) pandemic? The CA Franchise Tax Board (FTB) has just updated its frequently asked questions (FAQs) by adding a [...]
Did You Get An Economic Impact Payment That Was Less Than You Expected?
Nearly everyone has heard about the Economic Impact Payments (EIPs) that the federal government is sending to help mitigate the effects of the coronavirus (COVID-19) pandemic. The IRS reports that in the first four weeks [...]
Fortunate Enough To Get A PPP Loan? Forgiven Expenses Aren’t Deductible
The IRS has issued guidance clarifying that certain deductions aren’t allowed if a business has received a Paycheck Protection Program (PPP) loan. Specifically, an expense isn’t deductible if both: The payment of the expense results [...]
Business Charitable Contribution Rules Have Changed Under The CARES Act
In light of the novel coronavirus (COVID-19) pandemic, many businesses are interested in donating to charity. In order to incentivize charitable giving, the Coronavirus Aid, Relief and Economic Security (CARES) Act made some liberalizations to [...]
Subchapter V: A Silver Lining For Small Businesses Mulling Bankruptcy
Many small businesses continue to struggle in the wake of the coronavirus (COVID-19) pandemic. Some have already closed their doors and are liquidating assets. Others, however, may have a relatively less onerous option: bankruptcy. Although [...]
California Tax Updates for May 7th
Update 1: Are you selling goods in California? Now that so many people are looking for alternate ways to make an income due to the novel coronavirus (COVID-19) pandemic, selling goods from home is attracting a [...]
Do You Have Tax Questions Related To COVID-19? Here Are Some Answers GalleryDo You Have Tax Questions Related To COVID-19? Here Are Some Answers
business, deduction, deductions, disaster, employer, individuals, ira, irs, New Tax Laws, roth ira, small business, tax credit, tax deductions, tax implications, tax planning
Do You Have Tax Questions Related To COVID-19? Here Are Some Answers
The coronavirus (COVID-19) pandemic has affected many Americans’ finances. Here are some answers to questions you may have right now. My employer closed the office and I’m working from home. Can I deduct any of [...]
Paycheck Protection Program Loan Forgiveness
Dear Clients and Friends: Congratulations if you received a Paycheck Protection Program (PPP) loan! We hope it provides much needed cash during these uncertain times. Now that you have the funds, we want to point [...]