The CARES Act Liberalizes Net Operating Losses
The Coronavirus Aid, Relief, and Economic Security (CARES) Act eliminates some of the tax-revenue-generating provisions included in a previous tax law. Here’s a look at how the rules for claiming certain tax losses have been [...]
Adjust Your Expectations Of Business Interruption Coverage
A natural place to turn when disaster strikes is insurance. The very reason you pay premiums and deal with the paperwork is to have these risk management policies in place when necessary. But, when it [...]
IRA Account Value Down? It Might Be A Good Time For A Roth Conversion
The coronavirus (COVID-19) pandemic has caused the value of some retirement accounts to decrease because of the stock market downturn. But if you have a traditional IRA, this downturn may provide a valuable opportunity: It [...]
Hiring Independent Contractors? Make Sure They’re Properly Classified
As a result of the coronavirus (COVID-19) crisis, your business may be using independent contractors to keep costs low. But you should be careful that these workers are properly classified for federal tax purposes. If [...]
IRS Extends Some (But Not All) Employee Benefit Plan Deadlines
The IRS recently issued Notice 2020-23, expanding on previously issued guidance extending certain tax filing and payment deadlines in response to the novel coronavirus (COVID-19) crisis. This guidance applies to specified filing obligations and other [...]
California Tax Updates for April 22
Post 1: The California Franchise Tax Board (FTB) has posted frequently asked questions (FAQs), related to tax relief due to the novel coronavirus (COVID-19). The list addresses topics such as: information returns, extensions to file; [...]
Answers To Questions You May Have About Economic Impact Payments
Millions of eligible Americans have already received their Economic Impact Payments (EIPs) via direct deposit or paper checks, according to the IRS. Others are still waiting. The payments are part of the Coronavirus Aid, Relief, [...]
New COVID-19 Law Makes Favorable Changes To “Qualified Improvement Property”
The law providing relief due to the coronavirus (COVID-19) pandemic contains a beneficial change in the tax rules for many improvements to interior parts of nonresidential buildings. This is referred to as qualified improvement property [...]
The History of April 15th and Tax Day
April 15 isn't most Americans' favorite day, and that's because most years, it's the official, federal tax deadline (for the first time in 65 years, tax day now falls on a different day, July 15, [...]
What Are The Key Distinctions Between Layoffs And Furloughs?
As businesses across the country grapple with the economic fallout from the novel coronavirus (COVID-19) pandemic, many must decide whether to downsize their workforces to lower payroll costs and stabilize cash flow. If your company [...]