The Coronavirus Aid, Relief, and Economic Security (CARES) Act’s many provisions provide emergency relief for businesses suffering financial hardships due to COVID-19. The most widely publicized provision has been the Paycheck Protection Program Loan (PPP Loan).
What tweaks might be needed to your year-end tax planning now that the presidential election is over?
There are a number of tax obligations that must be met when a business closes its doors. Sadly, because of COVID-19, many businesses are facing this reality. Here are the basic requirements.
The IRS has announced its 2021 cost-of-living adjustments to tax amounts that might affect you. Many increased to account for inflation, but some remained at 2020 levels. As you implement 2020 year-end tax planning strategies, be sure to take these 2021 adjustments into account in your planning. Also,…more
Interested in reducing your 2020 tax liability? There’s still time to take these year-end tax planning steps.
In some cases, a married couple files a joint tax return and one spouse doesn’t disclose all of his or her income. The IRS goes after the other spouse for payment. But there may be “innocent spouse” relief.