Consolidated Appropriations Act, 2021 (COVID-19 Relief Bill)

The U.S. Senate and House of Representatives passed a $900 billion COVID-19 relief bill last night that includes some major tax provisions, including pandemic-related relief, extensions of expired provisions, and a large number of miscellaneous items. Key provisions in the bill include: $325 billion in aid for small businesses struggling after nine months of pandemic-induced […]

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Can the COVID-19 Vaccine Be Mandatory

As COVID-19 vaccines become available, employers may require vaccines before employees return to the worksite if the employer believes that failure to be vaccinated constitutes a direct threat to other employees. Employees wonder whether they’ll be required to get a COVID-19 vaccination if they want to keep their jobs. Basically, employers can set working conditions, […]

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2020 Year End Tax Planning for Individuals, Businesses & Business Owners

Year-end planning for 2020 takes place during the COVID-19 pandemic, which in addition to its devastating health and mortality impact has widely affected personal and business finances. New tax rules have been enacted to help mitigate the financial impact of the disease, some of which should be considered as part of this years’ planning, most […]

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By the Numbers: The Key Adjustments for 2021

What will 2021 bring us? After a year of turmoil and surprises, no one has a clear crystal ball. But there are some certainties, and one is that the federal government is changing a variety of number affecting the finances of businesses and individuals. First, any individual or business that received government funds this year […]

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Restructuring Debt as a Business Strategy

Many businesses are facing the financial effects of the Covid-19 pandemic. The loss of clients and decreased cash flow have forced businesses to make some hard choices that involve restructuring debt either in- or outside of bankruptcy or simply closing the doors. Key Considerations The first task for company leaders is leaving their emotions aside […]

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What you need to know about FBAR

Do you have foreign assets? Each United States person—citizen, resident, corporation, partnership, limited liability company, trust and estate—must file a Report of Foreign Bank and Financial Accounts (FBAR) to report a financial interest in or signature or other authority over at least one financial account located outside the United States if the aggregate value of […]

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Hobby or Business: The IRS Takes a Stand

From a tax perspective, the distinction between hobbies and businesses is important because businesses can deduct losses, but hobbies cannot. The Tax Cuts and Jobs Act kept the itemized deductions for allowable mortgage interest and property taxes. However, by eliminating virtually all miscellaneous itemized deductions for tax years 2018-2025, the 2017 TCJA made it advantageous […]

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I Sell Tangible Products Online – Do I Now Have to Remit Sales Tax?

South Dakota v. Wayfair – Selling Online in Florida —- Do I Need to Collect Sales Tax? The June Supreme Court decision, South Dakota v. Wayfair, is fairly complex, but can be boiled down to some fairly simple terms for determining if and how this will affect your business. Currently, remote retailers are not required […]

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IRS Issues New Guidance for Calculating Wage Levies

For those having their wages levied by the IRS, the levies are sent to the tax debtor’s employer via Form 668-W, Notice of Levy on Wages, Salary, and Other Income. This form contains six parts. Prior to the Tax Cuts and Jobs Act (TCJA), the employer was required to give the employee the Statement of […]

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Understanding Sales Tax

Sales tax is inherent in almost all small businesses. No matter how remote or small your business, you are liable for collecting sales tax within your footprint. Until recently, it had long been the rule that states cannot collect sales tax from vendors that sell products in their state, unless the vendor had a physical […]

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