The IRS is encouraging taxpayers to make sure they’re well-informed about their tax situation as the filing deadline approaches. The key topics include special steps related to charitable contributions, economic impact payments and advance child tax credit payments. Here are some key items for taxpayers to know before they file next year. Changes to the […]
The Employee Retention Credit for 2020 was a refundable tax credit against certain employment taxes equal to 50% of the qualified wages an eligible employer paid to employees. In situations where tax credits are available, deductions on the return must be reduced by the amount of the credit taken to prevent double dipping. This is […]
With year-end approaching, it is time to start thinking about moves that may help lower your tax bill for this year and next. This year’s planning is more challenging than usual due to the uncertainty surrounding pending legislation that could, among other things, increase top rates on both ordinary income and capital gain starting next […]
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The IRS will require business owners to amortize Section 174 research expenses over multiple years instead of deducting them in the year incurred unless a provision in the Tax Cuts and Jobs Act changes before December 31. Through 2021, businesses could deduct Section 174 expenses in the year in which they were incurred or capitalize […]
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The Equal Employment Opportunity Commission has updated its guidance on workplace COVID-19 vaccine policies. The agency’s original guidance, issued in December 2020, addressed COVID-19 vaccine mandates, discussing COVID-19 diagnosis or vaccination status with employees, and handling reasonable accommodation requests from employees. The EEOC’s updated guidance clarifies whether employers can mandate COVID-19 vaccinations and offer incentives […]
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The Taxpayer Certainty and Disaster Tax Relief Act of 2020 generally extends through the end of 2021 four temporary tax changes originally enacted by the CARES Act. Here is a summary of the provisions (more details are available on the IRS site): Deduction for individuals who don’t itemize; cash donations up to $600 qualify Ordinarily, individuals […]
On Wednesday, the U.S. Small Business Administration (SBA) published an interim final rule which took immediate effect. The SBA is expanding access to its Economic Injury Disaster Loan (EIDL) program, low-interest loans for businesses and nonprofits damaged by the pandemic, to certain businesses–like restaurants with up to 20 locations, provided each location has no more than 500 employees. With more […]
In every business, metrics and analytics are claiming center stage. Sales, marketing, performance and productivity are all measured through your Objectives and Key Results and your Key Performance Indicators. Keep in mind that OKRs and KPIs are not the same thing. OKRs are a framework for setting measurable goals for performance. KPIs are used to assess […]
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These days, many employees at companies large and small are asked to sign an agreement when they’re onboarded. It says that they’re not allowed to work for a competing company, or to start a competing company, for a certain number of years after they part ways with their current employer. Once a rare practice restricted […]
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Attaining S corporation status has certain tax advantages. S corporations are treated as pass-through entities for tax purposes and the protection of shareholder assets. However, the relief acts passed in response to the COVID-19 pandemic revealed some potential problems with how income passed to individual shareholders is taxed. Two of the most relevant issues are […]