Category Archive: Tax

U.S. Lawmakers Have Taken Another Step Toward Closing a Perceived Loophole

U.S. lawmakers have taken another step toward closing a perceived loophole that allows certain income earned by investment fund managers to be taxed at favorable rates. Managers of investment funds, e.g., private equity, venture capital, ...

Bitcoin with a background of gold

Bitcoin, Altcoin, Dogecoin! Oh My. – Part 2

Blog Part 2 of 2 – Read Part 1 by clicking here How does the IRS treat cryptocurrency? Cryptocurrency is considered property, but when traded it is treated similar to stock. Anytime cryptocurrency is converted ...

Bitcoin, Altcoin, Dogecoin! Oh My.

Blog Part 1 of 2 This seems to be the subject of the hour. In every news outlet and financial news platform there is a mention of Bitcoin (BTC), Altcoin (Ethereum, Stellar, Etc.) or even ...

Children playing with blocks

IRS’ Advance Payments of 2021 Refundable Child Tax Credit under The American Rescue Plan Act of 2021

The American Rescue Plan Act (ARPA) made the Child Tax Credit (CTC) fully refundable for 2021 and increased the maximum amount from $2,000 to $3,000 per qualifying child for children between ages 6 and 17 ...

Employees in a planning meeting

Employee Retention Credit – Available for 2020 and 2021

Have you looked into the Employee Retention Credit (“ERC”) for your business? This lucrative payroll credit is refundable and it can be surprisingly substantial. Just as a quick recap, the ERC is available for wages ...

President Biden’s Tax Proposals to Fund His American Jobs Plan and His American Families Plan – Part 2

In Part I of this analysis, we provided a brief overview of President Joe Biden’s two recent 2021 legislative proposals that could have major implications on Federal income taxation of individuals, businesses, and other entities, ...

President Biden’s Tax Proposals to Fund His American Jobs Plan and His American Families Plan – Part I

Introduction Following the enactment into law of his American Rescue Plan on March 11, 2021, legislation primarily aimed at providing continued COVID-19 relief, President Biden has unveiled two broad proposals that could deliver on a ...

Family on the beach

5 Tips For Safe Intrafamily Loans

If a relative needs financial help, offering an intrafamily loan might seem like a good idea. But if not properly executed, such loans can carry negative tax consequences — such as unexpected taxable income, gift ...

Woman Talking on the Phone with Her Computer

The Ins And Outs Of The Easing Of Loss Limitation Rules

Abstract: To provide businesses and their owners with some relief from the financial effects of the COVID-19 crisis, the CARES Act eases the rules for claiming certain tax losses. This article provides an overview of ...

Photographer on set

Gig Workers, Know Your Tax Responsibilities

Abstract: Gig workers represent a growing segment of the economy. And no matter what the job or app, they all have one thing in common: income tax obligations. This article explores the distinctive income tax ...

Small Mechanic Business Owner

Relaxed Limit on Business Interest Deductions

Abstract: To provide tax relief to businesses suffering during the COVID-19 pandemic, the CARES Act temporarily relaxes the limitation on deductions for business interest expense. This article explains the rules that had gone into effect ...

Woman On Computer In Sweater

Two Convenient IRS Electronic Payment Options For Taxpayers

According to a recent Forbes’ article “IRS Faces Huge Backlog of Unopened Mail As Workforce Returns,” the estimated backlog of unopened IRS mail was at 11 million pieces as of June 2020. Perhaps the largest ...