The federal government spending package titled the Further Consolidated Appropriations Act, 2020, does more than just fund the government. It extends certain income tax provisions that had already expired or that were due to expire at the end of 2019. The agreement on the spending package also includes the Setting Every Community Up for Retirement…
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If you think you might be inheriting property in the future, you need to consider the tax implications. The tax implications could be very different depending on whether you choose to receive it as a gift or inheritance. You should consider the inheritance taxes and gift taxes before transferring property. Inheriting property In most cases,…
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Do you know if your worker is technically an employee or an independent contractor? The line can be blurry. The IRS provides guidelines to help you figure it out, but sometimes it’s not enough. The choice you make will have a significant impact on your staff and your taxes. It’s important that you’re accurate. Consider…
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Updated July 11, 2020 The CARES Act created assistance for business owners struggling to pay to their employees during the shelter-in-place orders. Among other programs is the Payroll Tax Credit. It’s a significant tax break and we recommend taking advantage of it if you meet the criteria. The credit is one of several methods for…
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At the very end of December 2020, President Trump signed the Consolidated Appropriations Act, 2021 (CAA, 21) into law. This included the second draw of PPP loans, stimulus checks, plus a list of tax deductions, credits, and extensions. In order to best assist you in sifting through the mountain of available information, we have curated…
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February 27, 2023 On Friday, February 24th the IRS announced a further extension of time to October 16th for most California individual and business taxpayers. Please click here to review the newest updates. January 12, 2023 On January 10th, the IRS has granted emergency relief for all taxpayers in various counties in California affected by…
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