News

Support for small businesses under the CARES Act

Last Friday, the president signed into law the Coronavirus Aid, Relief, and Economic Security Act (CARES Act). Among many other provisions included within the act, $349 billion in loans will be available for small businesses. Here are a few of the key highlights of the legislation: Paycheck Protection Program Small businesses will be eligible to … Continued

Business and Individual Tax Provisions of the CARES Act

The federal government’s efforts to relieve some of the financial pain brought on by the COVID-19 pandemic includes passage of the CARES (Coronavirus Aid, Relief, and Economic Security) Act, which was signed into law by the president today. Like many pieces of federal legislation, the Act is a massive document with a lot to digest, … Continued

Federal government tax-related actions taken to date regarding COVID-19

Below is a summary of IRS action already taken and federal tax legislation already enacted to ease tax compliance burdens and economic pain caused by COVID-19 (commonly referred to as coronavirus). We’ll post summaries of additional developments as they take place. Filing and payment deadlines deferred After briefly offering more limited relief, the IRS almost … Continued

Real Estate Taxes Are Subject to a $10,000 Limit. Or Are They?

Real Estate Taxes Are Subject to a $10,000 Limit. Or Are They? By Christian J. Hofflinger, CPA The 2017 Tax Cuts and Jobs Act brought with it numerous changes affecting businesses and individuals. One of the most recognized and controversial changes for individuals was the $10,000 cap placed on itemized deductions for state and local … Continued

Understanding and controlling the unemployment tax costs of your business

Understanding and controlling the unemployment tax costs of your business As an employer, you must pay federal unemployment (FUTA) tax on amounts up to $7,000 paid to each employee as wages during the calendar year. The rate of tax imposed is 6% but can be reduced by a credit (described below). Most employers end up … Continued

Take advantage of the gift tax exclusion rules

Take advantage of the gift tax exclusion rules As we head toward the gift-giving season, you may be considering giving gifts of cash or securities to your loved ones. Taxpayers can transfer substantial amounts free of gift taxes to their children and others each year through the use of the annual federal gift tax exclusion. … Continued

Uncle Sam may provide relief from college costs on your tax return

Uncle Sam may provide relief from college costs on your tax return We all know the cost of college is expensive. The latest figures from the College Board show that the average annual cost of tuition and fees was $10,230 for in-state students at public four-year universities — and $35,830 for students at private not-for-profit … Continued

2019 Q4 tax calendar: Key deadlines for businesses and other employers

2019 Q4 tax calendar: Key deadlines for businesses and other employers Here are some of the key tax-related deadlines affecting businesses and other employers during the fourth quarter of 2019. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. Contact us to ensure you’re meeting all … Continued

Final Regs Address Partnership’s Allocation of Creditable Foreign Tax Expenditures

Final Regs Address Partnership’s Allocation of Creditable Foreign Tax Expenditures Section 743(b) Adjustments In the case of a transfer of a partnership interest that results in an adjustment under Internal Revenue Code Section 743(b) — because the partnership has a Sec. 754 election in effect or because there’s a substantial built-in loss in the partnership … Continued

IRS Issues Q&As on Section 965 Transfer and Consent Agreements

IRS Issues Q&As on Section 965 Transfer and Consent Agreements Under the old rules, U.S. taxpayers were generally taxed on all income whether earned in the U.S. or abroad, but foreign income earned by a foreign subsidiary of a U.S. corporation wasn’t subject to U.S. tax on that income until it was “repatriated” to the United … Continued