Here is an overview of key provisions in the recent COVID relief legislation that affect individuals. The legislation is the COVID-related Tax Relief Act of 2020 (the “Act” or COVIDTRA) and the Taxpayer Certainty and Disaster Tax Relief Act of 2020 (TCDTR), both of which are part of the Consolidated Appropriations Act, 2021. RECOVERY REBATE/ECONOMIC…
At the end of 2020, Congress passed a new law that provides for additional relief related to the coronavirus (COVID-19) pandemic. This law, the Consolidated Appropriations Act, 2021 (CAA, 2021), includes a second draw of Paycheck Protection Program (PPP) loans (PPP Second Draw Loans). It also allows businesses to deduct ordinary and necessary expenses paid…
The Treasury Inspector General for Tax Administration (TIGTA) found in a recent audit that it is difficult for the IRS to identify taxpayers with virtual currency activity due to a lack of third-party information reporting that specifically identifies virtual currency transactions. TIGTA recommended that the IRS continue efforts to close the virtual currency information gap…
It’s not a major disaster if you owed some money when you filed your return-after all, you’d rather have the use of the funds for as long as possible. What you want to avoid is having to pay the IRS a penalty for underpaying your taxes during the year. If you owe the estimated tax…
The ongoing pandemic has created unprecedented conditions of financial and social strain. Chances are, if you haven’t become ill, or had at least one member of your household that has lost a job, that you know someone who has. We are here to help you with advice and guidance during this troubling time. Here is…
Congress recently passed—and the President signed into law—the SECURE Act, landmark legislation that affects the rules for creating and maintaining employer-provided retirement plans. Whether you currently offer your employees a retirement plan, or are planning to do so, you should consider how these new rules may affect your current retirement plan (or your decision to…
Many development and growth stage companies qualify for the Credit for Increasing Research Activities (commonly known as the R&D or Research Credit), but must carry the credit forward because they have no tax due. Subject to limits, companies can now elect to apply all or some of any research tax credits that they earn against…
This is a supplement to our post from last week. This installment summarizes changes that will affect business taxpayers. If you missed the post that describes changes that affect individual taxpayers, then you can find it here. By now, you’ve likely heard that major changes are coming to the tax code in 2018. As…
If you are looking for information on business tax changes coming in 2018, you can see our other post on that topic here. ______ By now, you’ve likely heard that major changes are coming to the tax code in 2018. As one of its final acts before adjourning for the year, the Congress passed the…
UPDATE: Congress adjourned for 2017 without further action on this bill. It was not part of the tax reform legislation passed in December. On September 7, 2017, Representatives Jared Polis (Democrat) and David Schweikert (Republican), who co-lead the Congressional Blockchain Caucus, announced the Cryptocurrency Tax Fairness Act. The Act, if passed, would amend the Internal…
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