Equity based compensation such as options or restricted stock has grown tremendously in popularity in recent years. For startups and small businesses, equity can be a valuable and effective means of compensating key employees (and incentivizing retention) during early growth periods when cash flow is tight. We are frequently asked by clients to help determine…
One of the major ambiguities in virtual currency reporting in recent years has been the question of whether non-US exchanges should be considered “foreign financial accounts” for the purpose of reporting on FinCEN Form 114 (commonly known as the FBAR). Generally, a U.S. person who has a financial interest in, or signature or other authority…
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…
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