Energy Credits and Deductions Extended by Appropriations Act
Steel Rose
Charitable Contribution Deduction The Act extends through 2021 the $300 ($600 for joint return filers) above-the-line charitable contribution deduction for qualified contributions made by non-itemizers It also extends the temporary charitable contribution limit provided in the CARES Act. The limitation for deductible cash contributions to a public charity is increased from 60%...
MOREStimulus Check Won't Increase Federal or State Taxes on Social Security Benefits
Let's start by explaining how Uncle Sam taxes Social Security benefits. The federal government can tax up to 85% of…
Deferred 4th Qtr Payroll Taxes Extended to 12/31/21
Notice 2021-11 I. PURPOSE Pursuant to section 274 of the COVID-related Tax Relief Act of 2020, which was enacted as Subtitle B…
PPP2 Loan Deadline is March 31
Loan Forgiveness The Act clarifies that for PPP loans of $150,000 or less, the borrower will complete a simplified, one-page loan…
Tax Policy Priorities of Biden and Democrats as Currently Known
Key components of the Biden campaign’s tax proposals include: To read more click here
Biden Tax Increase Proposals: Sec.199A Phase Out
This blog summarizes some of the tax proposals of President-elect Joe Biden and other prominent Democrats. Increased Individual Tax Rate Biden would…
IRS Guidance Now Reflects Expense Deductibility for PPP
In light of recent Congressional action, the IRS has obsoleted its prior guidance that deductions of business expenses taken by…
Tax Season Opens Feb 12th Ends April 15th
Every year, taxpayers have questions about early filing. Many software companies and tax professionals will accept tax returns before opening…
PPP SECOND DRAW LOANS: APPLY 1/19/2021
PAYCHECK PROTECTION PROGRAM SECOND DRAW LOANS The Paycheck Protection Program (PPP) now allows certain eligible borrowers that previously received a PPP…
Whistle-Blowing Soars to Record With Americans Working From Home
The work-from-home phenomenon has triggered a fresh frustration for U.S. corporations: Americans are blowing the whistle on their employers like…