COVID-19

PPP Deductions Guidance

PPP Deductions Guidance (Rev. Rul. 2020-27 & Rev. Proc. 2020-51)    On November 18, 2020, the IRS released Rev. Rul. 2020-27 and Rev. Proc. 2020-51 providing much needed guidance on the deductibility of the related Paycheck Protection Program (PPP) loan expenses and the timing issues related to PPP loan [...]

2020-12-04T07:27:58-05:00November 25, 2020|

Tax Implications of Working from Home and Collecting Unemployment

COVID-19 has changed our lives in many ways, and some of the changes have tax implications. Here is basic information about two common situations. 1. Working from home. Many employees have been told not to come into their workplaces due to the pandemic. If you’re an employee who “telecommutes” [...]

2020-11-17T12:25:19-05:00September 16, 2020|

Back-to-School Tax Breaks on the Books

Despite the COVID-19 pandemic, students are going back to school this fall, either remotely, in-person or under a hybrid schedule. In any event, parents may be eligible for certain tax breaks to help defray the cost of education. Here is a summary of some of the tax breaks available [...]

2020-11-16T15:23:31-05:00September 1, 2020|

TOP TECH BALANCING ACT IN 2020: INNOVATION VS. RISK

The technology industry is proving out its resilience. As every industry responds to change and disruption, tech companies are being relied upon more than ever to accommodate remote work, food and supply access, health services, communication, connectivity and entertainment. Innovation remains imperative. While it’s difficult to predict the near-term [...]

2020-11-16T15:23:32-05:00August 26, 2020|

IRS EXTENDS RELIEF FOR 2020 RMD WAIVERS AND ROLLOVERS

The Coronavirus Aid, Relief, and Economic Security (CARES) Act, enacted on March 27, 2020, waived required minimum distributions (RMDs) from tax-qualified defined contribution retirement plans (such as 401(k) and 403(b) plans) and individual retirement accounts (IRAs) that were otherwise due in 2020 to help Americans cope with the uncertainty [...]

2020-11-16T15:23:33-05:00August 26, 2020|

Are Scholarships Tax-Free or Taxable?

COVID-19 is changing the landscape for many schools this fall. But many children and young adults are going back, even if it’s just for online learning, and some parents will be facing tuition bills. If your child has been awarded a scholarship, that’s cause for celebration! But be aware [...]

2020-11-16T15:23:35-05:00July 29, 2020|
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