Pass on Wealth to Heirs Using These Strategies

Pass on Wealth to Heirs Using These Strategies Individuals with significant assets who want to transfer wealth to heirs tax-free, as well as minimize estate taxes, should take advantage of proven tax strategies such as gifting and direct payments to educational institutions; however low interest rates and a volatile stock market are creating additional opportunities.…

Loan Forgiveness Under the Paycheck Protection Plan

Loan Forgiveness Under the Paycheck Protection Plan As part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act, signed into law March 27, many small business owners were able to apply for – and receive – a loan of up to $10 million under the Paycheck Protection Program (PPP). Businesses – including nonprofits, veterans’…

Additional Tax Deadlines Extended

Additional Tax Deadlines Extended As a reminder, taxpayers now have until July 15, 2020, to file and pay federal income taxes originally due on April 15 and no late-filing penalty, late-payment penalty or interest will be due. Due to the coronavirus pandemic, this relief has been expanded to include additional returns, tax payments and other…

Employee Retention Credit Could Help Your Business

Employee Retention Credit Could Help Your Business Businesses that have been impacted financially by COVID-19 may be able to take advantage of a new, refundable tax credit called the Employee Retention Credit. The credit is designed to encourage businesses to keep employees on their payroll and is worth 50 percent of qualifying wages up to…

Job Loss Could Affect Your Tax Situation

Job Loss Could Affect Your Tax Situation If you’ve lost your job you may have questions about how it could affect your tax situation. Here are some answers: Q: I lost my job. How does this affect my tax situation? A: The loss of a job may create new tax issues. For example, any severance…

Relief for Businesses with Net Operating Losses

Relief for Businesses with Net Operating Losses Taxpayers with net operating losses (NOLs) form a business are provided tax relief under the CARES Act. Tax relief for partnerships filing amended returns is provided as well. Let’s take a look at three key points: 1. Claiming NOLs Taxpayers with net operating losses that are carried back…