2021 Tax Thresholds

The 2020 U.S. income tax filing season began on Friday 12, 2021. As a result, individuals are now able to submit their 2020 income tax returns and the IRS will consequently start accepting and processing 2020 tax returns. With the start of this year’s tax filing season, we are providing a rundown of the income … Continued

The Consolidated Appropriations Act of 2021

The Consolidated Appropriations Act of 2021 (“CAA”) both enhanced and expanded the ability for taxpayers to receive the Employee Retention Credit (ERC) in 2021. As a result of the changes, we are providing this message to summarize what the credit is, whether you may be a qualified business for purposes of taking the credit, and … Continued

COVID-19 Relief Arrives: Provides stimulus, resolves expense deductibility on PPP & extends expiring tax benefits

The Consolidated Appropriations Act of 2021 (generally referred to as the “COVID-19 Relief Bill” or the “Act”) became law on December 27, 2020 upon President Trump’s signature. Amongst the over 5,500 page spending bill was some long-awaited but anticipated COVID-19 related stimulus relief and an extension of various key income tax provisions for the 2021 … Continued

2019 Year-End Tax Planning Letter

2019 Year-End Tax Planning Letter Dear Clients and Friends, Although it has been almost two years since we have seen any major tax changes, there are a few changes for 2019 (and some prior year changes we are still getting used to) that you may want to consider as you plan for the end of … Continued

Business Expenses: Accountable vs. nonaccountable reimbursement

Employees frequently incur expenses in the course of their employment. Some expenses may be reimbursed by the employer, while others may be the expense of the employees. The type of reimbursement plan administered by the employer is important for employees because it can have a significant impact on the employees’ tax liability. A business may … Continued

Affordable Care Act increases many employers’ regulatory burden

The shared responsibility requirements for employers under the Affordable Care Act, otherwise known as the employer mandate, are laden with paperwork and fines. The employer mandate starts, though, with the requirement to provide employees with affordable health coverage. Many employers are now required to file information returns with the IRS and provide statements to their … Continued

Work abroad? IRS offers double taxation relief

The United States is one of the few countries in the world that uses a worldwide tax system, making U. S. citizens and green card holders subject to tax on all of their income, regardless of source. Most nations use a territorial regime, taxing only income derived within that country. A worldwide system subjects taxpayers … Continued

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