Do You Have a Financial Safety Plan?

2020 – 08/24 The Coronavirus Aid, Relief and Economic Security (CARES) Act made changes to excess business losses. This includes some changes that are retroactive and there may be opportunities for some businesses to file amended tax returns. If you hold an interest in a business, or may do so in the future, here is…

2021 – 02/08 The IRS has issued guidance related to the tax break allowing eligible teachers to deduct out-of-pocket expenses related to COVID-19 protective items. A recent law provides a $250 educator expense deduction, with respect to items purchased after March 12, 2020, for COVID-19 protection. The educator expense deduction rules permit eligible educators to…

2021 – 04/12 The IRS recently suspended a requirement to repay excess advance payments of the 2020 Premium Tax Credit (PTC). The action is a result of the American Rescue Plan Act, which was enacted on March 11. The PTC is a refundable credit that helps eligible individuals and families pay for health care coverage…

Summer is just around the corner, so you might be thinking about getting some vacation time. If you’re self-employed or a business owner, you have a golden opportunity to combine a business trip with a few extra days of vacation and offset some of the cost with a tax deduction. But be careful, or you…

2021 – 11/23 The National Taxpayer Advocate (NTA) is reporting that as of late October, the IRS had a backlog of more than 2.7 million unprocessed amended tax returns. The IRS claims the processing time for these returns is about 20 weeks. The NTA, however, says that Taxpayer Advocate Service (TAS) cases indicate that it’s…

2020 – 02/21 Small employers may qualify to change the way they report and pay payroll tax. Generally, employers file Form 941 (Employer’s Quarterly Federal Tax Return) each quarter. Small employers with annual federal employment tax liability of less than $1,000 may now file Form 944 (Employer’s Annual Federal Tax Return) by Jan. 31 of…