The CARES Act, which passed in 2020, includes some retroactive tax relief for businesses. Some provisions may be beneficial on a tax return that hasn’t been filed yet (or you may be able to take advantage of them on an amended return if you already filed).
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If you need money due to COVID-19, you may be able to take a tax-free “coronavirus-related distribution” from a retirement plan. The IRS has released guidance explaining who qualifies for one of these distributions.
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Does your nonprofit want to get involved in the 2020 election? Be careful: The activities you’re contemplating might be prohibited. Here’s the rundown on what you can and can’t do.
Read MoreDespite a slowdown in real estate sales this spring, many people are still selling their principal residences You may be able to exclude up to $250,000 ($500,000 for married joint filers) of gain. Here are the tax rules for home sales.
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A meticulous approach to keeping business records can protect your tax deductions and help make an audit much less painful.
Read MoreSEnate Passes PPP Fix which will allow more flexibility in using the PPP funds passed the Senate on June 3.
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If you’re married and you don’t work outside the home, you still may be able to contribute to an IRA. Here are the rules for spousal IRAs.
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The CARES Act has provided some help for people with student loans. And if you do make some payments this year, you may be able to deduct the interest on your tax return. Here are the rules.
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Financially stable nonprofits have a good mix of revenue sources, with no one source accounting for more than 30% of the budget. How does your organization stack up? If you need help, read on.
Read MoreColin Blalock joins Erik Christensen of Bulldog Movers to discuss issues relative to where we are today.
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Food and financial insecurity have increased during the coronavirus (COVID-19) pandemic. If your business is donating to charity to help ease the pain, you may be eligible for enhanced charitable donation deductions.
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The tax consequences of obtaining PPP loan forgiveness and other federal relief options can prove complicated, especially with the IRS and the U.S. Treasury Department regularly releasing new regulations and guidance. We can help you keep up with the latest developments and what they mean for you.
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May 14, 2020, is the revised deadline to repay Paycheck Protection Program loans for borrowers who have chosen the Small Business Administration’s “good faith” self-certification of eligibility option.
Read MoreThe Coronavirus Aid, Relief, and Economic Security (CARES) Act includes several changes that encourage charitable giving during the coronavirus (COVID-19) crisis. This is welcome news for certain public charities, including churches, educational organizations, hospitals, medical research organizations and food banks. Here's an overview of the tax rules for deducting charitable contributions — and how they've temporarily changed for 2020.
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The CARES Act includes favorable changes to the rules for deducting net operating losses (NOLs). Here’s how.
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You can keep your nonprofit’s board members in touch and able to make decisions by facilitating virtual board meetings. But be sure to check state laws and your organization’s bylaws first.
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The just-passed $484 billion Interim Stimulus Plan, among other things, replenishes Paycheck Protection Program funds.
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Your nonprofit’s supporters may be unable to make monetary donations in these uncertain times. If they offer gifts in kind or donated services instead, do you know how to account for these donations?
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A drafting error by Congress meant that some improvements to interior parts of nonresidential buildings had to be deducted over 39 years. But a new law that provides COVID-19 relief fixes the error and may result in revenue for eligible businesses.
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