The Internal Revenue Service issued an official notice back in May, which allowed employers anticipating a refundable credit for qualified sick and family leave or for employee retention to reduce their employment tax deposits throughout the tax period up to the amount of the credit. Some employers, however, have recently received IRS notices stating they
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This year is already turning out to be a unique one, in terms of its uncertainty associated with the COVID-19 pandemic. It seems like so many things in our lives have changed or are changing. Many businesses have been closed, and some are just now re-opening. The stock market has been extremely turbulent. Even the
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When a building asset hits your books as a fixed asset, whether due to purchase, construction, or renovation, the straight-line depreciation method tells us to plop it in one of two bins, 39-year properties or 27.5-year properties, and await your taxable income deductions for each year of the recovery period. By redefining the recovery period
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Once again, Congress has passed tax legislation just before Christmas. This year, the tax provisions were attached to an enormous spending bill. The tax portion contains two general areas of change – extending previous deductions/credits and new retirement plan changes. The extension of previous deductions and credits are generally only extended for one year. Here
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Many wealthier taxpayers no longer itemize their deductions and instead are taking the standard deduction for income tax purposes. For 2019 the standard deduction is $12,200 for individuals and $24,400 for married couples filing jointly. This is a significant increase from just two years ago in 2017 when it was only $6,350 for single filers
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