President Trump signed into law billions of dollars in long-awaited COVID-19 and economic relief. The relief package is part of the nearly 5,600-page Consolidated Appropriations Act (CAA), which also contains numerous other tax, payroll and retirement provisions. Here are some of the provisions most likely to affect individual taxpayers. Recovery rebates The most headline-grabbing component … Read more
After months of negotiations in Washington, an agreement has been struck on a new aid package to address the ongoing fallout from the COVID-19 pandemic. The legislation has been passed by both the U.S. House of Representatives and the U.S. Senate, and has been sent to President Trump to sign the Bill into law. Included … Read more
This H2R CPA webinar was presented live on December 4, 2020. The webinar recording can be accessed here. A PDF of the webinar presentation can be accessed here. Webinar Summary Year-end tax planning for 2020 is an important step to help navigate the changes that may occur under a new administration. There is additional uncertainty this … Read more
by Paul K. Rudoy, CPA/PFS The past week has been even more tumultuous than most Americans expected. Certainly more than most Americans would like to see in our divided nation. Although it will likely be into early 2021 before we will have clarity on the control of the United State Senate due to the runoffs … Read more
The IRS has announced its 2021 cost-of-living adjustments to tax amounts that might affect you. Many increased to account for inflation, but some remained at 2020 levels. As you implement 2020 year-end tax planning strategies, be sure to take these 2021 adjustments into account in your planning. Also, keep in mind that, under the Tax … Read more
Election years often lead to uncertainty for businesses, but 2020 surely takes the cake when it comes to unpredictability. Amid the chaos of the COVID-19 pandemic, the resulting economic downturn and civil unrest, businesses are on their yearly search for ways to minimize their tax bills — and realizing that some of the typical approaches … Read more
Like so many things this year, the recommended practices for your annual end-of-the-year tax planning reflect the COVID-19 pandemic and its far-flung effects. The economic impact, as well as federal relief packages like the CARES Act, may render some tried-and-true strategies for reducing your income tax liability less advisable for 2020. Adding to the uncertainty … Read more
H2R CPA Partners Kieran O’Dea, CPA and Lucas Rihely, CPA provide insight regarding the process for PPP loan forgiveness and the impact on year-end tax planning. View the video here.
With the presidential election only weeks away, many people are beginning to pay closer attention to each candidate’s positions on such issues as the COVID-19 pandemic, health care, the environment and taxes. Among their many differences, President Donald Trump and former Vice President Joe Biden have widely divergent tax proposals. Their stances could have a … Read more
by Phil Zlokas, CPA The IRS recently held a payroll industry conference call which was predictably dominated by questions regarding the new deferral of the employee’s share of the Social Security tax, put in place on August 8, 2020, via executive order of the President. As an update to the article entitled “Treasury Issues Guidance … Read more