COVID-19 Tax News

Rules for NOL Carrybacks and QIP Change

CARES Act Changes Rules for NOL Carrybacks and QIP Consider these two favorable federal income tax rule changes included in the Coronavirus Aid, Relief and Economic Security (CARES) Act when deciding whether to take advantage of first-year depreciation breaks for assets placed in service this year. 1. NOL carrybacks The CARES Act allows net operating…

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IRS issues guidance on employee payroll tax deferral

IRS issues guidance on employee payroll tax deferral By: Anita Anand, JD, Director On August 8, President Trump issued a Presidential Memorandum directing the Secretary of the Treasury to use his authority to defer the withholding, deposit, and payment of employee payroll tax obligations starting September 1, 2020, through the end of the calendar year…

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5 Mid-Year Business Tax Planning Ideas

5 Mid-Year Tax Planning Ideas for Small Business Owners The second half of 2020 has begun. What steps can small business owners take today to lower taxes for the current tax year? Alternatively, would it make more sense to maximize taxable income this year if you expect higher income and/or unfavorable changes to the tax…

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Hobby or Business: COVID Sideline Activities and Taxes

Hobby or Business? How to Treat COVID-19 Sideline Activities for Taxes Today, many people sell homemade products online or work on some unincorporated sideline venture outside of their regular day jobs. Such activities can generate extra spending money. This can be especially helpful for retired people and stay-at-home parents — or for those who been…

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Tax-Favored Qualified Small Business Corporations

Tax-Favored Qualified Small Business Corporations for the COVID-19 Era and Beyond The COVID-19 crisis has taken a toll on many small businesses. But some winners are expected to emerge from the wreckage. Unprecedented steps will be taken to guard against health risks from COVID-19 and whatever might come along next. The new normal will create…

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