September 14, 2021 / by Sherie Johnson / Deadlines, Newsletter, Small Business, Tax, Uncategorized
Many homeowners across the country have seen their home values increase recently. According to the National Association of Realtors, the median price of homes sold in July of 2021 rose 17.8% over July of 2020. The median home price was $411,200 in the Northeast, $275,300 in the Midwest, $305,200 in the South and $508,300 in […]
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New digital asset reporting requirements will be imposed in coming years
November 24, 2021 / by Sherie Johnson / Deadlines, Newsletter, Small Business, Tax
The Infrastructure Investment and Jobs Act (IIJA) was signed into law on November 15, 2021. It includes new information reporting requirements that will generally apply to digital asset transactions starting in 2023. Cryptocurrency exchanges will be required to perform intermediary Form 1099 reporting for cryptocurrency transactions. Existing reporting rules If you have a stock brokerage […]
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Businesses can show appreciation — and gain tax breaks — with holiday gifts and parties
November 24, 2021 / by Sherie Johnson / Newsletter, Small Business, Tax
With Thanksgiving just around the corner, the holiday season will soon be here. At this time of year, your business may want to show its gratitude to employees and customers by giving them gifts or hosting holiday parties again after a year of forgoing them due to the pandemic. It’s a good time to brush […]
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The tax score of winning
October 6, 2021 / by Sherie Johnson / Deadlines, Newsletter, Small Business, Tax
Studies have found that more people are engaging in online gambling and sports betting since the pandemic began. And there are still more traditional ways to gamble and play the lottery. If you’re lucky enough to win, be aware that tax consequences go along with your good fortune. Review the tax rules Whether you win […]
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EIDL program retooled for still-struggling small businesses
September 24, 2021 / by Sherie Johnson / Deadlines, Newsletter, Small Business, Tax, Uncategorized
For many small businesses, the grand reopening is still on hold. The rapid spread of the Delta variant of COVID-19 has mired a variety of companies in diminished revenue and serious staffing shortages. In response, the Small Business Administration (SBA) has retooled its Economic Injury Disaster Loan (EIDL) program to offer targeted relief to eligible […]
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Selling a home: Will you owe tax on the profit?
September 14, 2021 / by Sherie Johnson / Deadlines, Newsletter, Small Business, Tax, Uncategorized
Many homeowners across the country have seen their home values increase recently. According to the National Association of Realtors, the median price of homes sold in July of 2021 rose 17.8% over July of 2020. The median home price was $411,200 in the Northeast, $275,300 in the Midwest, $305,200 in the South and $508,300 in […]
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IRS additional guidance addresses COBRA assistance under ARPA
August 24, 2021 / by Sherie Johnson / Deadlines, Small Business, Tax
In Notice 2021-46, the IRS recently issued additional guidance on the COBRA premium assistance provisions of the American Rescue Plan Act (ARPA). Under the ARPA, a 100% COBRA premium subsidy and additional COBRA enrollment rights are available to certain assistance eligible individuals (AEIs) during the period beginning on April 1, 2021, and ending on September […]
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ABLE accounts may help disabled or blind family members
August 20, 2021 / by Sherie Johnson / Small Business, Tax
There may be a tax-advantaged way for people to save for the needs of family members with disabilities — without having them lose eligibility for government benefits to which they’re entitled. It can be done though an Achieving a Better Life Experience (ABLE) account, which is a tax-free account that can be used for disability-related […]
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There’s currently a “stepped-up basis” if you inherit property — but will it last?
July 20, 2021 / by Sherie Johnson / Deadlines, Newsletter, Small Business, Tax, Uncategorized
If you’re planning your estate, or you’ve recently inherited assets, you may be unsure of the “cost” (or “basis”) for tax purposes. The current rules Under the current fair market value basis rules (also known as the “step-up and step-down” rules), an heir receives a basis in inherited property equal to its date-of-death value. So, […]
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Still have questions after you file your tax return?
May 20, 2021 / by Sherie Johnson / Deadlines, Newsletter, Small Business, Tax
Even after your 2020 tax return has been successfully filed with the IRS, you may still have some questions about the return. Here are brief answers to three questions that we’re frequently asked at this time of year. Are you wondering when you will receive your refund? The IRS has an online tool that can […]
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Should your business add Roth contributions to its 401(k)?
April 8, 2021 / by Sherie Johnson / Newsletter, Small Business, Tax
If your business sponsors a 401(k) plan, you might someday consider adding designated Roth contributions. Here are some factors to explore when deciding whether such a feature would make sense for your company and its employees. Key differences Roth contributions differ from other elective deferrals in two key tax respects. First, they’re irrevocably designated to […]
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