Tax Articles
New Appropriations Act Includes Disaster Tax Relief
Posted by Mark Stack on January 20, 2021
The Consolidated Appropriations Act is nearly 5,600 pages. It contains several tax-relief measures related to qualified disasters. These provisions include liberalized deduction rules for personal casualty losses, tax-favored treatment for distributions from IRAs and retirement plans, an employee retention tax credit, and more.
Ways to Fully Deduct Business-Related Meals
Posted by Kevin Smeader on January 19, 2021
There's good news for restaurants that have struggled during the COVID-19 crisis: A new law allows 100% federal income tax deductions for the cost of business-related meals provided by restaurants in 2021 and 2022.
The Status of Temporary COVID Tax Relief Measures After the New Law
Posted by Cory Van Deusen V on January 15, 2021
Before President Trump signed the latest economic stimulus law, several temporary COVID-19-related federal tax relief measures were set to expire on December 31, 2020.
Closing Your Corporation or Pass-Through Entity? Manage the Tax Implications
Posted by Kerry Roets on January 07, 2021
A record number of privately held businesses closed their doors permanently in 2020, and more closings are expected as the COVID-19 pandemic continues. Shuttering a business can have complicated tax implications for the business and its owners.
Appropriations Law Adds Some Business Tax Breaks and Extends Others
Posted by Kristin Re’ on January 06, 2021
President Trump signed the Consolidated Appropriations Act (CAA) into law on December 27, 2020. The legislation adds a few new tax breaks for businesses. For example, it allows taxpayers to deduct 100% of the cost of business-related food and beverage expenses incurred at restaurants in 2021 and 2022. The new law also extends a bevy of other business breaks that were set to expire at the end of 2020.
Energy-Related Tax Breaks Are Extended in the New Law
Posted by Mark Stack on January 06, 2021
The economic stimulus and government spending law, which was signed on December 27, 2020, extends several energy-related tax breaks. Before the Consolidated Appropriations Act (CAA) was signed, these federal income tax breaks (often called “extenders”) were set to expire on December 31, 2020. Here are some of the deductions and credits extended in the CAA.
New Law Includes Favorable Changes for Individuals
Posted by Brian Kern on January 06, 2021
The massive COVID-19 relief bill signed by President Trump on December 27, 2020, contains a variety of tax breaks and authorizes direct payments to eligible individuals. The new law, called the Consolidated Appropriations Act, contains some beneficial changes for individuals.
If You Own Foreign Assets, Include Them in Your Estate Plan
Posted by Robert Ingrasci on January 06, 2021
Do you own real estate or other assets outside the United States? If so, it's critical to address them in your estate plan.
New Stimulus Package Passed December 21, 2020
Posted by Megan Morris on December 23, 2020
The U.S. House of Representatives and U.S. Senate passed the Consolidated Appropriations Act, 2021 (bill), a massive tax, funding, and spending bill that contains a nearly $900 billion coronavirus aid package. The emergency coronavirus relief package aims to bolster the economy, provide relief to small businesses and the unemployed, deliver checks to individuals, and provide funding for COVID-19 testing and the administration of vaccines.
Tax Implications of Holding Precious Metal Assets in Your IRA
Posted by Bryan Staniszewski on December 16, 2020
In today's uncertain investing climate, you might be thinking about diversifying your IRA portfolio to include some direct and indirect investments in gold, silver, and other precious metals. If so, what are the possible tax implications?