Latest News and Information

July 24, 2020

Form W-2 reporting of COVID-19-related sick leave and family leave

In Notice 2020-54, the IRS recently provided guidance to employers on Form W-2 reporting of qualified sick leave wages and qualified family leave wages. These are the wages paid to

July 21, 2020

How HIPAA applies to COVID-19-related temp checks and info gathering

To cope with the COVID-19 crisis, many employers are taking employees’ temperatures and asking them general health-related questions as they report to work. A cogent question that often arises in

July 17, 2020

IRS guidance on “coronavirus-related” retirement plan distributions

In Notice 2020-50, the IRS recently provided guidance on “coronavirus-related distributions” from retirement plans under Section 2202 of the Coronavirus Aid, Relief, and Economic Security (CARES) Act. Here are some

July 14, 2020

Conduct a “paycheck checkup” to make sure your withholding is adequate

Did you recently file your federal tax return and were surprised to find you owed money? You might want to change your withholding so that this doesn’t happen next year.

July 13, 2020

Businesses: Get ready for the new Form 1099-NEC

There’s a new IRS form for business taxpayers that pay or receive nonemployee compensation.

Beginning with tax year 2020, payers must complete Form 1099-NEC, Nonemployee Compensation, to report any payment

June 29, 2020

Haven’t filed your 2019 business tax return yet? There may be ways to chip away at your bill

The extended federal income tax deadline is coming up fast. As you know, the IRS postponed until July 15 the payment and filing deadlines that otherwise would have fallen on

June 19, 2020

Business succession and estate planning: It can be complicated

Transferring a family business to the next generation requires a delicate balancing act. Estate and succession planning strategies aren’t always compatible, and family members often have conflicting interests. By starting

June 16, 2020

If you’re selling your home, don’t forget about taxes

Traditionally, spring and summer are popular times for selling a home. Unfortunately, the COVID-19 crisis has resulted in a slowdown in sales. The National Association of Realtors (NAR) reports that

June 15, 2020

Good records are the key to tax deductions and trouble-free IRS audits

If you operate a small business, or you’re starting a new one, you probably know you need to keep records of your income and expenses. In particular, you should carefully

June 9, 2020

Business meal deductions: The current rules amid proposed changes

Restaurants and entertainment venues have been hard hit by the novel coronavirus (COVID-19) pandemic. One of the tax breaks that President Trump has proposed to help them is an increase

May 26, 2020

IRS releases 2021 amounts for Health Savings Accounts

The IRS recently released the 2021 inflation-adjusted amounts for Health Savings Accounts (HSAs).

HSA basics

An HSA is a trust created or organized exclusively for the purpose of paying

May 19, 2020

Did you get an Economic Impact Payment that was less than you expected?

Nearly everyone has heard about the Economic Impact Payments (EIPs) that the federal government is sending to help mitigate the effects of the coronavirus (COVID-19) pandemic. The IRS reports that

May 18, 2020

Fortunate enough to get a PPP loan? Forgiven expenses aren’t deductible

The IRS has issued guidance clarifying that certain deductions aren’t allowed if a business has received a Paycheck Protection Program (PPP) loan. Specifically, an expense isn’t deductible if both:

    May 14, 2020

    Build flexibility into your estate plan with powers of appointment

    There are several tools you can use to build flexibility into your estate plan. Flexibility is especially important now because of an uncertain estate planning environment.

    The federal gift and

    May 12, 2020

    There’s still time to make a deductible IRA contribution for 2019

    Do you want to save more for retirement on a tax-favored basis? If so, and if you qualify, you can make a deductible traditional IRA contribution for the 2019 tax

    May 11, 2020

    Business charitable contribution rules have changed under the CARES Act

    In light of the novel coronavirus (COVID-19) pandemic, many businesses are interested in donating to charity. In order to incentivize charitable giving, the Coronavirus Aid, Relief and Economic Security (CARES)

    May 7, 2020

    Drafting your will using online tools can lead to unwanted outcomes

    The novel coronavirus (COVID-19) pandemic has refocused people’s thoughts on the health and safety of their families. In addition to taking the necessary steps today to protect your loved ones,

    May 5, 2020

    Do you have tax questions related to COVID-19? Here are some answers

    The coronavirus (COVID-19) pandemic has affected many Americans’ finances. Here are some answers to questions you may have right now.

    My employer closed the office and I’m working from home.