What’s Next for a Stimulus Bill?
The Senate Republicans’ slimmed-down stimulus bill recently failed to materialize after receiving less than the 60 votes needed to move forward. The “skinny” stimulus bill, with a price tag of only $650 billion, was…
3 State Level Tax Hikes That Might Be Coming Due to COVID-19
No surprise, but Americans are consuming and spending less since the coronavirus kicked in. Retail sales dropped to 8.7 percent in March, the largest month-over-month decline since the Census Bureau started tracking this…
R&D Tax Credits May be Part of the Next Tax Relief Bill
As the economic impact of COVID-19 lingers and an impending second wave is on everyone’s mind, Congress is already thinking of new legislation to stimulate the economy. One of the ideas on the top of the list…
HEROES ACT Can Combat Economic Downtown
The HEROES Act, otherwise known as the Health and Economic Recovery Omnibus Emergency Solutions Act, can greatly improve the benefits for the earned income tax credit (EITC) for eligible workers who don’t have…
IRS Questions and Answers on COVID-19 IRA and 401(k) Loans & Distributions
The CARES Act stimulus package substantially relaxed the rules around certain retirement account loan and distribution requirements, but with much confusion. As a result, the IRS recently put out a FAQ…
Be Right About Free Money: Potential Legal Risks of the Paycheck Protection Loan Program
One of the most important provisions of the CARES Act for small businesses is called the Paycheck Protection Program (PPP). The PPP is a $349 billion program designed to assist small businesses (fewer than 500 employees) facing…
Should You File an Amended 2018 Return?
During the holiday season in December, Congress passed the Consolidated Budget Appropriations Act of 2020. Included in this Act was a tax package that renewed more than 24 tax…
Taxes and Tariffs: The U.S. Response to France’s Digital Tax
Back in July of 2019, France passed what was dubbed a “digital tax” targeting the largest tech companies. Impacting approximately 30 big companies such as Amazon, Google, Facebook, and Apple…
When Should You Switch Your Side Hustle to a Business Entity Structure?
Starting a side hustle today is easier than ever. Between the numerous websites that act as marketplaces and project jobs that can be found on the internet, almost anyone can turn a skill or hobby they have into something they…
2020 Tax Brackets, Deductions, Plus More
Beginning on Jan. 1, 2020, the Internal Revenue Service (IRS) has new annual inflation adjustments for tax rates, brackets, deductions and retirement contribution limits. Note, the amounts…