Entries by

Include Digital Assets in Your Estate Plan

Account takeover incidents, which entails the use of personally identifiable information such as usernames, passwords and the answers to secret questions to illegally gain access to digital assets, are prevalent worldwide. Methods to secure usernames and passwords for digital assets range from relying on memory, keeping a written log, saving information on an electronic device, […]

Tax Planning 2021 – Individuals

As year-end approaches, it is a great time to think about planning moves that may help lower your tax bill for this year. There is a strong possibility that we will see significant changes to our tax laws effective 2021 and/or 2022. The Biden Administration proposed a variety of tax changes which are still in […]

Child Tax Credit 2021

Many families have and will continue to receive advance Child Tax Credit (CTC) payments due to recent changes in the program. The Internal Revenue Service (IRS) automatically enrolled families it considered qualified for the CTC into the advance payment program. The installments are distributed via direct deposit or mailed as a paper check. The payments […]

House Ways & Means Committee Proposed Tax Increases

On September 13, 2021, the House Ways and Means Committee released proposed tax legislative text as part of a broader $3.5 trillion budget proposal. This is the most detailed picture yet of the tax changes the administration is proposing and includes the following: Corporations Increase the top rate to 26.5 percent from 21 percent for […]

Tax Relief to Hurricane Ida Victims

Updated January 3, 2022: The IRS has provided tax relief to Hurricane Ida victims in parts of New York and New Jersey. Individuals and businesses in the disaster area now have until February 15, 2022, extended from January 3, 2022, to file various individual and business tax returns and to make tax payments. The updated […]

IRS Gives New Guidance on Employee Retention Credit

The Treasury Department and the Internal Revenue Service recently issued further guidance on the employee retention credit. Notice 2021-49 addresses changes made by the American Rescue Plan Act of 2021 (ARP) to the employee retention credit that are applicable to the third and fourth quarters of 2021. It also includes guidance on several miscellaneous issues […]

Biden Administration Tax Proposals

The U.S. Treasury Department recently issued its green book which has shed light on many of the income tax proposals that will help fund the Biden administration’s infrastructure plan. The green book details tax proposals of the “Made in America Tax Plan” targeting corporate tax law changes, as well as the “American Families Plan” targeting […]

ERC Guidance Now Available

For employers claiming the employee retention credit (ERC) for 2020, the IRS recently issued guidance for those claiming the credit for 2020 calendar quarters. The newly released guidance provides clarification, as well as descriptive information, pertaining to the retroactive changes under the new law and the expanded eligibility for the ERC. PPP Loan Recipients May […]

Two Interim Final Rules Issued by SBA for Second Round of PPP

Today, the U.S. Small Business Administration (SBA) and Treasury issued guidance for the changes and second round of the Paycheck Protection Program (PPP). The guidance included two interim final rules (IFRs). The 82-page IFR “Business Loan Program Temporary Changes; Paycheck Protection Program as Amended by Economic Aid Act” consolidates the rules for PPP forgivable loans for first-time […]

FFCRA – What Changed for 2021?

The Families First Coronavirus Response Act of 2020 (“FFCRA”) expired, however, employers may still be able to receive a tax credit for voluntarily offering sick pay and family leave to employees. As of April 2020, the FFCRA mandated that employers with fewer than 500 employees, and certain governmental employers, provide emergency paid “sick leave” and […]