On 28th August 2020, Treasury Guidance made public the Deferral of Employee Social Security Tax. The promulgated Treasury Notice 2020-65 by the Internal Revenue Service (IRS) and Treasury Department allows employers to defer holding back and payment of Social Security tax for all workers with bi-weekly wages below $4,000 or other equal figures subject to wage payment from 1st... continue reading →
Millions of Americans are now receiving unemployment compensation, and many of these would have never claimed this benefit before. The IRS has issued a reminder that this benefit is taxable and that people can have money withheld from the payments they receive now to avoid a bigger bill when they file their tax return for next year. The law... continue reading →
The Internal Revenue Service gave a reminder that the Economic Security (CARES) Act and the Coronavirus Aid Relief can help needy taxpayers. By offering friendly tax actions for withdrawals from IRAs and retirement plans, allowing expanded loan options for specific retirement plans. Can I Get Money from My Retirement Account Now? If you are eligible for the coronavirus-related relief,... continue reading →
In 2020, individuals and businesses can take advantage of temporary changes regarding charitable contributions. Individuals can deduct qualified contributions of up to 100 percent of their adjusted gross income in 2020. Corporations can deduct qualified contributions of up to 25 percent of their taxable income. Any contributions exceeding that amount can carry over to the next tax year 2021.... continue reading →
A variety of changes are underway for individuals and businesses as a result of the pandemic. We hope that this page will help you understand some of the changes, and how they might affect you. Here, you will find links to articles that might be helpful. Employers – Sick and Family Leave Reporting Employers will be interested in reporting... continue reading →
Dear Client, I hope that you are safe and healthy during this time of uncertainty. We extend our best to you and your families. Our offices have received a number of inquiries about government grants, funding, loans or otherwise any assistance available. We are trying to stay updated on the financial climate and respond to you, as quickly and... continue reading →
An accountant and a CPA are experts in the financial realm. However, they differ in some aspects that set them apart. Can you pan out the differences between the two professionals? Don’t worry since we’ve compiled some unique features that make them distinct. Read on to get more insights about their variation. Licensing For starters, accountants do not possess... continue reading →
Revocation of Certified Public Accounts credentials Accountants, the number cruncher’s we rely on them to keep our finances in order and reduce our tax bills. Sometimes our trusted accountants and CPA’s (certified public accounts) start fiddling the books, or run off to Hawaii with our money. When this happens, they need to be put out of business. If you... continue reading →
Having the right insurance coverage is one way we can all protect our financial assets. With insurance, you’re largely protecting yourself against the unknown. However, for individuals living with disabilities, smart financial planning also includes preparing for the long-term costs you know you will face later in life. Protecting Your Family Adults with disabilities are a diverse group... continue reading →
You are always going to spend money on your kids, even when they are grown. When life kicks in, it will be hard for them to find a career they love, and that pays well. Help yourself and help them by giving them a job. Employing your kids is smart. The Tax Advantages Hiring your child has tax advantages... continue reading →
