While many businesses struggled through the pandemic, none more so than the restaurant industry. In an effort to aid these businesses, the Consolidated Appropriations Act introduced a 100% business meal deduction, formerly 50%. However, many…

Does your paycheck look a little higher than normal? If so, it could be a tax trap. The problem A payroll tax holiday was enacted for September 1, 2020 through December 31, 2020, via a…

At the end of March, the treasury department shifted the due date for 2019 tax returns by 90 days until July 15, 2020. The extensions are automatic and taxpayers do not need to file additional…

COVID-19 uncertainty abounds. By monitoring tax changes on your behalf, we can work together to navigate the right path for you and your family. Here is a round-up of some of the new personal tax-related…

Last tax season was a learning experience for everyone who had partnership, S corporation or sole proprietor income as they tried to understand the new qualified business income (QBI) deduction. The rules and regulations challenged…

In 2018, the government attempted to “simplify” the tax-filing process by drastically shortening Form 1040. The result was six new schedules that created a lot of confusion. Now the IRS is attempting to ease some…

One major change in The Tax Cuts and Jobs Act was the generous federal estate and gift tax exemption, which doubled from $5 million to over $11 million. Effectively, this means that only the very affluent…

The Tax Cuts and Jobs Act (TCJA) passed by Congress was the most sweeping overhaul to the United States tax code in over 30 years.  Although many politicians promised “simplification,” most tax professionals would certainly…