SECURE Act – Post-70 ½ IRA Contributions and Charitable Distributions
The Setting Every Community Up for Retirement Enhancement (SECURE) Act set a trap for the unwary when it comes to post-70 ½ IRA contributions. The…
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Tax Implications Exist for Taxpayers Making 2021 Healthcare Plan Elections
COVID-19 and ACA SCOTUS arguments may impact healthcare selections In light of the COVID-19 pandemic, health insurance coverage is particularly important this year. The Internal…
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SBA and Treasury Issue Simplified PPP Forgiveness Process for Loans of $50k or Less
On October 8th, the SBA and Treasury rolled out a simpler PPP forgiveness process for loans $50,000 or less. Instructions for the new $50k PPP…
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Form 941-X Updated for COVID-19 Corrections
Form 941-X, Adjusted Employer’s Quarterly Federal Tax Return or Claim for Refund, has been significantly revised. The revised Form 941-X allows employers to correct COVID-19…
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Real Estate Professional’s Short-Term Rental Property Generated Passive Losses
Real estate professionals who own short-term rental properties that are managed by a third party may find it more difficult to escape the grasp of…
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SBA Now Approving PPP Loan Forgiveness Applications
The Small Business Association (SBA) has said that it began approving PPP loan forgiveness applications on Friday, October 2nd. More than 5 million small- to…
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Wolters Kluwer Tax & Accounting Looks At Current Tax Issues Surrounding the Cannabis Industry
Tax considerations surround production, sale and use at state / federal level Many states have legalized marijuana for medicinal purposes, and a growing number of…
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PPP2 Proposals in New House Democratic HEROES Bill
House Democrats have released a new comprehensive relief bill this week. This proposal is a slimmer version of the HEROES Act and include improvements to…
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Proposed Regs Clarify Retirement Plan Rules for Qualified Plan Loan Offsets
The IRS recently proposed regulations to: clarify how to determine what a “qualified plan loan offset” is, andexplain when a retirement plan participant can take…
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MEDIA ALERT: New inflation estimates from Wolters Kluwer offer first look at impact for taxpayers in 2021
An early glimpse at the income tax picture for 2021, as projected under current tax law, is now available from Wolters Kluwer Tax & Accounting.
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