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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State Tax Treatment of Unemployment Benefits
Because of COVID-19, the state tax treatment of unemployment benefits will be a bigger deal than usual when individuals file their state returns for tax…
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The SBA addresses those worried about the 10/31/20 expiration date on the 3508 series forms
The SBA addresses those worried about the 10/31/20 expiration date on the 3508 series forms. The deadline to apply for forgiveness of a PPP loan…
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New Jersey Enacts Tax Increases to Close Budget Gap
New Jersey enacted several tax increases as part of a revised Fiscal Year 2021 budget, including: increasing the Millionaire’s tax;extending the 2019 Corporate surtax rate;…
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States Respond to Qualified Improvement Property Depreciation Change
Many states automatically conform to the CARES Act correction reducing the MACRS recovery period of qualified improvement property from 39 years to 15 years. The…
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California Makes Changes to Worker Classification Law
California enacted new exceptions to the worker classification provisions of A.B. 5, Laws 2019. The provisions state when a worker is an employee rather than an…
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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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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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