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Four Steps in Eldercare Planning

Over the course of time, the caretaker roles of parents and children often reverse, especially if one or more parent experiences health problems. For example, an elderly parent may no longer be competent to handle his or her own affairs. This can raise sensitive financial and personal issues within the family. The optimal approach is [...]

By |2021-04-01T13:32:30+00:00April 1st, 2021|Estate & Trust, News & Events|0 Comments

American Rescue Plan Act of 2021 – What’s in it for me?

In the latest round of COVID-19 legislation, the American Rescue Plan Act of 2021 passed the Senate by a 50-49 vote on March 6, 2021. The bill had been subject to many changes in the Senate after passing in the House on February 27. The bill was signed into law by the President on [...]

Take Aim at a Target Tax Credit

The Consolidated Appropriations Act (CAA) gives employers another shot at a valuable tax credit that was scheduled to go off the books at the end of 2020. It extends the Work Opportunity Tax Credit (WOTC), which had expired and been reinstated numerous times in the past, for a period of five years. In the past, [...]

Ten Top Above-the-Line Deductions

Frequently, taxpayers pay close attention to itemized deductions, but forget about “above-the-line” deductions that could be even more valuable. These deductions reduce your adjusted gross income (AGI) for various tax purposes. Following is a list of ten key items available on 2020 returns. Charitable donations: Usually, charitable deductions are limited to itemizers. However, under the [...]

By |2021-02-26T15:28:52+00:00February 26th, 2021|Individual Tax, News & Events, Press Releases|0 Comments

Have you filed your 2019 tax return but the IRS sent a notice saying you didn’t?

You are not alone.  Some 260,000 taxpayers also did.  These notices are called CP59 notices. The IRS has not finished processing 2019 returns due to COVID-19 delays and many of these notices were sent in error. The IRS has issued a news release saying these notices can be disregarded if you did in fact file [...]

By |2021-02-19T22:06:57+00:00February 19th, 2021|Individual Tax, News & Events, Press Releases|0 Comments

2020 Stimulus Checks 1 & 2 – What You Need to Know for Your 2020 Tax Return

We are getting a lot of questions from clients and friends regarding the stimulus checks received in 2020.  These are also known as “stimmy” by our younger CPAs and clients. The 2020 Stimulus check. Surrounded with 100 dollar bills. Sent to US citizens during the covid-19/coronavirus pandemic   Our CPA Tax Manager Lauren [...]

By |2021-02-10T21:53:59+00:00February 10th, 2021|Uncategorized|0 Comments

Doubling Up on the Employee Retention Credit and PPP Loan Forgiveness

The Consolidated Appropriations Act passed December 27, 2020 included an expansion of the 2020 Employee Retention Credit (ERC). The credit is now retroactive to the enactment of the CARES Act, March 21, 2020, and is available to employers who received PPP loan funding. Employers, including tax-exempt organizations, are eligible for the credit if they [...]