Do you pick up riders in your car, rent out a spare room in your summer home or perform various other services for customers? If so, you are likely participating in the “gig economy” that is rapidly growing in popularity around the country. For many people, this is a good way to earn extra money [...]
Many people have been asked this question: If I lost my job due to COVID-19, do I have to pay federal income tax on unemployment benefits? The answer, at least for now, is “yes.” The Coronavirus Aid, Relief and Economic Security (CARES) Act authorizes extra unemployment benefits of $600 a week from April 5, 2020 [...]
Last Friday, May 15th, the SBA and Treasury released the PPP Loan Forgiveness Application. This application provides new elections and exemptions available to borrowers, as well as clarifies certain questions regarding PPP loan forgiveness. These elections/exemptions/clarifications include: Payroll Costs – Provides borrowers with a weekly or biweekly payroll schedule the option to elect to use [...]
Dear JMF Clients and Friends: As we mentioned in our communication on March 14th, we are in unprecedented times. We wanted to share another update of what JMF is continuing to do to serve our clients while maintaining a safe work environment. This remains a fluid situation and we will continue to communicate with you. [...]
The IRS released its third and final Opportunity Zone regulations at the end of 2019. Here is what you need to know. As I hope you are aware by now, Opportunity Zones were included in the new tax law known as Tax Cuts and Jobs Act of 2017. These zones encourage private sector investment in [...]
FOR PRINT FILE AND PDF Dear Clients and Friends: Year-end tax planning in 2019 remains as complicated as ever. Notably, we are still coping with the massive changes included in the biggest tax law in decades—the Tax Cuts and Jobs Act (TCJA) of 2017—and pinpointing the optimal strategies. This monumental tax legislation includes a myriad [...]
The Tax Cuts and Jobs Act (TCJA) created some new tax breaks for businesses while taking certain others away. But the TCJA did not touch the research credit for qualified expenses. What’s more, under another recent law, the Protecting Americans from Tax Hikes (PATH) Act, the benefits have been enhanced. Background: The research credit, also [...]
It takes dedication, innovation and a little luck—or perhaps a lot of luck—to turn a vision into a successful business. This might be your life story or the story of someone you are close to. But what will happen to the small business when the owner is no longer able to chart the course? According [...]
Generally, when you rent out a vacation home to strangers, you must pay tax on the rental income, but you are then entitled to some offsetting deductions. Special rule: There are no tax consequences for a rental lasting two weeks or less. In other words, you do not owe any tax, but you cannot [...]
In lieu of deducting actual expenses, the IRS permits qualified taxpayers to deduct a flat rate based on miles traveled, plus related tolls and parking fees. These standard mileage rates are updated annually. For 2019, the rates are: 58 cents per mile driven for business driving (up 3.5 cents from 2018); 20 cents per mile [...]