As the close of year 2020 is rapidly approaching, I’d like to mention a few tax planning thoughts that should be considered before year-end, assuming that the Senate changes hands before the start of the President Elect’s administration. Keep in mind that in order for...
The higher standard deduction enacted under the Tax Cut and Jobs Act and the economic impact of the Coronavirus are expected to have a significant impact on the ability of charitable organizations in our country to do their work, and in some cases survive. To provide...
As we near the end of an unprecedented year, I wanted to touch upon one of the provisions the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) enacted regarding qualified improvement property (QIP) and the “technical correction” (Revenue Procedure...
As the COVID-19 outbreak continues, many employers are continuing to encourage or require their employees to work from home (i.e., telework). Such remote working arrangements could potentially have tax implications that should be considered. State tax obligations for...
When it comes to tax policies, Donald Trump and Joe Biden have two vastly different strategies. Donald Trump and the Republicans would like to preserve the Tax Cuts and Jobs Act (TCJA), which lowered tax rates for most income levels and doubled the standard deduction....
A non-corporate taxpayer generally can exclude up to 100% of gain realized from the sale or exchange of qualified small business stock held more than five years. Sounds interesting, but how do you determine if you are able to take the Qualified Small Business Stock...