Tax Facts: the 2020 Edition

Tax Facts: the 2020 Edition

Happy 2021! Here are some key items relating to the 2020 tax year filing: Standard deduction is as follows: Single $12,400 Married filing joint $24,800 Head of household $18,650 Medical expense deduction threshold is 7.5% of adjusted gross income. SALT Deduction...

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Welcome Announcement 2021

Welcome Announcement 2021

It gives us great pleasure to announce the promotion of Clay Himstedt from Principal to Partner on 1/1/21. Clay joined our firm in 2014 and his specializes in family businesses, healthcare services, Labor Unions and Multi-Employer Benefit Plans. We are happy to...

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From New Jersey, Good News and No News

From New Jersey, Good News and No News

The IRS analyzed the legislation authorizing Payroll Protection Program loan forgiveness and, while it found that the forgiven debt was not income, it also found that the expenses paid with the loan funds were also not deductible.  It took legislation at the end of...

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