Last month’s COVID-19 relief bill has accountants recommending some deductions to clients, and wondering about the applicability of others.
Read More »Category Archives: Tax breaks
Feed SubscriptionBeer, restaurants and Nascar win tax breaks in virus-relief bill
Tucked in among more than 5,000 pages of legislative text, the congressional bill providing COVID-19 relief and 2021 government funding includes dozens of tax breaks for beneficiaries ranging from downtown restaurants and the film industry to motor-sports racetracks.
Read More »2020 year-end tax tips: What we do know and what we should know
Here are some obvious and not-so-obvious year-end tax tips to consider as we prepare ourselves and our clients for the new year.
Read More »IRS adjusts tax item amounts for 2021 due to inflation
The Internal Revenue Service issued its annual inflation adjustments Monday for tax year 2021, revising more than 60 tax provisions, including tax rate schedules, standard deduction amounts and more.
Read More »Democrat bill would make payroll tax deferral optional for federal workers, military
Sen. Chris Van Hollen, D-Maryland, and 16 other Senate Democrats introduced legislation Friday to make President Trump’s payroll tax deferral optional for federal employees and military service members.
Read More »House Republicans introduce bill to extend Trump tax cuts and add tax breaks
Rep. Kevin Brady and House Republican Leader Kevin McCarthy, introduced legislation to extend a number of tax breaks in the Tax Cuts and Jobs Act of 2017, and add some more .
Read More »6 ways opportunity zone expansion can aid COVID-19 recovery
Opportunity zones may just be the perfect vehicle to deliver economic relief to the areas hardest hit by the coronavirus pandemic — both short term and long term.
Read More »IRS issues rules for net operating losses in consolidated groups
The Internal Revenue Service and the Treasury Department released proposed regulations and temporary regulations to offer guidance for consolidated groups on net operating losses in the wake of changes under both the Tax Cuts and Jobs Act of 2017 and ...
Read More »