In 2021, required minimum distributions (RMDs) will resume as they were before the pandemic. As part of the CARES Act, the requirement for older taxpayers to take RMDs from their retirement plans was waived for 2020. This was due to the anticipated drop in value for most investments as a result of the economic effects …
Tax Blog
Tax Court Decision Holds Potential Impact for Travel Deductions
Travel Deductions are not so cut and dried as you many think. A recent tax court decision holds potential impact for travel deductions. There are many professions that require employees to travel extensively and spend significant amounts of time in paid lodging. These expenses are traditionally claimed as travel deductions. However, a case recently heard by …
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Analyzing Overtime Costs: A Strategic Step for HR
Analyzing overtime costs can be an important strategic step in determining when to hire new workers and improve efficiency in operations, labor costs and productivity. Overtime vs. More Hires An important strategy for making hiring decisions is looking closely at the costs of overtime compared with the costs of hiring additional employees. Those costs will …
Special Rules Apply to 2020 EITC and Child Credit
2020 EITC and Child Credit must now follow special rules. Because of the pandemic, many individuals have seen their employment (earned) income plummet. In that situation, two very important tax credits, the Earned Income Tax Credit (EITC) and the Child Tax Credit (CTC) will be adversely affected. Since the credits, are based in part on …
Small Businesses Move to Front of the Line For PPP Loans
Small businesses move to front of the line for PPP Loans in an effort to help the Mom & Pop local stores survive. As of February 24, 2021, the SBA will establish a 14-day, exclusive PPP loan application period targeted for small businesses. Specifically the loan period is designated for small businesses and nonprofits having …
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Tax Consequences of Crowdfunding
If you’ve ever had concerns about the tax consequences of crowdfunding – you are not alone. Raising money through Internet crowdfunding sites like GoFundMe, Kickstarter, Patreon or Indiegogo often prompts questions about the taxability of the money raised. A number of sites host money-raising projects for fees generally ranging from 5 to 9%. Each site …
Keep up with Payables: Paying Bills in QuickBooks
This month, we’ll discuss paying your bills in QuickBooks. Click Pay Bills on the home page or open the Vendors menu and select Pay Bills. The screen that opens displays bills that you’ve entered that need to be paid. You can choose to list those due on or before a date you specify or all bills. By default, all vendors …
Video: Required Minimum Distribution Resumes In 2021
Congress put a halt on the Required Minimum Distribution (RMD) for the traditional IRA in 2020 in response to the pandemic. However, the RMD will be resumed in 2021 and subsequent years. Please give us a call at 360-778-2901 if you have questions about your Required Minimum Distribution. Or if you’d like to learn more …
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Unemployment Fraud May Create A Tax Nightmare for Unsuspecting Taxpayers
Add unemployment fraud to the list of pandemic perils in 2020. As if this past year has not been stressful enough, it was just announced that at least at least $36 billion has been lost to improper unemployment payments being made. In many cases the improper payments are a result of fraudsters who spent the earliest months …
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