New Covid-19 ‘Stimulus’ Law Expands Tax Incentives for Businesses
The recently enacted Consolidated Appropriations Act provides Covid-19 relief to businesses in the form of tax deductions and credits.
CARES Act expands tax deductions for charitable giving in 2020
Charles R. Kennedy, CPA, MBA Vice President & Director of Tax Services As 2020 draws to a close, taxpayers who made charitable contributions this year – or who plan to before the clock strikes midnight on December 31 – may benefit from three provisions of the...Qualifiying for the medical expense tax deduction requires planning and timing
Carol A. Magyar, CPA, MST Tax Director Many medical expenses are deductible on your federal tax return, but the rules governing this type of deduction make it difficult for some taxpayers to qualify. However, proper planning and timing of discretionary expenses may...Restored bonus depreciation in CARES Act may benefit business owners who have improved property
James J. DeLuca, CPA, MST Senior Tax Manager As companies face continued reductions in business heading into 2021 due to Covid-19, many are hurting and looking for every opportunity to recoup losses. A bonus depreciation provision in the Coronavirus Aid Relief and...Payroll Protection Program: Expense Deductibility Update
The IRS has confirmed its guidance that 2020 business expenses paid for with Paycheck Protection Program (PPP) loan proceeds are not tax deductible.
Understanding distributions from your traditional IRA
Withdrawing from your traditional IRA requires planning and understanding of how the distributions work.