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What do the 2021 Cost-Of-Living Adjustment Numbers Mean for You?
The IRS has announced its 2021 cost-of-living adjustments to tax amounts that might affect you. Many increased to account for inflation, but some remained at 2020 levels. As you implement 2020 year-end tax planning strategies, be sure to take these 2021 adjustments into account in your planning.
IRS Announces 2021 Employee Benefit Plan and Transportation Limits
The below presents the Internal Revenue Service (“IRS”) recently announced 2021 cost-of-living adjustments for retirement and health and welfare plans and transportation programs.
Unusual Year Steers Year-End Tax Strategies
Like so many things this year, the recommended practices for your annual year-end tax planning reflect the COVID-19 pandemic and its far-flung effects. The economic impact, as well as federal relief packages like the CARES Act, may render some tried-and-true strategies for reducing your income tax liability less advisable for 2020.
Paycheck Protection Program Revised Forgiveness Application for Small Loans
On October 8, 2020, the Small Business Administration (SBA) provided a simplified PPP loan forgiveness application, Form 3508S, for borrowers with loans of $50,000 or less and new guidance concerning these small loans along with form instructions.
Compare and Contrast: How do the Republican and Democratic Tax Plans Differ?
With the presidential election only weeks away, many people are beginning to pay closer attention to each candidate’s positions on such issues as the COVID-19 pandemic, health care, the environment and taxes. Among their many differences, President Donald Trump and former Vice President Joe Biden have widely divergent tax proposals.
Providing Employees With Tax-Free COVID-19 Assistance: What Employers Need to Know
Are your employees struggling with unexpected medical, work-from-home, childcare or other expenses as a result of the COVID-19 pandemic? If so, a little-known tax law allows you to make tax-free payments to employees to help them cover these expenses.
Pitfalls of Executive Payroll Tax Deferral
The IRS issued guidance (Notice 2020-65) implementing President Trump’s executive action to defer the employee portion of the Social Security payroll tax. The guidance is brief, leaving employers with questions about whether, and how, to implement the deferral.
What Does the Executive Action Deferring Payroll Taxes Mean for Employers and Employees?
On August 8, 2020, President Trump signed an executive memorandum that defers an employee’s portion of Social Security and Medicare taxes from September 1 through December 31, 2020. At this point, the taxes are just deferred, meaning they will still have to be paid at a later date.
Accounting for PPP Loans
The Coronavirus Aid, Relief, and Economic Security (CARES) Act created the Paycheck Protection Program (PPP) to provide eligible entities, including small businesses and not-for-profit (NFP) organizations, with liquidity to support their operations and to keep their employees paid. PPP loans may be forgiven, in whole or in part, if certain conditions are satisfied including spending the PPP funds on qualifying expenses and maintaining specified levels of payroll and employment.
OMB Revisions to Single Audit Submission Extensions and Other Updates
In a memorandum dated June 18, 2020, the U.S. Office of Management and Budget (OMB) revised and reversed their flexibility on Single Audit submission extensions.