Be Cautious of Temporary Payroll Tax Holiday

A payroll tax holiday effective September 1 was recently signed via a presidential executive order. Payroll tax holidays typically provide forgiveness of Social Security and Medicare taxes that are normally withheld from your paycheck. This year’s tax holiday, however, is not necessarily a forgiveness of Social Security and Medicare taxes, Read more…

Gifts of Stock

If you own shares of stock that have increased in value, one way to avoid a taxable gain is to gift them to another. Although it’s simple in concept, gifting stock does have some tax consequences to consider. Value of the gift When you gift stock there are not one, Read more…

Avoid a Tax Surprise in 2020

What is normally a reliable estimate of your taxes – the amount of money withheld from your paychecks by your employer – may be an unreliable estimate this year thanks to the current pandemic. Even worse, using the safety net of paying in what you did last year may not Read more…

Tips for PPP Loan Forgiveness

More than 70% of small businesses in America now have loan proceeds from the Paycheck Protection Program (PPP) to help retain employees during the current pandemic. The entire amount of a PPP loan is eligible to be forgiven if the funds are used for qualified expenses. Recent legislation liberalizes the Read more…

New Tax Rules for 2020

Tax rules change every year, but 2020 has seen more changes than most. There have been a lot of new laws and programs aimed at pandemic relief that you may have heard of, but there have also been some less well publicized tax law changes that you might be able Read more…

An Update on PPP Loan Forgiveness

Small business owners, self-employed workers, and freelancers received some welcome news when Congress recently passed the Paycheck Protection Flexibility Act. This new law clarifies how businesses can qualify to have all or a portion of its Paycheck Protection Program (PPP) loan forgiven. Here is what you need to know: December Read more…

Tracking Down a Missing Stimulus Payment

Millions of Americans already received their economic impact payment. If you haven’t received yours, or if your economic impact payment was for an incorrect ammount, you might need to take action so that you can receive yours. Below are some common reasons why your stimulus payment may be incorrect, and Read more…