The COVID-19 pandemic has changed the world and had an enormous financial impact, on both small and large businesses across the U.S. Financial experts agree, year-end tax planning is especially critical this year, as the disruption of the virus has led to a number of important issues with tax implications. There are a number of[…]
The COVID-19 pandemic has created a historic need for support for millions of struggling families and communities across the country. Globally, people continue to suffer from hurricanes, floods, fires and regional disasters like the devastating Beirut explosion. To encourage charitable giving, the Coronavirus Aid, Relief and Economic Security (CARES) Act has increased tax incentives for[…]
If you, or someone you know, are headed to college, be sure to familiarize yourself with FAFSA – Free Application for Student Aid. Regardless of your family’s income, everyone should complete the form, and the sooner, the better, according to financial advisors and college admission officials. The application became available Oct. 1 for the 2021-2022[…]
Federal tax rates went down with the Tax Cuts and Jobs Act of 2017, but those cuts are already set to expire in 2025. And there is broad support among Democrats for repealing tax cuts before their expiration. Let’s face it. There is a strong likelihood that your tax rates will be going up. Most of[…]
Deductibility of expenses used to qualify for PPP loan forgiveness
By diamondcpas Business Taxes Oct 11, 2020
Many business owners who faced enormous stresses during the COVID-19 pandemic took a forgivable loan under the federal Paycheck Protection Program to help them meet their business expenses. Now, as they plan for their 2020 income tax returns, they are faced with decisions on whether to deduct those expenses, even if they haven’t yet applied[…]
Unfortunately, far too many business owners blow through their budgets, spending more on everything from office space to technology and marketing. If that sounds like you, there are ways to reign in your expenses and help your business gain more financially sound footing. Here are some tips to help guide you: – Among the largest[…]
How to be prepared if your business falls victim to a crime
By diamondcpas Best Practices Sep 16, 2020
Businesses of all types and sizes are facing many threats during this unusual year. From the COVID-19 pandemic to street protests over police brutality and racism, business owners must be mindful of a variety of potential risks. While most business owners take numerous precautions to ensure their property is protected, burglaries and vandalism can still[…]
If you’re among the nearly 60 million fantasy sports players in the U.S. and Canada, it’s important to understand the tax implications of both your winnings and losses. Whether you’re creating your fantasy team through DraftKing, Yahoo!, ESPN or any of the other platforms, fantasy sports earnings must be reported to the IRS, just as[…]
Relief may be available for those struggling to pay monthly bills
By diamondcpas Personal Taxes Aug 19, 2020
Millions of Americans are still struggling to meet their monthly bills, as the COVID-19 pandemic continues to wreak havoc on the economy. While the CARES Act, signed in March, provided some relief, many of its provisions have expired. Although it’s unclear whether some of the law’s supports, such as eviction protection, forbidding utility shutoffs and[…]
Anyone who already took a required minimum distribution (RMD) this year from certain retirement accounts now has more time to roll that money back into the savings plan, according to the Internal Revenue Service, which recently announced that the CARES Act RMD waiver has been extended until August 31, 2020. “The 60-day rollover period for[…]