The Joint Chiefs of Global Tax Enforcement, known as the “J5”, are cracking down on international tax evasion and criminal activity. The J5 is made up of a group of investigators from Australia, Canada, the UK, US and the Netherlands. The group formed in mid-2018 and has been actively focused on bringing down worldwide tax …
Is your Paycheck Protection Program loan not covering as much as you need it to? Some businesses may be able to go back for more. The Small Business Administration (SBA) released an interim final rule regarding PPP loan increases for partnerships and seasonal employers. Don’t miss: SBA clarifies process for review of good-faith PPP certifications …
Millions of Americans every year are required to file a tax return, and it’s a good idea for everyone to determine whether or not they should file a return this year. Individuals with low income may not be required to file a tax return, but it may be a good idea to file if you …
In an effort to provide businesses desperately needed help during the COVID-19 crisis, the Small Business Administration (SBA) is administering loans through the Paycheck Protection Program. To streamline the process, qualification certification for the PPP has been reduced to good-faith certification, but that’s raised several questions. Key among them, exactly how will SBA review borrower’s …
With the introduction of the SECURE Act, the exclusion from gross income for a discharge of qualified principal residence debt has been extended. This is good news for taxpayers who had part or all of their mortgage forgiven by a bank or a financial institution. Don’t miss: Welcome back tuition and fees deduction Qualified principal …
When the Tax Cuts and Jobs Act (TCJA) was passed, it prohibited individual taxpayers from claiming miscellaneous itemized deductions for any taxable year beginning after 12/31/2017 and before 01/01/2026. After two years, the IRS has finally issued proposed regulations to clarify how the rules on miscellaneous deductions apply to trusts and estates. Don’t miss: What …
Even though estate taxes don’t affect many people, they have been a hot topic in the political realm after the Tax Cuts and Jobs Act doubled the lifetime exemption. Here’s more on the history of estate tax rates. Don’t miss: Inherited IRAs The estate tax exemption has seen some extremely significant changes since it was …
When a business is formed, it is typically intended that it will generate profit over time. The ownership group may include investors that are not involved in the day-to-day operations. They are described in the tax code as passive participants in the business (passive activity rules). For more detail on the passive activity rules and …
I recently had some friends go through a divorce. I watched as they tried to sort through their assets and work out the logistics of taking care of their two children. Even after divorce, they were still curious about what the other one was up to, who they were hanging out with, and what type …
There are some provisions in the CARES Act that are not getting a lot of play right now – probably because it is not immediate money in business or individual’s hands. Through charitable donations, CARES Act money can be money for nonprofit organizations, though. Don’t miss: CARES Act clarification for trustee/plan sponsors So while we …
The new revenue recognition standard takes effect for most private companies in 2019, but you can’t wait until then to learn about this. Download our new e-Book now.
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