Tap into the educator expense deduction

Teachers provide so much of their time, money and energy to make sure their students are taken care of. Still, most teachers are not reimbursed for the money they spend on teaching materials and classroom supplies. This is why the educator expense deduction was put in place and made permanent in 2015. Don’t miss: Tax …

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COVID-19 and life expectancy. What we know so far.

2020…what a ride, am I right? But just how much of an impact did COVID-19 and the resulting pandemic have on average life expectancy? Even more, how does that impact economic damages? I’m going to skip straight to the punchline, and then we will get into the nitty-gritty: The CDC has reported that in 2020, …

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House passes $42 billion Restaurant Revitalization Fund replenishment

The U.S. House of Representatives voted today to add $42 billion to the Restaurant Revitalization Fund for food industry businesses that originally applied for a grant. Restaurants that applied previously will not need to reapply. The Restaurant Revitalization Fund was passed in 2021 with $28.6 billion, providing desperately needed assistance to over 100,000 restaurants. But …

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FAQs on SLFR Funds

The IRS recently provided answers related to the Coronavirus State and Local Fiscal Recovery Funds (SLFR Funds) which was established under the American Rescue Plan Act (ARP). As the country recovered, these funds allowed eligible state and local governments to meet pandemic response needs. This includes providing direct support to households and individuals impacted the …

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Don’t forget about the Employee Retention Credit

By now I am sure you have heard of and likely taken advantage of the PPP loan program that was rolled out in early 2020 as one of the many programs the government used to help keep the economy running and businesses open and operating. But did you also know of a lesser-known program called …

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Help wanted but high unemployment

It is no secret that COVID-19 has affected the world as we know it. When the pandemic started, the unemployment rate skyrocketed seemingly overnight due to forced closures in order to limit the spread of the virus. The unemployment rate is now 6% but if you walk into any restaurant or retail business a “We’re …

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Recognition of income in California complicated by COVID IRA distributions

The CARES Act allowed taxpayers to withdraw up to $100,000 penalty-free from an IRA in 2020 as a COVID-related distribution. In addition, taxpayers were given the option to make an election allowing recognition of income from the distribution over a three-year period beginning in 2020. Don’t miss: Staying on top of tax law changes these …

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COVID treatment and prevention expenses are deductible

As COVID continues to be a problem around the globe with no quick end in sight, tax related questions have arisen and IRS continues to release guidance on the deductibility of expenses related to COVID treatment and prevention. Don’t miss: Willful failure to file FBAR ruling packs expensive punch Most recently, as the availability of …

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COVID cyber threats to be aware of

The United States Department of Homeland Security, as well as other cybersecurity organizations, have formally released an alert warning about the new COVID cyber threats and strategies cyber hackers are using to gain access to confidential information. Don’t miss: School district procurement due diligence and written determinations Titles containing key words involved in the pandemic …

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