When the COVID-19 crisis exploded in March, among the many concerns was the state of the nation’s supply chains. Business owners are no strangers to such worry. It’s long been known that, if too much of a company’s supply chain… Read More
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Are scholarships tax-free or taxable?
COVID-19 is changing the landscape for many schools this fall. But many children and young adults are going back, even if it’s just for online learning, and some parents will be facing tuition bills. If your child has been awarded… Read More
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Why do partners sometimes report more income on tax returns than they receive in cash?
If you’re a partner in a business, you may have come across a situation that gave you pause. In a given year, you may be taxed on more partnership income than was distributed to you from the partnership in which… Read More
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Pandemic teleworking causes state tax withholding issues
Pandemic teleworking causes state tax withholding issues https://bit.ly/2WU6y7z
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Main Street Lending Program now open to nonprofit applicants
Last week, the Federal Reserve announced that not-for-profit organizations now may apply for loans under the $600 billion Main Street Lending Program. Previously open only to for-profit businesses with more than 100 employees, the program offers low-interest loans with relatively relaxed… Read More
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Reopening concepts: What business owners should consider
A widely circulated article about the COVID-19 pandemic, written by author Tomas Pueyo in March, described efforts to cope with the crisis as “the hammer and the dance.” The hammer was the abrupt shutdown of most businesses and institutions; the… Read More
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Take advantage of a “stepped-up basis” when you inherit property
If you’re planning your estate, or you’ve recently inherited assets, you may be unsure of the “cost” (or “basis”) for tax purposes. Fair market value rules Under the fair market value basis rules (also known as the “step-up and step-down”… Read More
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IRS updates annual Dirty Dozen tax schemes for 2020
IRS updates annual Dirty Dozen tax schemes for 2020 https://bit.ly/2CQGZNN
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IRS reinstates PTIN user fees
IRS reinstates PTIN user fees https://bit.ly/3ji6Izh
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New AICPA tool automates PPP loan forgiveness process
New AICPA tool automates PPP loan forgiveness process https://bit.ly/3jxCIQf