As a result of the coronavirus (COVID-19) crisis, your business may be using independent contractors to keep costs low. But you should be careful that these workers are properly classified for federal tax purposes. If the IRS reclassifies them as employees, it can be an expensive mistake. The question of whether a worker is an […]

The coronavirus (COVID-19) pandemic has caused the value of some retirement accounts to decrease because of the stock market downturn. But if you have a traditional IRA, this downturn may provide a valuable opportunity: It may allow you to convert your traditional IRA to a Roth IRA at a lower tax cost. The key differences […]

COVID-19 has created uncertainty for those dealing with family matters. With many courthouses closed and a whole new set of issues to deal with, we’re here to help answer questions related to your family law matters including:  Child support Contribution to college expense Closely Held Businesses in Marital Dispute

The novel coronavirus (COVID-19) pandemic has adversely affected the global economy. Companies of all sizes in all industries are faced with closures of specific locations or complete shutdowns; employee layoffs, furloughs or restrictions on work; liquidity issues; and disruptions to their supply chains and customers. These negative impacts have brought the “going concern” issue to […]

Self-Employed Individuals and Small Businesses, Paycheck Protection Program and Loan Forgiveness If you’re self-employed or have a small business with just a few employees, applying for the Payroll Protection Program (PPP) can bring up a lot of questions.  We’ll help you make sense of how the program applies to you as a self-employed individual or […]

Stimulus Bill Signed Into Law: Additional PPP & EDIL FUNDING An additional stimulus package has been passed and officially signed today by the President. This package will provide an additional $310 billion in funding for the Paycheck Protection Program (PPP) and replenish Economic Injury Disaster Loan (EIDL) funding. What it means for business owners If […]

Millions of eligible Americans have already received their Economic Impact Payments (EIPs) via direct deposit or paper checks, according to the IRS. Others are still waiting. The payments are part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act. Here are some answers to questions you may have about EIPs. Who’s eligible to get […]

The IRS recently issued Notice 2020-23, expanding on previously issued guidance extending certain tax filing and payment deadlines in response to the novel coronavirus (COVID-19) crisis. This guidance applies to specified filing obligations and other “specified actions” that would otherwise be due on or after April 1, 2020, and before July 15, 2020. It extends […]

The law providing relief due to the coronavirus (COVID-19) pandemic contains a beneficial change in the tax rules for many improvements to interior parts of nonresidential buildings. This is referred to as qualified improvement property (QIP). You may recall that under the Tax Cuts and Jobs Act (TCJA), any QIP placed in service after December […]