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As bad as it has been financially for many individuals, 2020 does provide some unique tax opportunities for those who have traditional IRA accounts. These range from converting traditional IRAs to Roth IRAs, retirees making larger-than-normal IRA withdrawals and the decision whether to take advantage …

The outcome of the November elections could have a significant impact on taxes for the wealthy. The COVID-19 pandemic has wreaked havoc on the economy, as the government’s tax revenues have declined while government spending has soared. Although the President has not revealed his tax …

With jobs at a premium during the COVID-19 pandemic, you might consider hiring your children to help out in your business. Financially, it makes more sense to keep the family employed rather than hiring strangers, provided, of course, that the family member is suitable for …

Most taxpayers don’t intentionally incur tax penalties, but many who are penalized are simply not aware of the penalties or the possible impact on their wallets. As tax season approaches, let’s look at some of the more commonly encountered penalties and how they may be …

In an effort to keep you as informed as possible in this ever-changing environment, we are letting you know that the Department of Treasury has released the Paycheck Protection Program application and supplemental information, all available on their website. Please review the documents listed under …

Small business owners in all U.S. states and territories are currently eligible to apply for a low-interest loan due to Coronavirus (COVID-19). Find more information on the SBA’s Economic Injury Disaster Loans at: https://www.sba.gov/ The EIDL Program provides targeted, low-interest loans to small businesses and …

As has become usual practice, Congress passed some meaningful tax legislation as it recessed for the holidays. In one of the new meaningful laws, passed on December 19, you will find the Setting Every Community Up for Retirement Enhancement Act of 2019 (SECURE Act). The …