Benefits

October 9, 2020 

COVID-19 brought financial challenges to much of the public and forced companies to reimagine how business is done. Congress responded with generous relief, much of which runs through the tax code.

October 9, 2020 

The Small Business Administration (SBA) has issued new guidance relating to a change of ownership of a business entity that has received a tax-favored loan under the Paycheck Protection Program (PPP). Although the SBA procedural notice clarifies the rules, it doesn’t provide all the answers. Background: Under the Coronavirus Aid, Relief, and Economic Security (CARES)...…

October 8, 2020 

The number of Americans seeking unemployment benefits fell for a second week while remaining elevated, as the labor market makes scant progress amid risks of further weakness without additional federal stimulus.

October 8, 2020 

The IRS has electronic filing options, including Free File. Taxpayers and tax professionals should continue to use electronic options to support social distancing and speed the processing of tax returns, refunds and payments.

October 7, 2020 

The AICPA’s most recent Supply and Demand Report shows an interesting trend, one that the industry needs to find a strategy to address. When students first start down the path of becoming an accounting professional, there’s pretty ...

October 5, 2020 

Policy analysts have stated that taxpayers would save roughly the same 20.5% in tax on their contributions to their 401(k)s. This works out to close to $4,000 for a 45-year-old making the maximum annual contribution. It’s not yet clear if the credit ...

October 2, 2020 

Also, as part of IRS’s continued focus in this area, the IRS has become aware of variations of the abusive micro-captive insurance transactions. Examples of these variations include certain Puerto Rico and offshore captive insurance arrangements that ...

October 2, 2020 

Rimilia is a provider of accounts receivable automation solutions that enable organizations to control cash flow and cash collection in real time. Using artificial intelligence (AI) and machine learning, the SaaS (Software-as-a-Service) platform ...

October 2, 2020 

The Internal Revenue Service Chief Counsel has released Chief Counsel Notice 2021-001 (CC Notice), which contains information regarding Chief Counsel’s settlement initiative for certain pending Tax Court cases involving abusive syndicated ...

September 30, 2020 

On the joint 2019 return filed by Biden and his wife, Dr. Jill Biden, the couple paid almost $300,000 in federal taxes on approximately $985,000 of adjusted gross income (AGI), resulting in a relatively high effective tax rate of 29.5%.

September 30, 2020 

Paychex’s PPP Loan Forgiveness Estimator assists business owners with understanding how much of their PPP loan may be forgiven by the federal government. When accessing the tool, CCH AnswerConnect users will be asked to input a variety of ...

September 30, 2020 

From all indications, the transformation of the accounting profession to a more advisory focus is already well under way. Taking a learning organization approach will help ensure that your firm develops a comprehensive client advisory mindset.

Roman Kepczyk