Tax and Financial News

Increased Tax Bills Hitting Private Companies – Big and Small

Private companies both large and small are feeling the tax pinch due to changes in the law. With rampant inflation, labor shortages, lingering supply chain issues and increased borrowing costs due to rising interest rates, tax problems are the last thing struggling companies need to face. While tax rates themselves remain largely unchanged, business’ taxable

Increased Tax Bills Hitting Private Companies – Big and Small Read More »

End of Covid Emergency Declarations Put Work from Home Benefits at Risk

The end of the federal emergency declaration for Covid-19 came on May 11. As a result, there are various public health policy changes. For example, vaccines and treatments will remain available, but at-home tests may no longer be covered by insurance and national CDC data reporting is subject to change. Administratively, there are also changes

End of Covid Emergency Declarations Put Work from Home Benefits at Risk Read More »

I Needed to Repay Part of My Compensation; Will I Get a Refund on My Taxes?

So, you filed and paid all your taxes on the money you earned in 2021. Now, the company you work for finds itself in trouble, and you are forced to pay back part of your compensation. The big question is, will the IRS refund you for the taxes you already paid related to this compensation?

I Needed to Repay Part of My Compensation; Will I Get a Refund on My Taxes? Read More »

Electric Vehicle Tax Credits and the Future of the Automotive Industry

One highlight of the recently passed Inflation Reduction Act of 2022 (IRA; HR 5376) includes modifications to what is more commonly referred to as EV credits. Specifically, Section 30D of the Act is where the most important modifications are, and where the present tax credit for electric vehicles is spelled out in the U.S. Code.

Electric Vehicle Tax Credits and the Future of the Automotive Industry Read More »

Tax Break for Commercial Real Estate Investors

COVID-19 impacted the economy dramatically and commercial real estate was no exception in terms of decreased values. Often, the real property could no longer service the debt used to finance it. This debt restructuring and resulting debt forgiveness can result in taxable income. Taxable Income and Debt Cancellation If you have a $80,000 loan and

Tax Break for Commercial Real Estate Investors Read More »

Potential New Tax on Stock Buybacks and What it Could Mean for the Financial Markets

President Biden’s latest spending bill could result in a new tax on corporate stock buybacks. In its most recent incarnation, the Senate version of the plan includes a 2 percent excise tax on stock buybacks. Still, this isn’t enough for many critics of stock buybacks, who claim they incentivize short-term behavior in lieu of long-term

Potential New Tax on Stock Buybacks and What it Could Mean for the Financial Markets Read More »

How to Turn a Summer Job into a Tax-Free Retirement Nest Egg and More

Tis the season for summer jobs for high school and college kids. These seasonal jobs are more than just an opportunity for teens and college students to earn some money and gain experience. They also provide the opportunity for seeding a significant retirement nest egg and even a down payment on a home through a

How to Turn a Summer Job into a Tax-Free Retirement Nest Egg and More Read More »

The Biggest Winners and Losers in President Biden’s Proposed Individual Tax Plan

President Biden presented his $1.8 trillion American Families Plan, which focuses on expanding benefits for education, children and childcare. The Biden administration intends to pay for the plan with a series of tax hikes on certain individual taxpayers. Depending on your income and source of wealth, there are some clear winners and losers of this

The Biggest Winners and Losers in President Biden’s Proposed Individual Tax Plan Read More »

Everything There is to Know About the New Child Tax Credit

The Child Tax Credit as we know it originated during the Clinton administration, but the recently enacted American Rescue Plan created a new version. The updated version of this tax credit could have a beneficial impact on Americans struggling through the COVID-19 pandemic. There are changes to many aspects of the credit, so let’s look

Everything There is to Know About the New Child Tax Credit Read More »

Tax-Free Student Loan Forgiveness is Part of the Latest Covid-19 Relief Bill

The recently passed American Rescue Plan (ARP) Act of 2021 includes a provision making nearly all student loan forgiveness tax-free, at least temporarily. Before the ARP, student loan forgiveness was tax-free only under special programs. Before we look at the changes to come under the ARP, let’s look back at what the previous law provided.

Tax-Free Student Loan Forgiveness is Part of the Latest Covid-19 Relief Bill Read More »

Four Essential Questions You Should Ask Your Tax Professional This Season Related to COVID-19

Good tax professionals ask the right questions to ensure they understand your situation and can help you to the best extent the law allows. Given the host of pandemic-related tax changes for 2020, it’s good to keep these four questions below in mind. If your tax preparer doesn’t ask these questions in your tax organizer

Four Essential Questions You Should Ask Your Tax Professional This Season Related to COVID-19 Read More »