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  • A Good Time for Making Tax-Smart Family Loans

    Are you in a position to help a family member who needs extra cash during the COVID-19 crisis? A loan might help your loved one, but there are tax implications to consider. Here's an overview of the tax rules that apply to family loans and why they make sense given today's low interest rates and generous unified federal gift and estate tax exemption. We'll also explain the importance of documenting these transactions in writing.

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  • COVID-19 Crisis May Affect Tax Angles for Rental Property Losses

    The economic fallout from the COVID-19 crisis increases the odds that rental properties will incur losses in 2020 and possibly beyond. Fortunately, special tax relief provisions may soften the blow. Here's an overview of critical tax rules that apply to rental properties.

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  • Demystifying Casualty Loss Deductions

    From hurricanes and wildfires to COVID-19 and vandalism, threats to personal and business property abound. Unfortunately, recent changes to the federal tax rules for deducting casualty losses have caused some confusion. This article clarifies the rules for deducting losses incurred in 2019 and 2020. Some individual taxpayers may be disappointed to discover that their tax relief is severely limited under current law. But there's welcome relief for businesses that incur losses.

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  • COVID-19 Tax Relief: Roundup of Postponed Federal Tax Deadlines

    Many taxpayers are confused about which federal tax filing and payment deadlines have been postponed by the IRS and there certainly are a lot of postponements to keep track of. Here's an overview of what's due by July 15, along with updated guidance on whether businesses that benefit from Paycheck Protection Program (PPP) loan forgiveness can defer payroll taxes.

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  • Keep Employees COVID-19 Free: An Employer’s Guide From OSHA

    Some ways of keeping your employees safe at work from a virulent virus are more obvious than others. The Occupational Health and Safety Administration the federal job safety agency has plenty of suggestions. Here's an abridged list of their recommendations that you can use to protect your workforce and cover your bases, as appropriate for your industry.

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  • Last-Minute Strategies for Businesses that Deferred Filing Tax Returns

    The IRS has extended until July 15, 2020, several key deadlines for the 2019 and 2020 tax years. The deferrals aim to help struggling businesses during the COVID-19 crisis. But the belated Tax Day is now fast approaching. Can your business make any last-minute moves to lower its tax obligation for 2019? And are there other long-term planning strategies that business owners should consider in light of today's tax laws, recent economic relief measures and the November 2020 elections?

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  • Consider Another Way to Calculate Overtime Pay

    Does your payroll include nonexempt salaried employees who work variable hours? If so, you might be looking for more flexibility in how you pay them. There's been no shortage of debate about how to change the overtime pay regulations, but newly finalized U.S. Department of Labor regulations may add clarity to an existing alternative for calculating overtime pay. Read on for details.

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  • Tax Tips for Individuals Who Haven’t Filed a Return for 2019

    The COVID-19 crisis first hit in the United States not too long before this year's Tax Day. To alleviate stress on individual taxpayers, the IRS delayed several key deadlines including the deadlines for paying your 2019 tax bill and filing your 2019 personal tax return from April 15 to July 15. If you haven't yet filed Form 1040 for last year, consider these last-minute tax planning moves to help lower your 2019 tax liability.

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  • Don’t forget about your 2019 tax return

    Earlier this year, in response to the COVID-19 crisis, the IRS deferred the filing and payment deadlines for federal tax returns. This article recaps the relief and discusses what taxpayers should know about filing an extension and contributing to certain savings accounts. A sidebar warns that no relief has been issued for 2019 estimated tax penalties.

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  • Family Business Tax-Saving Moves in the COVID-19 Era

    Many family-owned businesses have been adversely affected by the novel coronavirus (COVID-19) pandemic. But some may benefit from new opportunities created by the crisis. If you're optimistic about the outlook of your business in this radically changed environment, here are two tax-smart strategies involving hiring family members and taking advantage of 100% first-year bonus depreciation that you might want to consider in 2020.

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  • How to Plan for a PPP Audit

    Small businesses and not-for-profit organizations that apply for loan forgiveness from a Paycheck Protection Program (PPP) loan of $2 million or more should expect a government audit, according to recent statements from the U.S. Treasury and the Small Business Administration. Here's an overview of this pandemic-relief loan program and some ideas to help facilitate the audit process.

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  • College Costs: How to Maximize Your Return on Investment

    Many families view college as an investment in their children's futures. But the novel coronavirus (COVID-19) pandemic is causing families to reevaluate their options and, in some cases, make major, life-altering changes. Here's an overview of how much it currently costs to pursue an undergraduate degree and strategies to consider to cut higher education costs during these uncertain times.

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  • Is it Time to Reopen Your Business? 10 Questions to Ask Yourself

    If your business is still closed, should you reopen it soon or wait a while longer? With more states easing the restrictions imposed because of the novel coronavirus (COVID-19) pandemic, you may be facing that decision. If you do take advantage of the freedom to reopen, how will you proceed? The answer isn't always obvious. Here are 10 questions that may help you reach the right decision.

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