Learn about taxes from your friends at Shreveport based Lian Liu CPA LLC.
The House of Representatives passed a $2.2 trillion coronavirus stimulus plan on Thursday night, even while Democrats and the Trump administration struggle to strike a relief deal.
CNBC.COM
House passes $2.2 trillion Democratic coronavirus stimulus bill
The federal credit for the purchase and installation costs of a residential solar-power system is fading away and will no longer be available after 2021; plus, the credit itself is being reduced.
LIANLIUCPA.COM
Solar Tax Credit is Sunsetting Soon
This is how much the average amount Americans pay in federal income taxes, broken down by income level.
BUSINESSINSIDER.COM
The average amount Americans pay in federal income taxes, by income level
Some Wednesday Wisdom from your friends at Shreveport based Lian Liu CPA LLC
The decision concerning whom you designate as the beneficiary of your traditional IRA is critically important and affects the minimum amounts you must withdraw from the IRA when you reach age 72, who will get what remains in the account after your death, and how that IRA balance can be paid out to beneficiaries.
LIANLIUCPA.COM
Keeping Your Designated IRA Beneficiary Current is Important
Less than 30 percent of all workers expect to be working in person by the start of 2021, according to a recent survey.
THEHILL.COM
Under 30 percent of workers expect to return in person by the new year: survey
A little inspiration from Lian Liu CPA LLC to start your week.
Need some inspiration? This "Survivors & Thrivers" list of small-business standouts amid the COVID-19 pandemic is sure to give you hope for our country's economic future.
FORBES.COM
Survivors & Thrivers
Weaker-than-expected job growth in September "sent a signal that the sharp economic recovery off the coronavirus shutdown may be hitting a wall."
CNBC.COM
'Massively concerning' jobs report sends a signal that the economic recovery could be fading
The stimulus yo-yo continues in Washington. Here's the latest.
CNBC.COM
Pelosi, Mnuchin speak about broad stimulus bill as White House sends mixed signals
For those who love learning: here's a tax fact from Lian Liu CPA LLC.
Restaurant owners: this article has some great ideas on tactics that have helped businesses like yours "stay open and even prosper during the industry's most challenging time."
ENTREPRENEUR.COM
7 Things Restaurant Entrepreneurs Must Do to Survive and Thrive During the Great Pandemic Depression
According to a new report, "45% of small businesses have stated that they have earned less than half of their Pre-COVID revenue."
SMALLBIZTRENDS.COM
45% of Small Businesses Have Earned Half or Less of Their Pre-COVID Revenue During Pandemic - Small Business Trends
The SBA issued new guidance last week allowing borrowers with PPP loans of $50,000 or less "to self-certify they used the money appropriately and receive complete forgiveness."
FORBES.COM
SBA Easing Forgiveness Of Paycheck Protection Program Loans Of $50,000 Or Less
Lian Liu CPA LLC - Some Friday tax knowledge for our friends and colleagues.
Health insurance premiums, including Medicare parts B, C, and D; hospitalization; long-term care; and dental costs are all tax deductible, and are subject to AGI limitations if you itemize your deductions. If you are self-employed, including some partners, or a more-than-2% S corporation shareholder, you may be able to deduct the premiums without itemizing and without AGI limitations.
LIANLIUCPA.COM
There is More to Deducting Health Insurance than Meets the Eye
Calling all tax procrastinators: your time has come! The October 15th tax extension deadline is TOMORROW. Here's what will happen if you miss it.
FASTCOMPANY.COM
What happens if you miss the October 15 tax extension deadline?
Are you an investor in stocks, bonds, mutual funds, etc.? If so, when you sell those securities, you will undoubtedly want to minimize your gains or maximize your losses for tax purposes. To do that, you'll need to know your tax basis in the investment (asset), which makes it important to keep track of the basis in all your investments.
LIANLIUCPA.COM
Are You Keeping Track of Your Investment Basis?
Another handy use for your smartphone: starting this month, the IRS is adding a QR code to its tax notices so you can scan it, securely access your account, set up a payment plan, or contact the Taxpayer Advocate Service.
FORBES.COM
Pay With Your Smartphone: IRS Adds QR Codes To Tax Bills
Start your week on the right foot with Monday Motivation from Lian Liu CPA LLC
Millions of stimulus checks have been deposited in incorrect customer accounts due to an IRS error. Here's the full story.
REUTERS.COM
Error puts millions of U.S. stimulus payments in wrong accounts -TurboTax
Some insider tax knowledge from Lian Liu CPA LLC.
Great news for 2021 and 2022 only. The Taxpayer Certainty and Disaster Tax Relief Act of 2020 allows businesses to deduct 100%, instead of just 50%, of business meal expenses meeting certain requirements.
LIANLIUCPA.COM
Increased Business Meal Deductions for 2021 and 2022
Are you planning to buy your first home, upgrade from your existing one, or refinance your mortgage? Let's take a look at some tax advantages and drawbacks of homeownership.
As stimulus checks start to arrive in the bank accounts of American taxpayers, some people are wondering how these payments affect their taxes.
FOOL.COM
Are Stimulus Checks Taxable? | The Motley Fool
It matters how you get there. Wednesday Wisdom from Lian Liu CPA LLC
Congress has authorized a second PPP loan draw but has generally limited the applicability to small businesses with 300 employees or fewer that suffered a 25% or more reduction in gross revenue during any quarter in 2020.
LIANLIUCPA.COM
Congress Has Authorized a Second Round of PPP Loans
By law, the IRS has until this Friday, January 15, to distribute the second round of stimulus checks - but mailed payments could take weeks.
FASTCOMPANY.COM
IRS stimulus check update: What to know about mailed payments and the Friday deadline
It matters how you get there. Wednesday Wisdom from Lian Liu CPA LLC
The recent COVID-related tax relief legislation, passed late in December, extends and enhances deductions for cash charitable contributions.
LIANLIUCPA.COM
Charitable Contributions Deduction Liberalized for 2021
A good goal to strive for: Make 2021 the year you stop living from paycheck to paycheck.
FOOL.COM
How to Stop Living Paycheck to Paycheck in 2021
Set yourself up for success with Monday Motivation from Lian Liu CPA LLC
State death tax hikes may be looming as states address budget woes due to the pandemic. Here's where those increases may be the largest.
FORBES.COM
State Death Tax Hikes Loom: Where Not To Die In 2021
Wednesday Wisdom from your friends at Lian Liu CPA LLC
President-Elect Biden released his "American Rescue Plan" on January 14. It is a wish list of proposals he wants Congress to enact to address the COVID-19 pandemic and associated economic crisis.
LIANLIUCPA.COM
How Biden's Rescue Plan Might Impact Your Taxes
Lian Liu CPA LLC - Some Monday Motivation for our friends and colleagues.
Congress has authorized a second draw for PPP loans. Watch this video for a short overview of what you can expect.
Attention small business owners: The SBA has extended the Economic Injury Disaster Loan (EIDL) application deadline through the end of 2021.
SMALLBIZTRENDS.COM
SBA Extends EIDL Loan Application Deadline Thru End of 2021
It's tax time, and if you are like most taxpayers, you are probably facing the ominous chore of compiling records in preparation for your tax return. The task is never easy, but the effort usually pays off in the extra taxes you save! When you are fully prepared for your appointment, you'll have more time to explore additional deductions and consider a tax plan for the future.
LIANLIUCPA.COM
Tax Time is Around the Corner! Are You Ready?
It's go time! Shreveport based Lian Liu CPA LLC has some motivation for you today.
Acorns CEO and four-time entrepreneur Noah Kerner offers 17 lessons on leadership in this piece. Learn more:
ENTREPRENEUR.COM
17 Leadership Lessons from Acorns CEO Noah Kerner
December's COVID Tax Relief Act provided more than extended unemployment relief and stimulus payments. See a summary of the benefits and if any of them applies to you.
Social Security gives you flexibility on when you sign up. Should you file for benefits at age 62, 70, or somewhere in between?
FOOL.COM
Is Claiming Social Security at 70 a Mistake? | The Motley Fool
You may have heard about President Biden's proposed $1400 stimulus payments. So - what stands between that proposed check and your bank account?
FASTCOMPANY.COM
Biden stimulus update: What the new president and Senate could mean for third checks
"Millions of Americans tapped 401(k) and IRA balances to access emergency cash amid the Covid pandemic, as allowed under the federal CARES Act." Here are the tax issues to consider if you were one of them.
CNBC.COM
Here are tax issues to consider if you tapped retirement account to weather 2020
Here are the business tax due dates for February 2021.
LIANLIUCPA.COM
February 2021 Business Due Dates
Here's a chart to help you guess when you'll receive your tax refund based on when the IRS accepts your return.
FORBES.COM
Tax Refund Chart Can Help You Guess When You’ll Receive Your Money In 2021
Restaurants tried their best to be nimble in the face of the COVID-19 pandemic, but 6 years of growth were wiped away as 110,000 establishments closed temporarily or permanently.
CNBC.COM
Restaurants staged nimble responses to Covid's blows in 2020, but 6 years of growth were wiped away
Here are the February 2021 individual tax due dates:
LIANLIUCPA.COM
February 2021 Individual Due Dates
Some insider tax knowledge from Lian Liu CPA LLC.
10,000 stores are set to close in 2021 - a new record - as COVID-19 continues to "pummel" retailers.
CNBC.COM
10,000 stores are expected to close in 2021, as pandemic continues to pummel retailers
A feel-good entrepreneurial success story for your Friday: Here's how Bianca Robinson transformed her business and helped her customers generate more than $2 million in revenue.
FORBES.COM
How This Entrepreneur Digitally Transformed Her Business And Helped Her Customers Generate $2.1M In Revenue
Let's get the weekend started. Friday from Lian Liu CPA LLC
Although day trading is neither illegal nor unethical, it can be highly risky. Most individual investors do not have the wealth, time, or temperament to make money or sustain the losses that day trading can bring. Satisfying the rules that permit special tax treatment for day traders is difficult.
LIANLIUCPA.COM
Day Trader Rules and Tax Treatment
A new study by Visa "reveals 82% of small business owners are shifting toward digital payments in response to the pandemic." Are you one of them?
SMALLBIZTRENDS.COM
82% of Small Business Owners Ready for Digital Payments
Tap into your full potential. Wednesday Wisdom from Lian Liu CPA LLC
Just in case you were hoping to have more time to get your taxes together like in 2020 - don't count on it. The IRS said Thursday it has no plans to extend the standard filing deadline of April 15.
CNBC.COM
IRS says there are no plans to extend tax-filing deadline beyond April 15
Lian Liu CPA LLC - Some Friday tax knowledge for our friends and colleagues.
The Employee Retention Credit has been extended through June 30, 2021, and significantly liberalized.
LIANLIUCPA.COM
Employee Retention Credit Extended
Talk about taking a risk! These people decided to open new restaurants during the pandemic. Here are their stories.
US.CNN.COM
The pandemic has devastated restaurants. These people are opening new ones anyway
Here is some midweek Wednesday Wisdom inspiration from your friends at Lian Liu CPA LLC
The Consolidated Appropriations Act, 2021, which was passed late last December, included a very tax-beneficial provision that liberalized the interaction between PPP loans and the Employee Retention Credit.
LIANLIUCPA.COM
Interaction between PPP Loans and the Employee Retention Credit
Some good news for those struggling to pay the bills during COVID-19: "The White House on Monday announced a program to extend mortgage relief and a moratorium on home foreclosures through June."
THEHILL.COM
Biden extending mortgage relief, moratorium on foreclosures through June
Here are the March 2021 Business due date reminders:
LIANLIUCPA.COM
March 2021 Business Due Dates
Most taxpayers think they have to itemize their deductions to claim them on their tax returns. However, that is not entirely true. There are certain deductions that can be claimed while still using the standard deduction.
LIANLIUCPA.COM
Tax Deductions Without Itemizing
Here are the March 2021 individual tax due dates:
LIANLIUCPA.COM
March 2021 Individual Due Dates
The COVID-19 pandemic has continued to batter the economy, and one indicator of the struggle is the potential mortgage crisis: About 5 million Americans were unable to make their rent or mortgage payments in December 2020. Here's the latest info.
LIANLIUCPA.COM
The Number of Americans Who Didn't Pay Their Mortgage Hit 5% in December 2020
Tap into your full potential. Wednesday Wisdom from Lian Liu CPA LLC
Thinking about making a career change? You aren't alone. According to a recent poll, 59% of middle-income workers said they're thinking about changing jobs.
FASTCOMPANY.COM
Is now a good time to change careers? More workers are feeling good about it
Midweek Wednesday Wisdom from Lian Liu CPA LLC
Money raised from online crowdfunding sites for purposes other than business is generally treated as a nontaxable gift if the contribution is made with detached generosity, but this can raise some unexpected gift tax issues. Raising money for business endeavors is generally governed by the U.S. Securities and Exchange Commission Rules, and the tax issues depend on what the contributor receives in return.
LIANLIUCPA.COM
Tax Consequences of Crowdfunding
The Paycheck Protection Program attracted a few bad apples, with $341 million in attempted fraud through January 2021. Here's what we know.
SMALLBIZTRENDS.COM
$341 Million in PPP Fraud So Far, and Counting
Here's some motivation for your Monday from Lian Liu CPA LLC
Congress put a halt on the RMD for the traditional IRA in 2020 in response to the Pandemic. However, the RMD will be resumed in 2021 and subsequent years.
Required minimum distributions (RMDs) were suspended in 2020 due to the COVID-19 outbreak. However, barring any future extension of the suspension, RMDs will resume in 2021.
LIANLIUCPA.COM
Required Minimum IRA Distributions Will Resume in 2021
Because of the pandemic, the people who normally rely on the Earned Income Tax Credit (EITC) and the Child Tax Credit (CTC) to make ends meet are adversely affected. To assist them, Congress came up with a special way to calculate the two credits for 2020.
Here's some Monday Motivation for you: Take inspiration from these 11 founders "who trusted their gut and reaped the benefits."
ENTREPRENEUR.COM
11 Entrepreneurs Who Broke All the Rules-and Achieved Great Success
Lian Liu CPA LLC - Some Monday Motivation for our friends and colleagues.
According to the National Retail Federation, US retail sales are set to rise 6.5% to 8.2% in 2021, as the "Covid vaccine triggers fastest growth in over two decades."
CNBC.COM
U.S. retail sales to rise 6.5% to 8.2% in 2021, as Covid vaccine triggers fastest economic growth in over two decades, NRF says
Wondering if your state is taxing forgiven PPP loans? This map breaks it all down.
TAXFOUNDATION.ORG
Which States Are Taxing Forgiven PPP Loans?
"Twelve states and the District of Columbia impose estate taxes and six impose inheritance taxes." Is yours one of them?
TAXFOUNDATION.ORG
Does Your State Have an Estate or Inheritance Tax?
Senator Elizabeth Warren has unveiled the Ultra-Millionaire Tax Act, which would "create an annual tax of 2 percent on the net worth of households and trusts between $50 million and $1 billion and a tax of 3 percent on net worth above $1 billion."
THEHILL.COM
Warren bill would impose wealth tax on $50M households
Want to avoid getting in trouble with the IRS? Here are some tax tips from a cooperating witness in last fall's record-setting $2B tax evasion case.
FORBES.COM
Tax Tips From Cooperating Witness In Record $2B Tax Evasion Case
Wall Street A-listers fled to Florida from New York, seemingly in droves. But many are already considering a return.
BLOOMBERG.COM
Wall Street A-Listers Fled to Florida. Many Now Eye a Return
Here is a fun fact for your Friday from Lian Liu CPA LLC.
With the passage of the American Rescue Plan Act, Congress has substantially increased the child tax credit for 2021 and directed the IRS to establish an advance payment program for the last 6 months of the year.
LIANLIUCPA.COM
Big Increase in Child Tax Credit For 2021
In many cases, workers are receiving unemployment benefits for the first time, and they may not be aware of how those benefits are taxed for federal purposes, as well as by most states.
LIANLIUCPA.COM
Are Your Unemployment Benefits Taxable?
The American Rescue Plan Act has passed and includes a third much-anticipated economic impact payment. This is one of several government measures intended to help financially stressed citizens.
LIANLIUCPA.COM
It's Official! Another Round of Stimulus Payments Approved by Congress
The Hawaii Senate "has passed legislation that would increase the income tax paid by Hawaii's top wage earners to 16% from 11%," which would give Hawaii the highest state income tax in the US.
USNEWS.COM
Hawaii Senate Approves Nation's Highest Income Tax Rate
Let's get the weekend started. Friday from Lian Liu CPA LLC
The IRS has announced they are extending the filing due date for 2020 individual tax returns from April 15, 2021, to May 17, 2021, but with some limitations.
LIANLIUCPA.COM
IRS Extends Individual Return Filing Date
Great news if you are paying childcare expenses that enable you to work. As part of President Biden's American Rescue Plan Act, the child and dependent care tax credit has been substantially increased for 2021.
LIANLIUCPA.COM
Great News, Child Care Tax Credit Expanded for 2021
Thanks for another great 5-star review! We are glad that our #tax team could help you with what you needed. We are here to help anyone in the local area. Please don't hesitate to reach out. You can view this review at: https://www.taxbuzz.com/find-the-best-cpa/texas/mckinney/lian-liu-cpa-cia/reviews
Heads up: Some parents could start receiving the new $3,000 child tax credit by this summer. Here's how it works in reality.
CNBC.COM
Parents could start receiving the new $3,000 child tax credit by summer—here's how it works
Here are the April 2021 business due date reminders:
LIANLIUCPA.COM
April 2021 Business Due Dates
Get inspired. Some Wednesday Wisdom from Shreveport based Lian Liu CPA LLC
Once you've made the decision to create an employee stock option plan, there's a lot of important work to be done before giving an agreement to each employee. Here's a full breakdown.
LIANLIUCPA.COM
Tips for Creating an Employee Stock Option Plan
Here are the April 2021 individual tax due dates:
LIANLIUCPA.COM
April 2021 Individual Due Dates
Thieves use taxpayers' natural fear of the IRS and other government entities to ply their scams, including e-mail and phone scams, to steal your money. They also use phishing schemes to trick you into divulging your SSN, date of birth, account numbers, passwords and other personal data. They are clever and are always coming up with new and unique schemes to trick you.
LIANLIUCPA.COM
Don't Be A Victim to IRS-Impersonating Scammers
Professional video gamers can operate extremely lucrative businesses, making money from esports tournaments, endorsement deals, ad revenue, and much more. But they also need to think about what gaming means for their taxes, budgeting, and financial planning. Here's a rundown of all the important considerations.
LIANLIUCPA.COM
5 Tips for Operating a Successful Gaming Business
