The pandemic has "battered New York City businesses, with almost 6,000 closures" and "a jump of about 40% in bankruptcy filings across the region." The city is bracing for more.
BLOOMBERG.COM
New York Region Sees 40% Bankruptcy Surge, Braces for More
Learn about taxes from your friends at Bellmore based Lynne S. Fahrer CPA.
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.
LSF2CPA.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
Tap into your full potential. Wednesday Wisdom from Lynne S. Fahrer CPA
The SBA has released yet another simplified application for PPP loan forgiveness: SBA Form 3508S. This form can only be used if the total PPP loan amount received by the borrower from their lender was $50,000 or less.
LSF2CPA.COM
The SBA Issues a Simplified PPP Loan-Forgiveness Application
If you have lost your job, there are a number of tax issues you may encounter. How you deal with these issues can profoundly impact your taxes and finances. Watch this video to learn more about some typical issues.
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
Make your Monday great with this motivation from Lynne S. Fahrer CPA
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
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
Set yourself up for success with Monday Motivation from Lynne S. Fahrer CPA
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
Some insider tax knowledge from Lynne S. Fahrer CPA.
Here's a tricky question: How do you know when it's the right time to scale your business? Read on to learn five critical identifiers for scaling and how to get it done.
ENTREPRENEUR.COM
How to Know When It's the Right Time to Scale Your Business
News on a potential stimulus package changes constantly. Here's the latest on whether a package has any chance of passing Congress before the election.
BLOOMBERG.COM
Pelosi-Mnuchin Talks Drag, Likely Pushing Stimulus Past Election
The IRS is on a roll with catching wealthy Americans hiding money offshore. Learn more about the latest here.
WSJ.COM
The IRS Reels in a Whale of an Offshore Tax Cheat—and Goes for Another
First, there was the usual April 15th deadline. Then, there was July 15th. If you filed for an extension, your deadline was October 15th - and now that date has come and gone. What happens now if you missed it?
LSF2CPA.COM
What Happens if I Missed the October 15th Tax Extension Deadline?
End of week tax fact from Lynne S. Fahrer CPA
Operating a SMB is hard work - and it's vital to know the financial health of your business at any time. Whether you're assembling your financial reports yourself or have hired professional help (like us), here are 12 metrics that can help you monitor your success.
LSF2CPA.COM
12 Financial Metrics Small Business Owners Should Track
Right now, many of the initial 180-day mortgage forbearance periods from the CARES Act are coming due for homeowners who sought relief early on in the pandemic. What happens next?
FOOL.COM
What to Do When Your CARES Act Mortgage Forbearance Ends
A new bill being considered in Congress would raise the age for RMDs and let workers who are repaying student loans "to get a company 401(k) match even if they're not saving in their workplace plan."
CNBC.COM
New retirement bill has perks for seniors, student loan borrowers
Lynne S. Fahrer CPA has a fun tax fact to share with you.
A frequent question is whether inherited assets are taxable. Generally, they are not until they are sold, and then only to the extent that the sales price exceeds the fair market value of the asset at the time of the decedent's death. There are exceptions to this rule, such as traditional IRAs and other deferred untaxed income of the decedent.
LSF2CPA.COM
Is That Inheritance Taxable?
"Anticipated spending on holiday gifts is expected to drop significantly this year amid a retail slump due to the coronavirus pandemic," a Gallup poll found.
THEHILL.COM
Holiday spending estimates lowest in four years: poll
Get inspired. Some Wednesday Wisdom from Bellmore based Lynne S. Fahrer CPA
SCAM alert: The IRS is warning taxpayers about a new text message scam to trick people into disclosing bank account information in order to receive a stimulus check.
FORBES.COM
IRS Warns On New Scam Related To Stimulus Checks
Learn about taxes from your friends at Bellmore based Lynne S. Fahrer CPA.
To say COVID-19 has made 2020 a disastrous year for just about everyone would be an understatement. However, 2020 gives rise to more than the usual tax planning opportunities. Watch this video to learn about these possibilities.
Many people are renting out their homes or vacation homes and are not aware of some special rules that apply to short-term rentals. Some of these rules can be beneficial, while others can be very detrimental.
LSF2CPA.COM
Renting Your Home or Vacation Home for Short Periods
The IRS has announced it is "expanding taxpayer options for making payments and alternatives to resolve balances owed" for those impacted by COVID-19.
FORBES.COM
IRS Will Expand Resolution Options To Help With Tax Bills During Covid
A little inspiration from Lynne S. Fahrer CPA. Wednesday Wisdom
Will a stimulus bill ever come? It's hard to say, but many small business owners are uncertain whether they can survive without additional assistance from the government.
AXIOS.COM
Small business owners uncertain of survival without new stimulus
It's go time! Bellmore based Lynne S. Fahrer CPA has some motivation for you today.
They might not be the "prettiest" animal, but camels are built to last. They evolved to be resilient and make the perfect metaphor for entrepreneurship in the current economy. Here's how to think like a camel for your business.
ENTREPRENEUR.COM
Consider the Camel: 3 Ways to Build a Resilient Business
November is National Entrepreneurship Month, and it's a great opportunity for business owners to celebrate and reflect on the past year. Here are four things to keep in mind.
FORBES.COM
4 Things To Keep In Mind During National Entrepreneurship Month
Should working from home be taxed? According to this analysis, perhaps. Learn more:
MARKETWATCH.COM
Should working from home be taxed?
Lynne S. Fahrer CPA - Some Friday tax knowledge for our friends and colleagues.
Small toy stores across the country are worried they won't be able to stay in business after this year, with the holiday season looking more grim than usual for sales.
US.CNN.COM
Small toy stores are worried they won't stay in business after this year
It's no secret that taxes can take a big bite out of your paycheck. Here's a look at how much the average taxpayer brings home (post-tax) in each state.
FINANCE.YAHOO.COM
How Much You Take Home from the Average Salary in Each State
Did you receive an IRS CP2000 notice (also known as an underreporter inquiry) in the mail? First step: Contact our office. Second step: Don't panic. We'll help you through the whole process.
LSF2CPA.COM
What Happens if I Receive an IRS CP2000 Notice?
Businesses who need money now can take advantage of "very favorable rule changes on the treatment of net operating losses in the CARES Act."
CNBC.COM
Businesses can convert 2020’s red ink into cash with coronavirus tax breaks
Lynne S. Fahrer CPA has a fun tax fact to share with you.
Many of us are still working from home these days. If you feel that it's hard to keep work and home life separate in these times, you aren't alone. Here are some ways to balance both and stay sane.
ENTREPRENEUR.COM
How to Keep Work and Home Life Separate as You Work Remotely
It's Small Business Saturday, everyone! Here are 9 ways to support small businesses. Let's all get out there and do our part.
NYTIMES.COM
9 Ways to Support Small Businesses
Lynne S. Fahrer CPA - Some Friday tax knowledge for our friends and colleagues.
Are you a business owner? Entrepreneurs have unique options for tax-smart charitable giving this year. Here are 4 ways your donations can reduce your 2020 taxes.
ENTREPRENEUR.COM
4 Ways Charitable Giving Can Help Reduce Your 2020 Taxes
Heads up, retailers: Only 14% of Americans say they plan to go shopping in brick-and-mortar stores for Black Friday, while 41% plan to shop online. What actually happens today remains to be seen.
FASTCOMPANY.COM
Skipping Black Friday sales because of COVID-19 this year? You’re not alone
It matters how you get there. Wednesday Wisdom from Lynne S. Fahrer CPA
Some folks have been tapping or suspending their retirement savings to make ends meet during this COVID-19 pandemic, and although understandable, it is important to resume savings as quickly as financially possible. Still others have simply been ignoring the need to save for their retirement, which can have an unpleasant result when it comes time to retire. Many tax-benefitting retirement options are available.
LSF2CPA.COM
Don't Fall Behind in Saving for Retirement
If you use workers other than employees to perform services for your business and pay them $600 or more for the year, you are required to issue each of them a Form 1099-NEC after the end of the year to avoid facing the loss of the deduction for their labor and expenses.
LSF2CPA.COM
Your Annual Reminder to File Worker 1099s
Here are 7 motivational quotes from Tony Hsieh, the man behind Zappos who tragically passed away last weekend. Hsieh helped turn the Zappos shoe empire into a billion dollar business.
ENTREPRENEUR.COM
7 motivational quotes from the recently deceased CEO of Zappos, Tony Hsieh
It matters how you get there. Wednesday Wisdom from Lynne S. Fahrer CPA
The holiday season is customarily a time to give gifts, whether to your favorite charity, family members or others. Some gifts even provide a variety of tax benefits but be on the lookout for holiday gift-giving scammers.
LSF2CPA.COM
Year-End Gift Giving with Tax Benefits
86% of small business owners say they have not received state or local aid to help their business survive the COVID-19 crisis. Are you one of them?
SMALLBIZTRENDS.COM
Lack of State and Local Aid Frustrates Small Business Owners Nationwide - Small Business Trends
Lynne S. Fahrer CPA - Some Monday Motivation for our friends and colleagues.
If you sold your home this year or might do so in the near future, you should be aware of the many tax-related issues that could apply to that sale so that you will be prepared at tax time and not have to deal with unpleasant surprises.
LSF2CPA.COM
Sold or Thinking of Selling Your Home?
Gambling is a recreational activity enjoyed by individuals. Nevertheless, there are far more tax issues related to gambling than you might expect. Watch this video for a quick overview.
eBay has launched the Up & Running Grants, a program providing 50 merchants with a package of $8,000 in cash and $2,000 worth of eBay credits for a total of $10,000 in financial support.
YAHOO.COM
eBay Is Offering $500,000 in Grants to Small Businesses as COVID-19 Resurgence Threatens Retail
Wednesday Wisdom and Lynne S. Fahrer CPA = Success
It seems hard to believe, but the holiday season is almost upon us, and that means that the tax preparation season for 2020 returns will soon follow. With the end of the tax year just weeks away, it may be appropriate (especially this year, in light of the financial havoc created by COVID-19) to review some year-end tax issues that might reduce your tax bite for 2020 or provide long-term tax benefits.
LSF2CPA.COM
Tax Issues to Be Aware of as Year-end Approaches
Unless a taxpayer qualifies for an exception, distributions from a traditional IRA are both taxable and subject to a 10% early withdrawal penalty. After reaching age 72, a taxpayer must begin taking minimum required distributions or they are subject to a 50% under-distribution penalty.
LSF2CPA.COM
IRA Withdrawal Planning Can Save on Taxes
According to the American Institute of CPAs, 45% of workers don't know this vital piece of information regarding their taxes.
FOOL.COM
45% of Americans Are Missing This Important Tax Information | The Motley Fool
Transform your life. Wednesday Wisdom from Lynne S. Fahrer CPA
The economic impact payments are a credit on your 2020 tax return. However, Congress mandated that the payments be made in advance, based on the prior year's tax return information, to provide financial assistance to individuals and families struggling during the initial outbreak of COVID-19. Needless to say, this created confusion as to who qualified for the payments, leading to errors and omissions.
LSF2CPA.COM
Didn't Get Your Economic Impact Payment? You Can Claim It on Your 2020 Return.
The 7(a) loan program is the SBA's primary method of assisting small businesses in the U.S. Here's a full breakdown the different types of 7(a) loans and how you can qualify for one.
THEBALANCESMB.COM
What Is an SBA 7(a) Loan?
Here's some motivation for your Monday from Lynne S. Fahrer CPA
For low- and moderate-income workers, the saver's credit can be used to offset part of the first $2,000 workers can voluntarily contribute to an IRA or their employer's qualified retirement plan. It helps individuals who don't normally have the resources to set money aside for retirement and is available in addition to the other tax benefits associated with retirement plan contributions.
LSF2CPA.COM
Saver's Credit Can Help You Save for Retirement
This is our annual reminder for you to file worker 1099s if you use workers other than employees to perform services for your business.
LSF2CPA.COM
Video: Annual Reminder to File Your Worker 1099s
Congress has reached an agreement on an emergency coronavirus relief bill which provides additional stimulus payments, extends unemployment benefits and provides another round of forgivable PPP Loans for small businesses.
LSF2CPA.COM
Help Is on the Way - Emergency Coronavirus Relief Agreement Reached
High-income non-filers, be warned - this quote recently came from the IRS: "Our pursuit of these high-income non-filers provides an important service and shows respect to the majority of Americans who pay their taxes."
FORBES.COM
IRS Doubles Down On Pursuing High-Income Non-Filers
A little inspiration from Lynne S. Fahrer CPA to start your week.
This is our annual reminder for you to file worker 1099s if you use workers other than employees to perform services for your business. Furthermore, there are some significant changes that you should know about this year.
The IRS has released the standard mileage rates for 2021, and one of the biggest differences is a drop in the per mile rate for business use from last year.
FORBES.COM
IRS Releases 2021 Mileage Rates
After several months of the Republicans and Democrats bickering, they have finally passed COVID-related tax relief and the President has signed the bill.
LSF2CPA.COM
Finally, The COVID Relief Package Is Law
It's go time! Bellmore based Lynne S. Fahrer CPA has some motivation for you today.
The pandemic is forcing older workers to retire early. For those who have lost their jobs this year, "the state of the labor market makes it harder to get rehired as the economy recovers."
US.CNN.COM
The pandemic is forcing older workers to retire early
We all know the year 2020 presented the world with a number of challenges in the entrepreneurial space. The following are the 15 things to avoid as an entrepreneur in the year 2021.
ENTREPRENEUR.COM
15 Things Not to Do as an Entrepreneur in 2021
A holiday gift for millions of Americans with high healthcare costs, especially seniors: new legislation permanently lowers the threshold for claiming the medical expense deduction to 7.5%.
FORBES.COM
Medical Expense Deduction Tax Relief Is Big Win For Seniors In Year-End Spending Package
In 2020 bankruptcies declined as some business owners walked away while others received enough government support to delay reorganizations.
BLOOMBERG.COM
Covid Vaccine Gives Small Businesses Enough Hope to Go Bankrupt
At any time during 2020, did you receive, sell, send, exchange, or otherwise acquire any financial interest in any virtual currency? The answer will be critical come tax time. Link via
MONEY.YAHOO.COM
IRS is ‘setting the trap’ for bitcoin and virtual currency investors on 2020 tax form
Off stats - New Year's Eve parties may be out this year, but if your festivities still include popping a bottle of bubbly, the champagne you toast with will be taxed. Learn how much via
TAXFOUNDATION.ORG
New Year's Eve and Taxes: Champagne Taxes in Your State
Here is some midweek Wednesday Wisdom inspiration from your friends at Lynne S. Fahrer CPA
Covid payments on the way. Individuals who made up to $75,000 in 2019 will get up to $600. Married couples who earned up to $150,000 will get up to $1,200.
NBCNEWS.COM
Treasury Secretary Mnuchin says $600 Covid payments start going out Tuesday night
Many individuals are taking advantage of the historically low home-loan interest rates to buy their first home, sell their existing home to move up to a more expensive one, or refinance their existing mortgage. Some who currently own their homes free and clear are even taking out loans to lock in the low interest rates.
LSF2CPA.COM
What Are the Tax Advantages of Home Ownership?
It's a new year, and no one knows for sure what 2021 will hold. But as a business owner, you have to plan and prepare your business for any difficult situation.
ENTREPRENEUR.COM
5 Business Survival Tips for 2021
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
Let's get the weekend started. Friday from Lynne S. Fahrer CPA
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.
LSF2CPA.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
Breaking: The IRS is delaying the beginning of the 2020 tax season to February 12, 2021
CNBC.COM
IRS delays start of tax filing season to Feb. 12
Several states have already begun paying out the $300 unemployment boost. Is yours one of them?
CNBC.COM
These states are already paying out the new $300 unemployment boost
Lynne S. Fahrer CPA - Some Friday tax knowledge for our friends and colleagues.
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.
LSF2CPA.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
Transform your life. Wednesday Wisdom from Lynne S. Fahrer CPA
IRS opens up the use of ID verification tax filing numbers to taxpayers nationwide as a means of protection against filing fraud. These numbers must be applied for and identities verified before issuance.
LSF2CPA.COM
IRS Offers New Identity Protection for Taxpayers
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 Lynne S. Fahrer CPA
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.
LSF2CPA.COM
How Biden's Rescue Plan Might Impact Your Taxes
It's go time! Bellmore based Lynne S. Fahrer CPA has some motivation for you today.
Congress has authorized a second draw for PPP loans. Watch this video for a short overview of what you can expect.
Tap into your full potential. Wednesday Wisdom from Lynne S. Fahrer CPA
PPP loans, payroll tax deferrals, the CARES Act, remote work - all of these are major topics to keep in mind as you file your 2020 business tax return. Here's a full breakdown.
LSF2CPA.COM
4 Questions Business Owners Should Consider During the 2020 Tax Season
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.
LSF2CPA.COM
Tax Time is Around the Corner! Are You Ready?
Lynne S. Fahrer CPA - Some Monday Motivation for our friends and colleagues.
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.
Looking to be inspired as a business owner in 2021? Here are 11 books for entrepreneurs to read (or reread) this year.
ENTREPRENEUR.COM
11 Business Books Entrepreneurs Must Reread in 2021
A little inspiration from Lynne S. Fahrer CPA to start your week.
"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.
LSF2CPA.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
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
Some insider tax knowledge from Lynne S. Fahrer CPA.
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.
LSF2CPA.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
A little inspiration from Lynne S. Fahrer CPA. Wednesday Wisdom
Oops - The IRS mistakenly mailed CP21C letters to more than 109,000 taxpayers, saying that their economic stimulus payment is being withheld to cover 2007 taxes.
FORBES.COM
IRS Mistakenly Tells 109,000 Taxpayers It Held Back Stimulus Payments To Offset 2007 Taxes
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
For those who love learning: here's a tax fact from Lynne S. Fahrer CPA.
The Employee Retention Credit has been extended through June 30, 2021, and significantly liberalized.
LSF2CPA.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
It matters how you get there. Wednesday Wisdom from Lynne S. Fahrer CPA
According to the Department of Labor, $36-$63 billion in improper unemployment payments have been made during the pandemic. If you receive a 1099-G for benefits you didn't receive, you may be a victim of fraud. Here's what to do.
LSF2CPA.COM
Unemployment Fraudsters May Create a Tax Nightmare for Unsuspecting Taxpayers
Business owners are feeling the whiplash from this year. Fears about permanent business closures have risen, "with just a little over half of entrepreneurs (55%) confident their operations can last another year."
CNBC.COM
Main Street business failure fears rise again in pandemic whipsaw
End of week tax fact from Lynne S. Fahrer CPA
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:
LSF2CPA.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.
LSF2CPA.COM
Tax Deductions Without Itemizing
Wednesday Wisdom and Lynne S. Fahrer CPA = Success
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.
LSF2CPA.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
A little inspiration from Lynne S. Fahrer CPA to start your week.
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
Here's some motivation for your Monday from Lynne S. Fahrer CPA
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?
Analyzing overtime costs is an important strategic step in determining when to hire new workers and improve efficiency.
LSF2CPA.COM
Analyzing Overtime Costs: A Strategic Step for HR
Aretha Franklin's estate has reached a deal with the IRS "to pay off millions of dollars in federal income taxes that the singer owed during her life."
NYTIMES.COM
Aretha Franklin’s Estate Signs Tentative Deal Over Back Taxes Owed
Don't need the money from your third stimulus check? Here are 4 smart ideas of what you can do with it.
BUSINESSINSIDER.COM
4 smart things to do with your 3rd stimulus check if you don't need the money
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
Lynne S. Fahrer CPA has a fun tax fact to share with you.
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.
LSF2CPA.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.
LSF2CPA.COM
Are Your Unemployment Benefits Taxable?
Many taxpayers are confused about the difference between effective and marginal tax rates. Here's everything you need to know.
CNBC.COM
Confused about marginal vs. effective tax rates? Here's how they differ
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
For those who love learning: here's a tax fact from Lynne S. Fahrer CPA.
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.
LSF2CPA.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.
LSF2CPA.COM
Great News, Child Care Tax Credit Expanded for 2021
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
Thanks to some very liberal tax laws written to encourage investment in personal tangible equipment, including information technology (IT) equipment, many businesses will be able to expense (write off as a tax deduction) all such purchases.
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You Can Expense Business IT Purchases
Have a genius business idea? Not so fast. Before diving right in, be sure to consider these 3 areas: your audience, your competition, and your financial feasibility.
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How to Evaluate Your Business Idea Before Diving In
Here are the April 2021 business due date reminders:
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April 2021 Business Due Dates
Here is some midweek Wednesday Wisdom inspiration from your friends at Lynne S. Fahrer CPA
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.
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Tips for Creating an Employee Stock Option Plan
Here are the April 2021 individual tax due dates:
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April 2021 Individual Due Dates
