Property tax relief planning during times of COVID
By Josh Malancuk, CPA, and Karen Koch, CPA
How to help clients navigate the ongoing crisis and come out on top.
Expenses paid with 2020 PPP loans can be deducted on 2021 tax returns
Legislation in late 2020 overruled the IRS’s position that expenses resulting in Paycheck Protection Program (PPP) loan forgiveness weren’t deductible. Taxpayers that followed the earlier guidance may now deduct the expenses on a 2021 return, under a revenue procedure’s safe harbor.
Quiz: More deduction limitations for business meals and entertainment
Food, drink, and diversion are all the more enjoyable if they are tax-deductible. Test your knowledge in this second of two parts.
2021 child tax credit, EITC, and premium tax credit limits updated
The American Rescue Plan Act increased and modified the child tax credit and earned income tax credit (EITC) for the 2021 tax year and modified the applicable percentages of the Sec. 36B premium tax credit for 2021 and 2022. In a revenue procedure, the IRS provided the new amounts for 2021.
Small firm lessons from the pandemic
By Cheri H. Freeh, CPA, CGMA
A year into the new paradigm, tax practices have clearly evolved. Which adaptations should they carry forward?
Determining qualified rehabilitation expenditures
By Laura Turner, CPA
The Sec. 47 rehabilitation tax credit lets property owners recoup 20% of eligible costs. Here’s a look at what qualifies when rehabbing a historic structure.
Posted by Jessica Ji, Associate Editor, Wealth Strategies Journal.