IRS releases 2021 amounts for Health Savings Accounts

June 1, 2020

The IRS recently released the 2021 inflation-adjusted amounts for Health Savings Accounts (HSAs).  HSA basics An HSA is a trust created or organized exclusively for the purpose of paying the “qualified medical expenses” of an “account beneficiary.” An HSA can only be established for the…

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    Business Charitable Contribution Rules Have Changed Under The CARES Act

    May 26, 2020

    In light of the novel coronavirus (COVID-19) pandemic, many businesses are interested in donating to charity. In order to incentivize charitable giving, the Coronavirus Aid, Relief and Economic Security (CARES) Act made some liberalizations to the rules governing charitable deductions. Here are two changes that…

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      Did you get an Economic Impact Payment that was less than you expected?

      May 18, 2020

      Nearly everyone has heard about the Economic Impact Payments (EIPs) that the federal government is sending to help mitigate the effects of the coronavirus (COVID-19) pandemic. The IRS reports that in the first four weeks of the program, 130 million individuals received payments worth more…

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        The IRS Clarifies The Deductibility of PPP-funded Expenses

        May 8, 2020

        The IRS has issued new guidance addressing a question that has lingered since the launch of the Paycheck Protection Program (PPP) — whether expenses paid for with forgiven, tax-free PPP loan proceeds are deductible business expenses under Section 162 of the Internal Revenue Code (IRC)….

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          SBA Extends the PPP Repayment Deadline for Self-Certification

          May 6, 2020

          The Small Business Administration (SBA) has extended the repayment deadline for Payroll Protection Program (PPP) borrowers that wish to take advantage of the “good faith” self-certification of eligibility option. The deadline is now automatically extended from May 7, 2020, to May 14, 2020. Companies that…

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