For Now, California Says No Deduction for Expenses Paid with Forgiven PPP Funds

February 8, 2021

On December 27, 2020, the President signed into law the Additional Coronavirus Response and Relief Act.  Among other items, ACRRA clarified the tax treatment of deductible expenses paid from Paycheck Protection Program (PPP) loan funds by nullifying the previous administrative guidance from the IRS and…

Taking Distributions From a Traditional IRA

February 1, 2021

Although planning is needed to help build the biggest possible nest egg in your traditional IRA (including a SEP-IRA and SIMPLE-IRA), it’s even more critical that you plan for withdrawals from these tax-deferred retirement vehicles. There are three areas where knowing the fine points of…

Buying and Selling Mutual Fund Shares: Avoid These Tax Pitfalls

January 25, 2021

If you invest in mutual funds, be aware of some potential pitfalls involved in buying and selling shares. Surprise sales You may already have made taxable “sales” of part of your mutual fund investment without knowing it. One way this can happen is if your…

The COVID-19 Relief Law: What’s in it For You?

January 18, 2021

The new COVID-19 relief law that was signed on December 27, 2020, contains a multitude of provisions that may affect you. Here are some of the highlights of the Consolidated Appropriations Act, which also contains two other laws: the COVID-related Tax Relief Act (COVIDTRA) and…

How Can Your Business Benefit From the Consolidated Appropriations Act?

January 11, 2021

The Consolidated Appropriations Act of 2021 (CAA) was signed into law in late December. The sprawling legislation contains billions of dollars in additional stimulus funding in response to the COVID-19 pandemic, as well as numerous unrelated provisions. Let’s take a closer look at the provisions…