by Steven J Weil, PhD, EA, LCAM | Dec 28, 2020 | Covid-19, Personal Tax
Last night President Trump signed the Consolidated Appropriations Act, 2021, the act includes $900 billion in Covid-19 Stimulus. While we are in the processing of studying the new law so that we can present a Webinar that lays out what it means and what to expect we...
by Steven J Weil, PhD, EA, LCAM | Dec 9, 2020 | Blog, Covid-19
In a recent revenue ruling, the IRS presented two situations in which a taxpayer used funds from a Paycheck Protection Program (PPP) loan to pay eligible expenses. In the first situation, the taxpayer applied for forgiveness of the loan in November 2020, but did not...
by Steven J Weil, PhD, EA, LCAM | Dec 9, 2020 | Blog
The IRS has released final regulations (TD 9935) addressing Section 1031 like-kind exchanges. The final regulations adopt, with modifications, proposed regulations (REG-117589-18) issued in June 2020 and implement the TCJA’s limitation of Section 1031 treatment...
by Steven J Weil, PhD, EA, LCAM | Dec 4, 2020 | Blog, Business Tax
Now is the time to start thinking about your 2020 income taxes. This tax planning worksheet is designed to assist you uncover areas that could reduce help reduce your tax bill if you are self-employed. Review each area below marking an X is the box when an area...
by Steven J Weil, PhD, EA, LCAM | Dec 2, 2020 | Blog, Covid-19
Many businesses have employees telecommuting due to Covid-19. Because of this and the fact that having an employee working in another state can create nexus to that state making the business responsible for paying income taxes to that state even though the only...
